Insurance Sales is an upcoming and growing job opportunity for many
graduates and other professionals. Selling insurance covers and other
financial products is the main job responsibility of insurance agents.
In India, the number of people
already under insurance covers is much less than the
potential number of people who require such a cover. Thus, demand for
insurance agents and job opportunities for them are rising.
Nowadays, the job of insurance sales agents is not just limited to
selling insurance policies. They are diversifying their profile to sell
more and more financial products. Mutual funds, retirement funds and
other securities are also now sold by insurance agents. Thus, the
purview of their job is expanding.
The job of an insurance agent is very client oriented. Insurance sales
agents are the first point of contact between a consumer and an
insurance company. These agents help businesses, individuals, and
families in selecting insurance policies that best suit their needs.
These insurance policies are meant to provide the best safeguard for
their health, lives, and property.
Insurance sales agents could be of two types: independent agents, and
captive agents. As the name suggests, independent insurance agents work
independently. They are not bound by any company instead represent
several different insurance companies. They are also referred to as
brokers. Their job includes making the client buy product from such an
insurance company whose policies, rates, and coverage best satisfy the
needs of that particular client. On the other hand captive insurance
agents or dedicated agents work only for a specific insurance company
that has hired them. They find policies within their company to fit the
needs of their clients. Although the function of both types of agents is
more or less the same, their mode of payment is different. Both are
required to maintain records, prepare reports, find new clients, and
help policy holders settle their insurance claims. Independent agents
work on commission basis whereas captive agents work on salary plus
incentives basis.
In the job of insurance sales, the agent sells insurance policies such
as property, casualty, life, health, disability and long-term care.
Property and casualty policies are sold to individuals and businesses
who want to protect themselves from financial loss due to fire, theft,
natural calamities, automobile accidents, and various other things that
can cause significant damage.
Some insurance agents specialize in selling life insurance polices that
provide beneficiaries with income when a policyholder dies. Health care
agents find clients who wish to insure coverage for medical care in the
case of illness or injury. They may also sell dental insurance and
short- and long-term disability policies.
The first task of an insurance agent is to convince the client that the
financial product offered by the company is useful for the client. Once
the client is convinced, the insurance sales agent helps the client
select the best policy that suits his needs. This could be buying
insurance cover for self, spouse or children, mediclaim policies, child
education policies, pension plans and so on. After this, the agent helps
the client through all the paper work and legal formalities that are
involved. Then, the agent has to maintain relationship with the client
for reminder of premium deposits, any other settlements, claims or if
the client wishes to upgrade his policy. Also, since much business is
generated through referrals, it is always important to maintain a good
relationship with the client.
These days, the job of an insurance agent has become relatively simpler
with the advent of technology. Internet enables easy access and regular
communication with the client. It is also easier to keep records and
make reports using increasing technology advancements. This improves the
efficiency of insurance sales agents allowing them to take on more and
more clients and servicing them well.
With the increasing competition in the insurance domain, there is need
for aggressive insurance sales agents. With so many players in the
market, it is the agents who can ensure a customer’s satisfaction with
the services of the company. The agent should be smart, pleasing to talk
to and convincing enough. He/she should also have thorough knowledge of
the products of the company. There should also be certain quickness and
the ability to think on feet while processing claims, answering
questions, making changes in policies, and selling more products.
The job of an insurance agent is both rewarding and challenging. As long
as one keeps getting clients and the business keeps flowing in, it can
be monetarily very rewarding but if the clients dry up, it becomes very
frustrating. One can enter this job as a graduate and entry level and
grow to a higher level. There are opportunities galore and for
aggressive young people with good sales ability, this could turn out to
be a long-term career with ample scope of growth.
Some useful links:
www.naukrigulf.com
www.naukrigulf.com/ni/nijobsearch/loc-jobs-dubai/
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