- Take college courses
in finance, mathematics, accounting, economics, business law, government,
and business administration enable insurance agents or brokers to
understand how social, marketing, and economic conditions relate to
the insurance industry.
- Keep up to date with
issues concerning clients.
- Know your tax laws,
government benefit programs and other State and Centre regulations
that can affect the insurance needs of clients and how agents conduct
business.
- Courses in psychology,
sociology, and public speaking can prove useful in improving sales
techniques.
- Familiarity with computers
and popular software packages is very important. Be
enthusiastic, outgoing, self-confident, disciplined, hard working
and able to communicate effectively.
- Must be able to inspire
customer confidence.
- Should be organised
and punctual as they work without supervision.
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Insurance
Sales Agents
- Job
Profile
-
Help individuals, families, and businesses select the policy that
provides the best insurance protection for their lives and health,
as well as for their automobiles, jewellery, personal valuables,
furniture, household items, businesses, and other properties.
-
Prepare reports, maintain records, and, in the event of a loss,
help policyholders settle insurance claims.
- Help employers provide
employees the opportunity to buy insurance through payroll deductions...
- Maintain regular
contact with clients to ensure their financial needs are being met
as personal and business needs change.
- Depending on the
policyholder's circumstances, design a whole life policy, which
takes care of income after retirement, funds for the education of
children, or other benefits.
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Insurance
Sales Agents
- On the Job
Most insurance
agents and brokers work in small offices, contacting clients and providing
insurance policy information. However, most of the time they operate
outside their offices, travelling locally to meet with clients and close
sales. Usually most of them arrange their own hours of work. They often
schedule evening and weekend appointments for the convenience of clients.
Majority of agents and brokers work for an average of 40 hours a week.
Sometimes the workload is so high that it runs into 60 hours a week
or even longer.
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Insurance
Sales Agents
- Earnings
The average
annual earnings of salaried insurance sales workers is between Rs 2
lakhs to 3 lakhs per annum. Over and above this agents are paid bonus
and commissions depending on the number of contracts he gets.
Independent agents are paid by commission only, whereas sales workers
are paid in one of three ways-salary only, salary plus commission, or
salary plus bonus. Commissions are the most common form of compensation,
especially for experienced agents. Amount of the commission depends
on the type and amount of insurance sold, and whether the transaction
is a new policy or a renewal. Bonuses are usually awarded when agents
meet their sales goals or when an agency's profit goals are met.
Company-paid benefits to sales agents generally include continuing education,
paid licensing training, group insurance plans, office space and clerical
support services. Some companies pay for automobile and transportation
expenses, attendance at conventions and meetings, promotion and marketing
expenses, and retirement plans. All agents are legally responsible for
any mistakes that they make, and independent agents must purchase their
own insurance to cover damages caused by their own errors and omissions.
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