Wednesday, 9 September 2020

How To become A Life Insurance Agent

Life Insurance Agent

 How to become a life insurance agent. What is the responsibility of an insurance agent?
Throughout history, humanity has sought to develop effective mechanisms for creating and using the necessary resources in the event of unexpected natural disasters and losses. The realization that damage can only be remedied through joint efforts has led to the formation of joint systems for the accumulation of material and financial resources.

Thus, in modern market conditions, an insurance institution with not only economic but also social function has emerged. A person dedicated to the insurance business performs an important public function. Therefore, the profession of insurance agent deserves special respect.

The Main Tasks And Types Of Insurance
To work successfully in a particular economic field, it is necessary to know the general principles of its operation and the main functions performed. Insurance raises financial resources for its effective use in solving the following important tasks:

  • Compensation for damage caused by adverse events.
  • Provide permanent insurance assistance when a person reaches a certain age or is disabled (retirement benefits).
  • Medical care.
  • Saving and investing savings.
Insurance can be personal or property, voluntary or compulsory. Its objects are human life and health, civil liability, property and material wealth. This diversity determines the formation of relevant industries and insurance systems.

In each of them, working successfully as an insurance agent means having certain professional knowledge and skills.

Who provides insurance services?

Insurance is an object of state regulation and is based on the norms of financial and civil law. According to the law, insurance activities are carried out by insurance companies or companies operating under special licenses.

These can be public or private companies operating locally, federally, and even internationally. They may specialize in providing individual insurance services or cover several segments of the insurance market.

Large, medium and small insurance companies differ in terms of assets and authorized capital. Thus, a strong, fast-growing insurance market system with an advanced horizontal and vertical connection network was formed.

In this structure, the demand for the profession of insurance agent is high. This means career growth and the opportunity to implement in projects of various sizes and financial sizes.


Who Is The Insurance Agent?


An insurance agent may be an individual or legal entity that acts in accordance with the powers established by the contract.

The insurance agent acts on behalf of and on behalf of the insurance company. It sells its products, concludes contracts, draws up the necessary documents, accepts insurance premiums and pays insurance coverage within the established limits.

Before understanding how to become an insurance agent, it would not be superfluous to know that in Russia most of them are individuals. The most common practice of forming agent networks is to enter into civil contracts with these agents.

However, insurance agents can enter into separate contracts with different insurance companies and thus provide a broader list of insurance services.

It also expands the opportunities for agents to earn extra income. The practice of working as an insurance agent under an employment contract also applies. We will understand it later.

Employment:

Occupational insurance agent occupations of employees, positions of employees, and tariff levels are included in the All-Russian classification. An agent hired under an employment contract is paid to perform functional duties.

The total amount of payment is determined by the company itself, depending on its capabilities and the qualifications of specialists. Of course, if we are talking about a large international organization, then the salary can be very high. At the same time, requirements related to the employee's powers, his / her education, and work experience are set.

Work As A Free Agent

The agent enters into a civil law contract and acts as an intermediary between the provider and the recipient of insurance services. In this sense, the activities of insurance agents are an important part of entrepreneurial labor. In fact, the agent finds clients independently, studies their needs, and offers optimal insurance protection.

It prepares and concludes contracts with policyholders, enforces and enforces them. The benefit of the agent includes the receipt of insurance premiums under contracts concluded with the owners of insurance policies. The amount of this fee and the procedure for making financial calculations are determined by the terms of the contract with the company.

This scheme encourages the agent to make more money by actively promoting the insurer’s products in the market and developing new insurance services.


Things You Need To Know And What You Will Be Able To Do:

A successful agent of an insurance company is, first of all, a qualified specialist with a comprehensive knowledge of advanced insurance products and methods of insurance protection. But when working with clients, the requirements for personal qualities are emphasized.

The most important thing is to establish a reliable relationship with a potential insured person. The client needs to trust the company and in many ways, it depends on its representative.

An agent must show good intentions and attention, have a good appearance, be patient and be willing to resolve conflict situations.

Planning ability, willingness to learn, diligence and diligence are also important qualities. And for a job that brings material and moral satisfaction, there must be an interest in insurance activities as a profession and a desire to work and make money.

How To Learn The Basics Of Insurance


Training of insurance agents is carried out in courses for different periods or in schools organized by insurance companies. Education is full-time or part-time. The learning process uses modern teaching technologies. It has the training, business games. Common virtual lessons, webinars, tutorial videos.

For example, in Rosgosstrax, initial training of agents is carried out in accordance with a separate training system called the “School of Insurance Agent”. It should train all employees from the marketing departments of the organization.

During the classes, students learn the basic skills of working with customers, learn the company's insurance products. After school, during his career, the insurance agent Rosgosstrax has the opportunity to improve their skills in relevant courses, to study the specifics of managing the insurance business.

Where to start

So, once you have a basic idea of the insurance agent profession, evaluate all the pros and cons and ask, “How do I become an insurance agent?”

To get started, I am advised to decide on the company I want to work for. It would be wise for a newcomer to apply to organizations that have a long-standing positive reputation in the insurance market and provide access to basic information.

It is also recommended to pay attention to how the company builds relationships with its agents. For example, Rosgosstrax, the largest insurance company, emphasizes the importance of cooperating with 65,000 agents in all regions of Russia. All conditions have been created for them to operate successfully in the insurance market.


Follow The Instructions:

Insurance companies are very careful in choosing their employees. In fact, such work requires someone who not only knows how to speak but also has the ability to really persuade. A special instruction has been developed for him, which sets out all the obligations of the insurance agent. Among them are several key positions that clearly describe the nature of the work.

