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A Quick Guide for You to Become a Motor Insurance Agent

by Rahul
A Quick Guide for You to Become a Motor Insurance Agent

Having high compensation and job autonomy are some benefits of becoming a motor insurance agent. Jobs in the insurance sales sector have a high turnover rate and are very stressful with minimal compensation guarantee. New agents need to grasp the abilities and traits that top producers share to succeed in the business.

Who are Motor Insurance Agents?

A person who works with an insurance firm to market specific motor insurance products is known as an agent. If you were a motor agent or POSP, you would assist customers in selecting the best motor insurance policy from all motorised vehicle-related insurance plans based on their needs. 

You can sell automobiles, two-wheelers, and four-wheeler policies. 

What Exactly is Motor Insurance?

All cars in India are required to have motor insurance coverage, which can be used to cover a car, a two-wheeler, or a commercial vehicle like an auto or a truck. People need to have it to be insured for losses and damages, such as those caused by accidents and/or natural disasters.

Various Motor Insurance Policies

Third-party Motor Insurance Policy, Own Damage Motor Insurance Policy, and Standard Motor Insurance Policy are the three main categories of motor insurance plans. 

Third-Party Motor Insurance

The Motor Vehicles Act in India makes third-party motor insurance a requirement, and offenders are subject to severe fines. Additionally, it shields the owner’s finances from any losses if and when their car harms a third party’s vehicle, person, or property.

Own Damage Insurance

The Own Damage Insurance Policy is a specialised auto insurance plan created to shield an individual from losses and damages to both themselves and their vehicle.

Standard Motor Insurance

Last but not least, Standard Motor Insurance provides total coverage for both individual damages and losses as well as third-party losses. This includes defence against unplanned losses brought on by mishaps, natural disasters, fire, or theft.

Why Should I Work as a Motor Insurance Agent?

There are several benefits to becoming a motor insurance agent

  • Zero Investment

Nothing else is necessary to become a POSP but a smartphone, a strong internet connection, and a minimum of 15 hours of training. 

The income potential is tremendous, while there is essentially no financial investment required on your part.

  • Possibility of high income

Your income is determined by the number of policies you issue, not the number of hours you put in. Take a look at the income estimator and have a better idea of the situation to find out how much money you may make for each policy that is sold.

  • There is no time limit!

Depending on whether you choose to work full- or part-time, you can set your working hours.

  • Make yourself the boss

Working at your convenience is one of the main benefits of being a POSP or an insurance agent.

How Much Money Can You Make?

The quantity of policies you sell determines how much money you make as a motor insurance salesperson. our income increases as you sell more insurance plans. A motor insurance provider can offer coverage for passenger automobiles, motorcycles, and trucks.This implies that you can offer customers both extensive and stand-alone insurance.

Now that you are through with the benefits and the earning potential, its time to know how to become a vehicle insurance agent.

How to Register as a Motor Insurance Agent/POSP?

  • Filling out the POSP form, including all the relevant fields, will register you. Be sure to provide all necessary paperwork as well.
  • Finish your 15-hour course.
  • Complete the test as directed.
  • Simply sign the contract you’re done! You’ll have a POSP license.

How Can I Get a Job as a Motor Insurance Agent?

  • The POSP certification program is the simplest route to becoming a vehicle insurance provider.
  • An insurance agent, who is qualified to sell particular insurance policies is known as a POSP (Point of Sales Person).
  • All you need to do to become a POSP is complete the training and meet the IRDAI’s minimal educational requirements.

Qualifications Needed to Work as a Motor Insurance Advisor

  • You must be above 18, have finished at least Class 10 in school, have a certified Aadhaar Card and PAN Card, and be interested in learning how to become an auto insurance salesperson.
  • After that, IRDAI will require you to complete a mandatory 15-hour training course.
  • This implies that anyone with a knack for selling insurance plans is eligible to work as a POSP Agent.
  • This encompasses business people and women as well as college students and homemakers.

Summing Up

Getting started as a motor insurance agent is simple. The ability to persuade people to buy something and a respectable degree are necessary to comprehend, calculate, forecast, and impress a potential lead, even if there is no formal education requirement to work as an insurance provider.

It would be a lot simpler for you to enter the financial sector if you knew what to know before becoming an insurance provider. The benefits of this job include being your boss, making a lot of figures per month, having flexible hours, etc. While most of them may be easy, achieving them all may require some effort.

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