By Sibashree Bhattacharya
Health Insurance is a highly rewarding industry that is seeing rapid growth following the impact of the global COVID-19 pandemic, with more and more people opting for health insurance to secure their health and access better treatment options.
This is where the industry is looking to hire more health insurance agents to supplement this increased demand, making health insurance a great field to work in currently. There, however, is still a need to realise the competition and figure out ways to succeed and make the most out of this role.
In this article, we will explore ten skills and qualities that you must possess to become successful in this industry.
What Is An Insurance Agent?
An insurance agent is responsible for selling insurance products to potential customers. They represent insurance providers and act as an intermediary to understand the customer’s needs and offer the best policy based on the prospective customer’s requirements.
They are responsible for explaining the policy details, for example, the policy duration, the inclusions and exclusions, the special conditions, and the claims process. They are also required to act as customer support post sales in some circumstances and offer financial advice if asked by the customer to help plan and budget the investment.
There are usually two kinds of insurance agents. This distinction is made based on their affiliation.
Exclusive Agents-
An exclusive agent is usually a full-time or part-time employee for a single insurance provider and is responsible for selling insurance only from them. For people starting in the industry, starting out as an exclusive agent is preferable due to the handholding, benefits, and help provided to them.
Independent Agent-
An independent agent is not bound to any insurer and is free to sell policies from any number of insurers with which they are affiliated. This is preferable for people who have already spent years in the industry, understand the details, and have loyal customers to bide their time if they don’t immediately find new customers.
How To Succeed As An Insurance Agent Health?
Whether you are an independent or an exclusive agent, inculcating these ten skills and qualities can help you succeed and make the most out of this highly rewarding career.
- In-depth knowledge of the policies
- Analytical Skills
- Communication Skills
- Understanding finances
- Problem-solving skills
- Networking skills
- Technical know-how
- Empathy
- Persistence
- Honesty
How To Become An Insurance Agent?
Becoming an insurance agent in India is quite simple due to the low barrier to entry, allowing almost anyone to become an agent. Becoming an agent requires zero investment and offers favourable work conditions.
I have been a health insurance agent for Niva Bupa for the past 4 years and enjoy working here. This is why anyone looking to become an agent can definitely check them out. The process I have mentioned below are steps you can follow to join Niva Bupa as an agent in insurance for health as well.
Eligibility Criteria
- The applicant must be at least 18 years old.
- Depending on where they are from, they must complete their 10th or 12th.
- They must possess an Aadhaar Card and a PAN Card.
- They must also complete mandatory training for a set period.
- They must also attempt and pass a simple examination.
Step-By-Step Guide To Becoming An Agent
- Visit Niva Bupa’s website, fill out a form on the ‘Become an Agent’ page, and submit it.
- After this, you should be able to complete your mandatory practical training with the insurance provider and start preparing for the compulsory examination.
- After clearing the examination and getting the license, you can start
working with the organisation as an agent.
Top Benefits Of Becoming A Health Insurance Agent
The career choice of being a health insurance agent offers more advantages than many people realize.
This profession is now one of the most stable and rewarding, with continuously rising healthcare costs, increasing demand for insurance coverage, and continuous growth in the insurance sector.
Whether you’re starting fresh or looking for a career switch, here are the major benefits of becoming a health insurance agent:
1. High Income Potential
Health insurance agents are paid via commissions, bonuses, and renewal income.
Because individuals have to renew their health insurance policies yearly, agents can create a recurring, long-term income stream.
2. Growth and Recession-Proof Industry
Healthcare is needed come what may; accordingly, it makes the health insurance industry stable, recession-proof, and always in demand.
3. Flexibility In Work Schedule
One of the largest advantages is certainly the freedom to choose your working hours. You can work:
- Full-time
- Part-time
- Remotely
- Alongside another job
4. Opportunity To Help People
Health insurance agents play a meaningful role in society. You help individuals and families:
- Get financial protection in case of medical emergencies.
- Understand complex policies
- Select plans according to their needs
- Access quality healthcare without worry
5. Multiple Sources Of Income
As an agent, you can earn from:
- New policy sales
- Policy renewals
- Add-ons and riders
- Cross-selling other insurance products
- Corporate or group insurance deals
That diversifies your income and increases your earning potential.
6. Unlimited Growth Opportunities
Health insurance agents have a number of ways to build their careers:
- Become a senior agent
- Become an agency manager
- Establish your own insurance agency
- Partner with multiple insurance companies
- Build a big group and override
The industry offers personal and professional growth all at once.
Becoming A Health Insurance Agent
These are ten skills and qualities that are highly sought by both the insurance provider and prospective customers and can help you succeed.
Whether you are someone new to this field or facing issues in getting new clients, by considering these factors, you can find a footing or start your journey on the right step.
