roles and responsibilities of insurance agent
roles and responsibilities of insurance agent

Roles and Responsibilities of an Insurance Agent

3 minutes, 18 seconds Read

2023 is a great year for being an insurance agent. With all of the job cuts and layoffs across various industries, being an insurance agent has become a safety net to protect many of us. I had been working in a company that filed for bankruptcy earlier this year and let all of us go.

This caused a massive panic as we were let go without compensation and notice. Thankfully a few of my friends and I worked as Health Insurance Agents in our free time, which allowed us to have enough savings and acted as the fallback option. 

This made me realise the importance of a backup option and having a secondary source of income. For those who wish to enter this field as their backup or even as a primary source of income, here are a few things you should know before becoming an insurance agent. 

What are the roles and responsibilities of an insurance agent?

Becoming an insurance agent carries its own set of roles to fulfill and responsibilities to take care of. But before getting into the specifics, it is essential to understand who an insurance agent is and what they do.

An insurance agent sells insurance to potential customers based on their needs and pain points. As there are numerous kinds of insurance available, thus there are also many kinds of insurance advisors. 

The primary role of an insurance agent is to understand a potential customer’s pain point and figure out the best policy for them from your suite of plans. It also involves giving them sound financial advice and promoting plans based on their requirements. 

As an insurance agent, you must understand the market and plan and strategize based on market and customer preferences.

What are the benefits of becoming an insurance agent?

There are a lot of benefits to becoming an insurance agent. These benefits can come as both tangible and intangible. 

These benefits are as follows:

  1. Safety net- Being an insurance agent acts as a safety net as it offers a stable source of income. 
  2. Financial independence- Starting earning as early as 18 allows people to be financially independent. 
  3. Flexible working hours- Being an insurance agent allows for flexible working hours as you can choose to work when and how you want. 
  4. A secondary source of income- In 2023, especially with the rise in cost, having as much extra money as possible is essential. If you already have a primary job, becoming an insurance agent provides a way to earn extra income.
  5. Skill development- Being an insurance agent both requires and helps develop your communication and networking skills and analytical and computational skills. 

How to become a health insurance agent?

Becoming an insurance agent in 2023 is a lot simpler than ever before. Depending on whether you wish to become an exclusive agent for a single insurer or an independent agent with several agents, there are different paths you can take to become a health insurance agent. 

If you want to become an exclusive agent, the first thing to do is decide on your preferred insurer. After making sure where you would like to work, you must ensure you fulfill all of the base criteria. Those are being at least 18 years old and passing your 10th standard. 

You can do so by applying on the website of your preferred insurer and filling out the form. Afterward, you must complete an IRDAI-mandated training and exam. I did my training at Niva Bupa and completed it with their help. 

I had been working part-time with Niva Bupa before, and then after being laid off, I converted into a full-time agent and have been able to stave off all of the problems arising from it.

Final Thoughts

These are an insurance agent’s roles and responsibilities, the benefits of becoming one, and how to become one. This should help you secure a job as an insurance agent to provide these benefits and earn extra income if you already have a primary job.

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