Insurance Advisor
An insurance advisor is an individual who works as a middleman between the company and the customers. For the company, they bring the sales and for the customers, they are the advisor who accesses their needs and guides them to the right insurance policy as per their needs. Apart from that, they help you to assist in filing the forms, documentation process and hassle-free claims
Why choose an insurance career?
There are many benefits of being an insurance advisor that motivates people to opt to be in this career field. People who become insurance advisors have these qualities:- The self-driven individual who loves to work individually.
- Individuals who don't want to restrict themselves to a certain income at the end of the month. They have the zeal to earn unlimited income.
- NThey get motivated with rewards and recognitions and have good socialising skills and great connections with people.
Individuals with these character traits easily get attracted to insurance advising.
How to become an insurance advisor?
IRDAI ( Insurance Regulatory and Development Authority) has made the process of being an insurance advisor quick and simple for all. There are certain steps and guidelines to follow to become an advisor.Initially, you have to register yourself with an insurance company. After undergoing thorough training you have to clear the examination to become an insurance advisor.
- Check the eligibility and if you meet them then enrol to an agency..
- For registration, you have to submit your KYC details and other required documents to the insurance company.
- After successful completion of the registration, you will undergo a training period for a specific duration.
- After completion of the training period, you will appear for the examination set as per the Insurance Regulatory and Development Authority of India (IRDAI) guidelines. Exams are conducted via both online and offline mediums.
- Successfully passing through the exams, you will get your license. License is an indicator that you are now an authorised insurance advisor.
What does Onspot offer?
We offer you an opportunity to become an authorised sales person for us. So, as an authorised point of sales person, you would become an insurance advisor and can start providing insurance solutions to the potential clients and can sell insurance policies of both life and general insurance.Point of sales person eligibility, certification and process:
In accordance with the IRDAI guidelines, there are two main eligibility criteria to follow:
- Your age should be 18 or above.
- Your educational qualification should be a minimum upto the 10th standard.
If you fulfil these requirements then you can enrol yourself for being an authorised Point of sales person. As per the least amount of requirements and basic eligibility criteria, the insurance industry is well known to provide jobs to freshers, full-time or part-time jobs to freshly graduated and even wonderful work opportunities to housewives and retired individuals who are still looking for a sense of being on the field and earn. These are the criteria for applying:
- Check your eligibility and enrol yourself for the training.
- Submit all the required documents and provide the KYC details.
- After successful completion of the registration, you will undergo a training period for a specific duration.
- At the end of the training, appear for the examination.
- After successfully clearing the exams, you would get the authorised license to sell insurance policies as a point of the sales person as per the guidelines.
Why Point of sales person(POSP) certification is the best for being an insurance advisor?
IRDAI created Point of sales person(POSP) certification in 2015 to ease the process of applying for an insurance advisor. Earlier insurance advisors were limited to only a company and they used to offer the services to the customers only from that company. But today's people want more options and more possibilities to earn maximum benefits at less premium. So, they look out for different companies. That's why POSP came into existence to provide true and vital insurance advice to the customers as per their needs and requirements. Thus, being authorised as a point of sale person you can provide a complete solution to your potential clients by offering different policies of different agencies. That's why, being an insurance advisor is a much greater concept than being tied to an agency.
The traditional method of being an insurance advisor- If you are not going for the POSP then you can opt for the traditional way of being an insurance advisor but in that, you would be restricted to only one company and would be offering the services of only that company in which you have enrolled, to the customers. These are the steps that one can follow to become an insurance advisor in a traditional way:
- Your age should be 18 or above.
- Your educational qualification should be minimum upto 10th standard if you live in a rural area and 12th if in an urban area.
If you are eligible for applying, then you can enrol yourself with an insurance company. For being a life insurance advisor, you have to enrol yourself with a life insurance company and for being a general insurance advisor, enrol yourself in a general insurance company.
Note: life insurance companies will provide you with the license for selling life insurance only and general insurance companies will provide you for selling general insurance only. With a composite license, you can sell both life and general insurance. You can only become an insurance agent for only 1 life insurance company, 1 general insurance company and only 1 stand-alone health insurance company.
Income scope of the insurance advisor- Generally, an insurance advisor earns from the commission on the premium amount. It often varies from 5% to 30% depending upon the premium amount you bring in. Apart from the first year's premium commission, you would be able to earn commission on each policy renewal. Although, every company has their own structure for the commission for renewal for insurance advisors. For life insurance advisors it would be different than for general insurance advisors. Moreover, there are rewards and recognition programmes for the exceptional performance of advisors. These programmes allow them to earn gifts, vouchers, extra commissions and even foreign trips.
Million Dollar Round Dollar is an international forum in which one can qualify as an insurance advisor. This is a very notable and prestigious forum for an insurance advisor to qualify. There are certain criterias for each and every country to qualify.For year 2019-20,
- You can qualify for Million Dollar Round Dollar if you earn INR 17,30,000 or more from your first year's insurance commission.
- You can qualify for Court of the Table (COT) if you earn INR 51,90,000 or more from your first year's insurance commission.
- You can qualify for Top of the Table (TOT) if you earn INR 1,038,000 or more from your first year's insurance commission.