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.
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 17-18 day training schedule covers the
mandatory IRDA training requirements and
LIC 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 development is emphasized upon
from the very day the agent joins the
system. Though individual meetings with
his or her Development Officer, 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 at
LIC. This program helps agents build a
full time career as a Development Officer
in the organization, offering great potential
for managing a team of agents and personal
development.
LIC agents are constantly recognized and
rewarded for their performance. Numerous
competitions all year round promote healthy
competition amongst agents and recognition
for their efforts. Depending on the level
of business the agent achieves in a year,
he or she can become a member of various
clubs such as the Corporate Club, the
Chairman’s club, etc. Each of these
clubs have specific performance criteria
for qualification and members of these
clubs are entitled to attend seminars
held at exotic international and domestic
locations each year. Advisors can also
qualify for the renowned MDRT (Million
Dollar Round Table), an exclusive international
insurance advisors club.
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.
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