Expert:

  • Search for potential customers of individuals and legal entities.
  • Explain to clients the need for agreement.
  • Advise visitors on issues of interest to them on insurance legislation.
  • Conclude direct personal and property insurance contracts, as well as perform all transactions on this issue.
  • Ensure the security of prepared documents.
  • Review customer complaints on contentious issues and take the necessary steps to resolve them.

In addition, any insurance agent should be in constant contact with their colleagues.

Therefore, today we understand the following steps to become an agent.

Here Are 10 Steps To Becoming An Agent Or Broker:

  • Choose one or more insurance companies you want to work with
  • Contact your insurance company. You can call them or come to the head office. You will be given an interview and a list of documents to submit to the security service,
  • Copy of your passport, Snits, special application form of the candidate and other documents required by the company,
  • Prepare information about yourself, your insurance experience, your customer base, and other advantages as a partner. The insurance company will evaluate how suitable it is for you,
  • Carefully fill out the nomination form for insurance agents (intermediaries), it will evaluate you and the security service will check the information you provide
  • Wait for chat time. Show yourself at your best! Be prepared to ask questions about your experience!
  • If you have been interviewed, wait until the security service has allowed you to work, prepare a contract, now the insurance agent of this company,
  • Follow these steps for every insurance company you want to work with.
  • You can get started!
  • It will be helpful to learn how to find customers and sell technology. Typically, this is not taught in insurance companies. Since you want to be an agent or broker, it is understood that you have a lot of clients and know how to sell insurance effectively.


Obligations Of Insurance Agents:

  • Customer search. The insurance agent independently searches for customers who use his services. At first, building a base is very difficult and requires a lot of effort. This is a salary that directly depends on the number of customers.
  • Concluding contracts. The insurance agent must enter into contracts for each type of insurance. This specialist will also review the contracts. Carries responsibility.
  • Damage assessment. Often, companies assign positions to specialized employees who assess material damage. However, each insurance agent must do this independently.
  • Accounting and document storage. The insurance agent is fully responsible for maintaining and contributing to insurance policies.
  • Advertising services. Insurance agents must produce active advertising services among their populations. Attracting new clients is a prerequisite for the work of an insurance agent.


The main and primary task of an insurance agent is to attract new customers.

The insurance policy and the registration of premiums are the daily work of the agent. Search for new customers depends on a lot of professionalism.

To develop a specific customer base, you need to have the skills that every insurance agent should have. An insurance agent has very simple responsibilities, but not everyone can.

Features An Insurance Agent Must Have:

1. Resistance to stress.
This skill can be called basic because this profession often involves conflicting situations. If you are impulsive and nervous, the insurance agent will be terrifying of you.

The task of an insurance agent is to attract as many people as possible to any type of insurance.

It’s all simple — the customer is always right. Even if he yells at you when you come to get an insurance policy or gives you vague words — it’s true, you have to come later.

It’s worth understanding — you need to value every customer, and the last effort should be to be a fun and polite person for you.

2. Reliability.
The ability to find answers to all questions and find common ground with people help everywhere. This is a necessary quality for an insurance agent. The insurance agent is obliged not only to consistently tell the list of services but also to be able to interest the person.

Why insure a refrigerator or food processor? You need to explain that the manufacturers have stopped monitoring the quality of the goods and you can help rectify the situation — even if something goes wrong, one can buy a new device without losing it. Or remember thieves who don’t even like the fridge.

3. Hard work.
There is nothing you can do with such a profession. Every minute you have to think about where to find new customers. Once the smart ideas have visited you, go for the implementation of your ideas. Insurance Agent — Beautiful active work does not allow this to sit. Improper work schedule includes the provision of insurance services both during the day and in the evening.


4. Resourcefull.
Insurance agents who sit in places and set up corps know that the worst thing in their professional activities is setting up detours in the private sector.

Every insurance agent who has walked into the home of “nervous and angry” people at least twice doubted that he had chosen the right education. Not all insurance agents are hired to work for a specific “point,” and if they do, that doesn’t mean there will be an influx of customers.

So what is such a horrible job in the private sector? Imagine you had an argument with your husband, dinner was on fire and the child broke the vase, and then the insurance agent came and said, “Now, I will ensure you against all circumstances.”

Usually, in this case, the agent is asked to refuse to leave the service, but there are other options — tell him what you think about such “beggars”, swear, and so on.

The second and worst thing that will greet you during the “round” is the dogs, which are very common in the private sector. And don’t try to do anything to them — maybe they’re already insured! Any damage to these “harmless” animals will result in a fine, even if they try to bite you.


5. Good memory.
The insurance agent must remember all types of insurance and offer them to his clients. It is also important to remember the characteristics of some people. If a person doesn’t have a car, it makes no sense to offer him a corps.

6. Appearance.

Regardless of gender, the insurance agent must be reliable. It takes a lot of time to dedicate to your appearance and have a beautiful and elegant look.

How To Become An Insurance Agent:


Anyone who wants to work can become an insurance agent. Enough secondary education.

Most insurance companies train employees independently. A person of any age can succeed in this profession, the main thing is the desire to attract attention and work.

Some vocational schools provide training for insurance agents. You can also go to special courses.

If you do not have time to study the theory, you can confidently turn to an employer who provides quality training in practice.

An insurance agent is a profession that provides career growth and high salaries. It’s all about the person and the desire to work connected to him.

Insurance agent salary:
The salary of an insurance agent depends entirely on his diligence and activity. On average, the insurance agent has 10-20% of transactions.

Beginners who are actively working have at least 18 thousand rubles. Per month. Insurance agents with experience up to 50 thousand rubles. Some insurance agents with a very large client base have an income of 200 thousand rubles.

When you start working as an insurance agent, it is very difficult to find clients that you need to keep in mind for the first time. And that, of course, affects wages.

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