Yes, you can become a motor insurance agent for over one company in India.
A motor insurance agent works with an insurance company to sell specific motor insurance products. If you are a motor insurance agent, you will help clients to choose the right motor insurance policy according to their requirements from all motor vehicle-related insurance plans. It includes car, bike, or any 2-wheeler and commercial vehicle policies.
What Is Motor Insurance?
Having a motor insurance policy can help you cover a car, a two-wheeler, or a commercial vehicle such as an auto or a truck, and the insurance is compulsory for all motor vehicles in India. It is also crucial for people to have motor insurance so that they cover any losses and damages in case of accidents and natural calamities.
There are mainly three types of motor insurance plans which are:
- A third-party motor insurance policy is mandatory for vehicles to act in India. Without this, people are liable for a heavy fine. This insurance can also protect against enormous losses that could arise if their car were to damage any third-party vehicle, person, or property.
- Next is own damage motor insurance policy. This is a customized motor insurance policy that protects oneself and their vehicle from damages and losses.
- Finally, a comprehensive motor insurance policy provides complete protection against both third-party damages and losses and own damages. It also includes protection from unforeseen disadvantages, such as accidents, natural calamity, fire, or theft.
How to become a motor insurance agent?
The simple answer to the question how to become vehicle insurance agent is by completing POSP (Point of Sales Person) certification. A POSP is titled to an insurance agent who can sell specific insurance products.
To become a POSP, you must have the minimum educational qualifications required by the IRDAI and undergo training provided by the company you desire to work with.
Step 1- Register with the company you want to work for
Step 2- Apply for POSP training
Step 3- Get POSP certified
Step 4- Refer clients
Step 5- Track lead status
Step 6- Receive a payout
Qualifications to become a motor insurance agent:
To become a motor insurance agent, you must be over 18 years of age, and hold a minimum class 12 education qualification. The candidate should also give a valid aadhaar card and PAN card. Some organizations may ask you to complete a compulsory training period specified by IRDAI.
Who can become a motor insurance agent?
The only requirement for a motor insurance agent is that the candidate must be over 18 years of age and have at least an education qualification of class 12.
Anyone who has an aptitude for selling insurance policies can become a POSP agent in India. It includes college students, stay-at-home spouses, retirees, and businessmen/ women to become motor insurance agents.
Role of a motor insurance agent:
The key roles and responsibilities of a motor insurance agent include:
- Meeting with clients to sell insurance policies
- Guiding them in determining the best policy based on their needs
- Clearly explain the insurance policies to clients and hear their claims if they cover the risk
- Acting as an intermediary between policyholders and insurance firm
- Maintaining a good relationship between a vehicle insurance business and policyholders
- Meeting the most recent legal criteria and coverage details
- Verifying the insurance policies produced by a corporation
- Providing counseling for insurance firms on the insurance policy for each insurance market group
Benefits of becoming a motor insurance agent:
Working as a motor insurance agent comes with many perks. Some benefits of becoming a vehicle insurance agent include.
- Flexibility in working schedules
- You can work from home
- Excellent earning potential
- It requires no investment
- It requires only less period of training
- Insurance product sellers in a wide range
- Instant registration with no paperwork
- You can make a zero-investment vehicle insurance agent.