Insurance Advisor Career Information
Right from understanding customers' insurance needs to offering the most comprehensive insurance solutions, from the vast array of general insurance products and services, comprises the most significant function of an Insurance Advisor. Independent Insurance Agents usually offers life, sickness and accident insurances.
What an Insurance Advisor does
An Insurance Advisor provides the following kind of insurance-securities:
1) During Life - Provide enhanced retirement income and funds when life is compromised due to ill health.
2) After Life - Furnish liquidity for the immediate needs of family and business and to offset registered plan and capital gain taxes.
3) From then on - Assure a viable estate for survivor funding and possibly leave a legacy through charitable giving.
The tax treatment afforded to life insurance is a significantly important benefit, advocated by these Advisors which offer sheltered investment compounding and tax-free payout to beneficiaries. The role of an Insurance adviser goes beyond just selling policies. It involves explaining life insurance and its benefits to potential customers and also helping them decide which plan suits them best, after analysing their financial needs. The responsibilities also includes helping people manage their assets, plan their financial security and experience deep satisfaction from making a positive difference in others’ lives. In a nutshell, he needs to act as a strategist in annuities, business insurance, estate planning and personal investment, providing both short and long term solutions to financial risks. Other duties involve facilitating the licensing activity and providing of regular updates on insurance products & services, to customers and clients.
Through this career, the Advisor doles out help in:
• Providing security to a family in the absence of a breadwinner
• Funding the medical needs of a family
• Financing a child's education
• Planning for the retirement needs of an elderly couple
• Overall, in improving the values of our society
An Insurance Advisor is a professional in more ways than one. He is:
a) An estate planner
b) A financial consultant
c) An entrepreneur
d) A confidant
e) A life-long trusted friend
Flexibility of Time: This is another vital facet of this vocation. There is no time-restraint to follow. If one does not see himself in a desk-bound and chained to a monotonous 9-5 job, should undoubtedly opt for insurance as his career.
The right to manage one’s own time makes the efforts more effective, concentrated and meaningful. But working conditions also involves a lot of outdoor activities – esp. moving over to the offices of the clients / going over to their homes to discuss the financial deals with them.
Career prospects:
Insurance Advisors have varied options to choose from. They can advance from Insurance field into Agency Management or become a Senior Insurance Advisor, after a few years of proven sales records. Each path leads to a rewarding career.
Abilities & Traits Required
An Insurance Advisor needs to exhibit these attributes, as pointed out below:
• Relate in a partnership style with an advisory and consultative approach
• Be conscious of the need for continuing client awareness
• Give guidance suitable to each individual's own style and objectives
• Assist in the financial planning of each client
• Employ the advantage of timing techniques you have developed over the years
• Make full reference to excellent research resources
And last but not the least, should show respect and value the thoughts of the clients. In addition, good communication and a proper understanding of the financial position of the customer is an essential pre-requisite.
‘Investor Comfort’ depends on the following two essentials, the essential of the suitability of each investment for the person and the essential of continuing communication between the Insurance Advisor and the client in question.
Qualifications
You need to be a graduate. Some other factors that we look for are:
A wide social network
Good interpersonal skills
Desire to meet people
Can also be a Post Graduate (MBA/CA/CS/Other) with contacts in the industry or experience in FMCG/Trade/Financial Services/Life insurance or related fields. A fresher who is open to being mentored/directed & plan, is also welcome to make a career in the insurance industry. In this field, dynamic and result oriented individuals with an achiever's mindset, suits the profile best of an Insurance Advisor.
Salary
This arena indeed, offers an exciting and rewarding business opportunity.
Earnings: Entitlement to a percentage of the premium as commission, till the time the policies sold by the Advisors are in force.
Attractive additional benefits for high-performers: Palmtops, Planners, Leather portfolio bags, Off-site conferences, foreign trips and Sales promotional schemes.
The best rated Insurance Advisors draws an amount ranging from Rs 50 000 – 100000 (on a monthly basis). While the median ranked advisors fetches a sum of nearly Rs 40000- 60000 monthly.
A Performance Driven Income:
True, a highly driven performance determines the income in this occupation. The income is always in direct proportion to the effort one puts in. The compensation received matches up to the level of work and hard labour put in. This means that striving for excellence will yield more than ample financial rewards.
The Insurance Advisors in general, gets to enjoy the below-mentioned benefits:
First Year Commissions & Renewal Commission
Bonuses
Career Allowance