Updated On May 15, 2024

By SaraNextGen

Who is an Insurance Agent? How do I Become an Insurance Agent?

Read this article to know who is an Insurance agent, different types of agents, their roles and responsibility, the difference between agent & broker, the process to get register online, the benefits of becoming an Insurance agent, and more.

• Insurance as we know is a security to protect us in a difficult or unforeseen situation. There are many types of insurance that one can avail,

• • Life insurance

• • Auto insurance

• • Property insurance

• • Travel insurance

• There are many subtypes and a lot of companies offer customized products too.

• Who is an Insurance agent?

• An Insurance agent works or represents an insurance company and is a point of contact for individuals looking for insurance. They explain various types of insurance products and help the buyer pick the one that is best for them. They also do the documentation part and support as a POC for policyholders during the term of the policy.

• What does an Insurance agent do?

• • Helps people make informed decisions about insurance

• • Helps customers through the claim process

• • Looks at customer’s current coverages

• • Help customers review their policies

• • Explains each type of coverage in depth and give examples of how it may help

• India being a really competitive and price sensitive market, some people would say that they want the cheapest insurance, and the agent will likely ask them, ‘’Think about what would happen if you had to make a claim? Would you want the policy with the best price or best benefits?” This usually tells them that the agent has their best interests in heart, because when the customer needs to make a claim, the agents can help begin that process.

• The great thing about Insurance agents is having the opportunity to help someone who’s going through a tough time; to turn someone’s day around.

• Difference between Agent and Broker?

• The agent directly works on behalf of or represents an insurance company. The Broker works on behalf of or represents and insurance buyer (you)

• There are 2 types of agents,

• Captive Agent – These agents work on behalf or represent a single insurance company

• Independent Agent – These agents work on behalf or represent multiple insurance companies

• How to become an Insurance Agent?

• Being an Insurance agent can be a really rewarding career choice. Once you have decided to become an insurance agent, you need to register with the Insurance Regulatory and Development Authority of India or IRDAI. One needs to fill the required forms, uploaded and pay. Post registration, the exam date and timing are conveyed to the applicant.

• IRDAI even provides study materials to candidates in various languages to make it easier for them.

• What are the benefits of becoming an insurance agent?

• • Start Earning at the Age of 18

• • Be Your Own Boss

• • Creates a Stable Income and Control the Growth

• • Flexible Work Timings

• • Zero Investment Required