How to Become Insurance Agent in Mumbai

POSP or point of sales person insurance agents are individuals who are qualified for selling basic and pre-written insurance policies to consumers. A POSP may be associated with one insurance company at a time to sell their basic insurance products.

A POSP sells pre-written and basic insurance products, including health insurance, motor insurance, travel insurance etc., which are approved by the IRDAI. He sells insurance products that are simple and have straight benefits. For each product that he sells, he gets a commission. Thus, the higher the number of products he sells, the higher his earnings.

A POSP agent is responsible for advising clients, selling the right products as per customer needs, processing their claims, maintaining relationships with customers and so on.

An individual insurance agent is a person who is qualified to sell basic, complex and customised insurance plans to the general public. Such agents assist individuals who want simple as well as complex insurance policies such as marine insurance, general health insurance, travel insurance, etc.

An individual insurance agent is authorised to work with one general insurance company, one life insurance provider and one standalone health insurance (SAHI) company simultaneously.

An insurance agent earns a higher commission as he sells high-risk and customised policies. The duties of an insurance agent include marketing personalised policies, guiding the customers as per their requirements, offering customised solutions, etc.

To become a general insurance agent in Mumbai, one must fulfil certain eligibility criteria as mentioned below:**

-General Eligibility Requirements

-Minimum Age: Anyone who wants to acquire an insurance agent licence must be at least 18 years old.

-Educational Qualification for Insurance Agents: Aspiring insurance agents must have a minimum qualification in secondary education (10th Std).

-Possess IRDAI Certification: One must complete the training and appear for the exam for an insurance agent as specified by the IRDAI.

-Professional Experience: Having an experience in the finance or banking field can be advantageous. However, it is not mandatory.

It is mandatory for an individual to submit the following documents:

-Identity Proof: You can submit your Aadhar card, PAN card, etc.

-Address Proof: An Aadhar card or any other document that contains your residential address.

-Educational Certificates: Submit the 10th std certificate or other qualification documents, such as the 12th mark sheet, as applicable.

-Photograph: A candidate must also submit a photograph of himself.

-Bank Details: Provide your bank account details and a cancelled cheque or NEFT form (photo upload).

Step 1: Online Registration Process

Fill out the registration form with TATA AIG and provide all the necessary details accurately. One must also provide the documents as required to complete the registration process.

Step 2: Complete the Training Program

Once you complete the registration with TATA AIG, the next step is to undergo a mandatory training program by IRDAI, which enhances your knowledge on various topics such as insurance concepts, the types of policies, the processes, IRDAI regulations to follow and so on.

The duration of the training program (POSP agent) is 15 hours, which can be completed online. After completing the program, you must appear for the exam conducted online by TATA AIG.

To become an individual insurance agent in Mumbai, one must undergo a 25-hour training program, as mandated by the IRDAI. The training program prepares them to understand the complex insurance landscape and provide the best solutions to the public. Post the training, you must appear for the exam conducted by IRDAI.

To become an individual insurance agent, you need to get at least 15% in the exam. However, POSPs do not have any set limit.

Step 3: Obtain the License

After clearing the IRDAI exam for an insurance agent, you will receive an official licence from the IRDAI, certifying you as a POSP/insurance agent. A POSP must appear for the exam conducted by the insurer, while an insurance agent is required to clear the IRDAI examination to become a licensed agent.

Step 4: Start Selling Insurance Products

Here are some tips before you start your business as an insurance agent.

• Apart from obtaining the necessary training, you must strive to achieve additional expertise. You can undergo extra training for developing communication skills, customer relations, selling techniques, etc.

• Choose a niche that matches your interests and goals, such as motor insurance, health insurance and so on.

• Create a detailed business plan outlining your target market, goals, marketing strategies and so on.

• Connect with professionals and organisations to build a wide network. Having a strong network will go a long way in getting you the leads and business.

• Stay updated with the developments in the insurance industry.

• Manage your finances smartly by keeping an eye on your income and expenses. You must also set aside some money for your business growth and contingencies.

The role of an insurance agent and POSP is open to all individuals irrespective of their profession, age, gender, etc. The following individuals can become an insurance agent with TATA AIG:

• Homemakers

• Self-employed individuals

• Business owners

• Retired individuals

• Other professionals

• College students

• Financial advisors

• Job seekers, etc.

Here are the top reasons why you should consider becoming an insurance agent with TATA AIG.

-Comprehensive Support and Training: When you collaborate with TATA AIG, rest assured that you will receive the most comprehensive support throughout the process.

-**We offer extensive training and guidance. We provide professional training from certified experts in the insurance industry to ensure you are up to date with all the necessary skills.

-Competitive Commission Structure: With TATA AIG, you get adequately compensated for your hard work and dedication. We have a competitive commission structure that enables you to earn an attractive amount and grow in your career.

-Additional Resources and Tools: You can stay ahead of the competition with our tools and resources, which include advanced digital platforms, websites and more.

Doing an agent registration with TATA AIG opens the doors to vast opportunities, allowing you to earn a living from the comfort of your home. The amount you earn as an insurance agent depends on how many policies you sell using your communication skills, product knowledge, and ability to present the policy to the customer.

The potential to earn with TATA AIG as an insurance agent is tremendous. We offer the most competitive commission rates, which vary as per the type of policy. The more policies you sell, the higher income you can earn.

Becoming an insurance agent is a simple yet rewarding career choice one can make. Once you meet a few eligibility criteria, you can become an agent by completing the preceding steps. All you have to do is register with TATA AIG, complete the training and appear for the insurance agent test. After you clear the exam, you will receive a licence from the IRDAI, certifying you as an insurance agent.

Thereafter, you can begin your career as an insurance agent in Mumbai and assist people in securing their lives and property. Wait no more, and take your first step towards becoming a certified insurance agent.