What does an life insurance agent do?
Most people have their first contact with an insurance company through an insurance sales agent. These workers help individuals, families, and businesses select insurance policies that provide the best protection for their lives, health, and property. Insurance sales agents who work exclusively for one insurance company are referred to as captive agents. Independent insurance agents, or brokers, represent several companies and place insurance policies for their clients with the company that offers the best rate and coverage. In either case, agents prepare reports, maintain records, seek out new clients, and, in the event of a loss, help policyholders settle their insurance claims. Increasingly, some are also offering their clients financial analysis or advice on ways the clients can minimize risk.
Insurance sales agents, commonly referred to as “producers” in the insurance industry, sell one or more types of insurance, such as property and casualty, life, health, disability, and long-term care. Property and casualty insurance agents sell policies that protect individuals and businesses from financial loss resulting from automobile accidents, fire, theft, storms, and other events that can damage property. For businesses, property and casualty insurance can also cover injured workers’ compensation, product liability claims, or medical malpractice claims.
Life insurance agents specialize in selling policies that pay beneficiaries when a policyholder dies. Depending on the policyholder’s circumstances, a cash-value policy can be designed to provide retirement income, funds for the education of children, or other benefits. Life insurance agents also sell annuities that promise a retirement income. Health insurance agents sell health insurance policies that cover the costs of medical care and loss of income due to illness or injury. They also may sell dental insurance and short- and long-term-disability insurance policies.
The growth of the Internet in the insurance industry is gradually altering the relationship between agent and client. In the past, agents devoted much of their time to marketing and selling products to new clients, a practice that is now changing. Increasingly, clients are obtaining insurance quotes from a company’s Web site and then contacting the company directly to purchase policies. This interaction gives the client a more active role in selecting a policy at the best price, while reducing the amount of time agents spend actively seeking new clients. Because insurance sales agents also obtain many new accounts through referrals, it is important that they maintain regular contact with their clients to ensure that the clients’ financial needs are being met. Developing a satisfied clientele that will recommend an agent’s services to other potential customers is a key to success in this field.
Training
Our agents go through both generic and specific, professional programs that help them remain well-informed and knowledgeable about the company’s products in the market. There is a further focus on soft skills such as communication, managing long-term relationships and selling skills, which are very relevant in a service-driven industry like life insurance.
State of the art infrastructure training facilities coupled with an excellent faculty, guarantee an exceptional learning environment. For agents who might be occupied with their daily business/professional routines.
A 15 day training schedule covers the mandatory IRDA training requirements and Insurance product-training module. Revision session ensure that the candidates thoroughly understand the course contents and are well prepared for the licensing examination. Theoretical training is interspersed with practical appointment settings with potential customers, giving agents a feel of how their business will work from the very first day. All through, the Development Officer and the management provide continuous support to the advisors in achieving independence towards garnering business.
Career
Career development is emphasized upon from the very day the agent joins the system. Though individual meetings with his or her Sales manager, the agent can discuss various issues related to business development and career enhancement. Expectations from the organization in terms of chalking a career in the insurance industry are also discussed.
Absorption into the management is another career enhancement option provided . This program helps agents build a full time career in the organization, offering great potential for managing a team of agents and personal development.
Insurance Sales Agents - Significant Points
Despite slower-than-average growth, job opportunities should be good for college graduates and persons with proven sales ability or success in other occupations.
Successful agents often have high earnings, but many who assume agent jobs fail to earn enough from commissions to meet their income goals and eventually transfer to other careers.
In addition to offering insurance policies, agents are beginning to sell more financial products, such as mutual funds, retirement funds, NSC’s, etc.
