Why should you choose a career in insurance? | Point of Sale Person

  • Why should you choose a career in insurance?

    Why should you choose a career in insurance?

    Be your own Boss and decide your own pay cheque !
    As a digital partner, you work for yourself. Whatever commissions/ rewards and contests that you
    earn is your own. Thus, a career in insurance promises you a financially rewarding and respectable profession. Be a financial goal planner for your friends and society. Encourage savings & investment in life insurance products and help people in securing their family's future and fulfillment of personal goals.

    The earning potential for you is practically limitless. You decide your own pay cheque!

    When it comes to earnings, the sky is the limit. Your earnings depend on the number of policies and the premium size, you garner. There is no restriction to your sales volume or any restrictions on the premium limit. Doesn’t it feel  lucrative?

    Flexible working hours
    You don’t have to follow a 9-to-5 tight working schedule. Soliciting insurance business can be done as per your convenience. You decide how much time you are going to dedicate for the day.

    You can increase your earnings and create a large clientele base
    Through referrals and up-selling!
    When you sell insurance, you develop a personal relationship with your clients. Your clients will give you referrals / leads, if they are happy with the product and your services. This way, you can grow your business and increase your earning potential, exponentially.

    Rewards and recognition's
    There are many reward and recognition programs designed for insurance agents, which is directly related to their performances. These rewards and recognitions are to further encourage dedicated, competent, enterprising and honest insurance agents to build up more business and increase their insurance penetration.Under these rewarding programs, an insurance consultant can earn different kinds of rewards - like cash gifts, household articles, gift vouchers and also free foreign trips for self and family, which will be decided by the aggregate premium value that you have sourced in a year or contest period.

    Earnings and commissions from Insurance business

    When you become an insurance intermediary, you earn a commission on the sales achievement – premium amount and number of policies that has been logged. Every insurance plan, whether it is Life insurance, Health insurance or General insurance, brings in commissions and other payout/s for you. The commission is calculated on the amount of premium received from your client. The quantum of your commission is dependent on various factors like the number of policies sold, the total premium collected, the percentage of renewal consistency of your clients.. etc. Furthermore, there are MDRT (Million-Dollar-Round- Table), COT (Court of the Table) & TOT (Top of the Table) ranked agents who, due to their outstanding performance, earn higher commissions.

    Commissions is of three types :
    First year commission:
    This commission is payable on the new sale you generate. First year commissions are the highest commissions which you can earn.
    Renewal commissions:
    This commission is paid on the renewal premium paid by your client on the plan which you had already sold in previous years. Renewal commissions are lower than first year commissions for Life insurance plans. However, for General insurance plans the renewal commission rate may be same as the first year commissions. Thus, per life insurance policy sold by you, you earn first year commission for the first time ( initial commission), followed by renewal commission for each subsequent year, till the premium payment term of the stated policy/ies.

    Loyalty / Pension payouts:
    If an insurance agent stays with a life insurance company, for a minimum and unbroken period of 5 years and more, then, in that case, the agent gets a percentage of his total premium business, that he has done, till her / his lifetime.

    Rewards and Recognition Programs :
    Insurers and distributors have rewards and recognition programs which pay additional commissions. So, if you sell higher number of policies and higher value premiums, you not only earn the stipulated commissions, but also earn additional handsome payouts from the reward programs.

    Disclaimer : The above list is not exhaustive and the commission rates  may be amended by the Regulator from time to time. For more details/complete particulars, you may visit IRDAI website at www.irdai.gov.in


    Post a Comment