Career as Insurance Agent in India – Info at a Glance

Those who have completed their graduation and looking for job or working in a company for many years, whatever the situation might be; have you ever thought of making a career as an insurance agent? Well if not, then you should as insurance agents are very much in demand just like doctors and teachers. In this world everyone needs medical attention and education, so is insurance.

Eligibility to Become an Insurance Agent

If you are planning to become an insurance agent then you will have to get prepared for a written examination in which the language, personality, and mathematical ability is tested followed by an interview. The candidate should be a graduate and the age limit is between 21 to 35 years.  If you are selected then after the joining you will be given a target which you will have to procure on annual basis and your performance will be reviewed after every 3-4 months.

Where to study in India?

  • University of Pune
  • Marathwada University
  • Annamalai University
  • University of Madras
  • Bharatidasan University

Big players in insurance sector include:

  • ICICI Prudential Life Insurance Co. Ltd
  • Tata AIG
  • HDFC Standard Life Insurance Co. Ltd
  • LIC Reliance Life Insurance Co. Ltd
  • Kotak Mahindra old Mutual Life Insurance Ltd
  • What does an Insurance Agents do

The candidate is required to take up all the responsibilities to sell the life insurance policies after certification and training. The agents will be selling all the three basic types of insurance policies: property-liability, life insurance and health.

The insurance agent is the person who helps companies or individuals to choose the correct policy according to their needs, give advice about insurance protection for home, automobile, business, etc. He will also prepare insurance policy documents, reports for the clients and maintain all the records.

Usually all the insurance agents are the first person both potential and existing customers contact when interested in buying insurance from any company. By being knowledgeable about the product the agents not only assist their customers, but also help the insurance company for which they work.

In case you are planning to choose this as a career then be prepared to be on your toes. Also, you will get the opportunity to work with customers regarding financial planning beyond just having insurance in the event of an emergency.

Nature of Work

The insurance companies are performing numerous tasks within each department. Let us talk discuss about different positions and their specific job description.

Assistant Administrative Officer (AAO) & Administrative Officer (AO): This is a class I officer group. The probation period is of 6 months and the candidate can select any of the areas from Development, Administration and Accounts. In Development the employee is dealing with getting contracts, procurement of business, marketing, promoting policies, etc. In Administration the employee will manage policy claims, policy making, filing statements and returns, etc. The AAO in Accounts handles the funds which include expenses and income of the corporation.

Development Officer: This is a class II officer group. The officer in charge will be responsible for the development of the insurance policies. The candidate look after hiring of agents, give then training for procurement of new business.

The recruitment process of these officers is managed by the divisional office. Those who are applying for this position should be graduates and aging between 21 and 26 years. Candidates who are eligible will have to go through written Mathematics and English test. After that there is an interview conducted by the Board.

Other Job Profiles: Other than class I and II, there are some other positions to which include Telephone Operators, Typists, Assistants, Stenographer, Machine Operators, Clerks, etc. This is a class III level group. These candidates are also appointed by the divisional office. Those who are applying for these positions have to appear for a written examination and then for an interview. The person applying for this post should be between 18 to 25 years of age. Also, there is a reserved quota for SC/ST, physically handicapped people, ex-servicemen, etc.

Image courtesy http://www.flickr.com/photos/75654885@N04/6943375679/sizes/o/in/photostream/

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