Most people have their first contact with an insurance company through an insurance sales Adviser. These workers help individuals, families, and businesses select insurance policies that provide the best protection for their lives, health, and property. Insurance sales agents/advisers who work exclusively for one insurance company are referred to as captive agents/advisers. Independent insurance agents/advisers, 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/advisers 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/advisers, 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/advisers 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/advisers 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/advisers also sell annuities that promise a retirement income. Health insurance agents/advisers 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 Adviser and client. In the past, agents/advisers 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/advisers spend actively seeking new clients. Because insurance sales agents/advisers 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 Adviser’s services to other potential customers is a key to success in this field.
Our agents/advisers 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/advisers who might be occupied with their daily business/professional routines.
A 5 days 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/advisers 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 adviser / agent in achieving independence towards garnering business.
Career development is emphasized upon from the very day the Adviser joins the system. Though individual meetings with his or her Development Officer, the Adviser 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/advisers build a full time career as a Development Officer in the organization, offering great potential for managing a team of agents/advisers and personal development.
LIC agents/advisers are constantly recognized and rewarded for their performance. Numerous competitions all year round promote healthy competition amongst agents/advisers and recognition for their efforts. Depending on the level of business the Adviser 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. Adviser / agent can also qualify for the renowned MDRT (Million Dollar Round Table), an exclusive international insurance advisors / agents 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/advisers often have high earnings, but many who assume Adviser 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/advisers are beginning to sell more financial products, such as mutual funds, retirement funds, NSC’s, etc.