Insurance Agent

Aliases: Insurance Advisor

Industry/Sector(s): BFSI

JOB DESCRIPTION ¹

The tasks an Insurance Agent is expected to perform include:

Identifying and making a list of prospective insurance buyers through social contacts, business directories, etc.
Meeting identified clients to sell insurance policies covering risk of life, property, business, etc.
Explaining the benefits of various insurance plans devised by the company
Ensuring that policy requirements are fulfilled including any necessary medical examinations property inspection, completion of appropriate forms, etc.
Collecting the advance against the first premium from client and depositing the same in the respective branch, bank, etc.
Assisting the policy holders in servicing their policies
Achieving the stipulated business target annually
Assisting policy holders in getting their claims settled

WORK ENVIRONMENT ^{2, 3}

It is a desk job
Need not handle a team
Local travelling is a part of this job role
Part-time work and contractual jobs are available
Work from home option is available

Working hours

Organizations usually work for 5/6 days a week and 8/9 hours everyday. This may vary from organization to organization
Shift system is not available
Overtime may be required

Is the job suitable for a candidate with special needs?

This job is suitable for candidates with One Arm (OA), One Leg (OL), Blind (B), Low Vision (LV) and those who are Hearing Impaired (HH)
This may vary from organization to organization

EDUCATIONAL QUALIFICATIONS AND TRAINING ^{3, 4}

Preferably, 12^thpass

KEY COMPETENCIES ¹

Proficient in identifying clients’ insurance needs and suggesting the appropriate policy to clients
Knowledge of calculating insurance premium and establishing payment methods
Well-versed with all the insurance policies devised by the company
Adept at interviewing clients to obtain details like physical condition of the person or property to be insured, existing insurance coverage, etc.
Proficient in networking and developing new clients
Adept at performing administrative tasks such as maintaining records and handling policy renewals
Proficient in assisting policyholders in getting their claims settled
Well-versed in developing marketing strategies to promote company’s policy
Knowledge of current market trends and new insurance products coming in the market

DESIRABLE COMPETENCIES ¹

Detail-oriented
Self-motivated

AVAILABLE SKILL TRAINING AND LEARNING INSTITUTES

Schools and colleges across India

AVAILABLE SKILL TRAINING SCHEMES/SCHOLARSHIPS

SAMPLE OF TRAINING AND LEARNING COURSES

CAREER PROGRESSION PATH ¹

National Head

↑

Zonal Head

↑

Regional Head

↑

Insurance Area Manager

↑

Insurance Agent

↑

Officer

The progression is indicative

EXPECTED EARNINGS ⁵

For new entrants – Rs 8,000 to Rs 15,000 per month

This figure are indicative and subject to change

REQUIRED WORK EXPERIENCE ⁵

Some organizations hire new entrants too

PROBABLE EMPLOYERS ³

Banks
Insurance and other financial service organizations
Self-employed

KEYWORDS

Insurance Advisor
Financial Planner

OCCUPATIONAL CODES AND STANDARDS

Standard	Code	Description
NCO 2015	3321.0100	Insurance Agent
ISCO 2008	3321	Insurance Representatives
NIC 2008	65110; 65120	Life insurance; Non-life insurance
QP Reference	Not available	Not available
NSQF	Not available	Not available

REFERENCES

1	National Classification of Occupations Division 3

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