From its present level of $60 billion, it is anticipated that India’s insurance industry would more than triple in size over the course of the next 10 years. The insurance penetration rate in India is 3.42 percent, which is significantly lower than the global average rate of 6.2 percent (Source: Insurance Report titled “Transformative Agenda for The Indian Insurance Industry and its Policy Framework”).
This is the case despite the fact that India is the world’s second most populous nation. As a consequence of this, the insurance industry in India has a significant amount of potential that has not yet been used.
If you are someone who is trying to ride this money wave via work, one of the careers that you might explore that is one of the easiest options available to you is that of an insurance agent.
As a last connecting connection between the insurance business and the individual investor, insurance agents serve as representatives of the insurance company in their capacity as intermediaries. You may have several rewards, including financial, social, and personal ones, if you work as an insurance agent for a life or general insurance firm.
Here’s a list of 9 unique perks accessible to insurance agents:
Obtain Financial Independence at the Age of 18
One of the benefits of working in the insurance industry is that it is quite simple to enter the field; the majority of insurance agents require just a high school diploma. After finishing your secondary education, you have the opportunity to start a career in the insurance industry. The only thing you need for the excitement of the search or the frenzy of a sale is love.
Take Charge of Your Own Career.
If you have an interest in starting your own company and an entrepreneurial spirit, one career path you can consider exploring is that of being an insurance agent.
When you are your own boss, not only are you free to set your own hours but you can also devise your own strategy for bringing in new customers and growing your existing clientele.
When you commit more of your time and resources, you may anticipate receiving a greater return on those investments. To sell insurance in an ethical way, all you need is the proper frame of mind to approach customers with.
Establish a Steady Income While Maintaining Command of the Growth
When you become an agent, the only thing that will restrict your income is how much you want to make, although the business as a whole provides vast unrealized earning potential. Due to underserved insurance markets, there is always the chance to earn more with just a little bit of more work.
The greatest aspect is that your one-time work may establish a lengthy stream of cash flows, which can be maintained with modest service activities. This is a win-win situation. When you sell the insurance, your earnings aren’t limited to the first year alone as they were before.
You will also receive money when the insurance is renewed, which may easily continue for up to 30 years at a time. Your regular income will, as a result, become more stable over time, and any extra work you put in will just serve to enhance your income more.
Zero Investment Required
Your time and effort are the only things you need to contribute in order to participate. There is no limit to the amount of money that you may bring in each year.
Work Schedules That Are Adjustable
The majority of office occupations need their workers to be seated at their desks by nine in the morning, and they must remain seated during the whole workday until six in the evening. On the other hand, insurance agents have more leeway in their schedules. As an insurance agent, you have the option of working from home according to your own schedule or establishing an office somewhere else in the community.
If you are a homemaker and want to become financially independent and contribute to the income of your family, you may take advantage of opportunities like these. In a similar vein, retired individuals also have the opportunity to generate extra income streams by working as insurance agents, assisting others in the purchase and comprehension of various insurance policies. People who are currently employed full-time in other employment may find this to be an excellent opportunity for additional cash on the side.
When you become an agent for a life or general insurer, you have the freedom to choose the hours you work and the location of your office.
Strive to Make a Positive Difference in the Lives of Others
Do you believe that careers such as teaching and medicine are the only ones that can make a good difference in people’s lives? Insurance brokers get comparable compensation due to the fact that their job enables clients to amass assets, provide for the upbringing and education of their children, pass on money from one generation to the next, prepare for retirement, and do a great deal more.
You have a wonderful chance to make a difference in the lives of other people and in society if you work in the insurance sector. Insurance is the financial tool that prevents individuals, families, and companies from slipping into the trap of a never-ending cycle of poverty.
You have the power to make a difference in people’s lives when you work as an insurance agent; this in and of itself is a really fulfilling experience that ought to put you in a positive frame of mind.
Gain Knowledge from Pros in Your Field
When you sign on as an insurance agent with a reputable organisation, you’ll have access to several different training programmes that are given by industry professionals, which will allow you to grow both personally and professionally. Classroom education, hands-on experience in the field, and individual instruction may all be a part of the training.
Because the industry places a high priority on ensuring that their agents receive adequate training and development support, companies typically offer supplemental training opportunities, as well as organise educational seminars and workshops, with the goal of assisting their employees in expanding their knowledge and expanding their professional networks.
As an insurance agent, you have the opportunity to learn from those who are considered to be the very best in their field and to keep yourself current with the most recent happenings.
Put an end to your reliance on paper work.
in the World of Digital Technology
When meeting with customers, insurance salespeople no longer have to lug around stacks of brochures and policy paperwork as they formerly did. In today’s world, you may easily get all of the pamphlets and application forms whenever you need them.
As a contemporary insurance agent, all you need to do to offer your insurance products to potential clients and complete the necessary paperwork for consumers is to carry about a laptop or a tablet computer.
Because you can use tablets (and even your smartphone) to handle leads, book appointments, and explain items to customers, there is even no need for a bulky planner.
Privileges, Honors, and Awards
In the course of your career as an insurance agent, you will have the chance to participate in a number of national and worldwide recognised forums. Some of the most important recognised platforms for life insurance agents are Asia’s Trusted Life Insurance Agents and Advisors and Million Dollar Round Table (MDRT) memberships, for instance.
The process of qualifying for these prizes may be challenging but has the potential to elevate the agent’s profile on the world scene. For example, Asia Trusted Life Insurance Agents and Advisors sees members from six different Asian nations, including China, Hong Kong, Malaysia, India, Taiwan, and Singapore (Source: Asia Trusted Life Insurance Agents and Advisors).
Even if your commission earnings are certain to be there, receiving these honours and recognitions is like icing on the cake.
In a nutshell, if you are seeking for occupations in which you can be your own boss, define your income on your own, and assist other people in building a financially secure future for themselves, being an insurance agent can be the right choice for you.