Life and health insurance mostly
sold through insurance agent, a few
others sold through brokers and banks. Insurance agent is a person who acts for
and on behalf of insurance companies in explaining and selling life insurance
products and health. To become an agent, you must go through three basic
processes as follows:
1. Recruitment and selection
First, you have to follow the
recruitment and selection by insurance companies. Recruitment is the process of
gathering candidates interested in becoming an insurance agent. Insurance companies conduct recruitment by
organizing career seminars, advertising in mass media and individual approach. Selection
is the process of assessing the suitability of the candidate with the criteria
of an agent. Each insurance company has its own criteria on which candidates
can be appointed as an agent. However, they generally require college education
or graduate with quantitative and analytical skills are adequate. Understanding
in finance, accounting or economics would be useful, but not a must. Insurance
companies are particularly interested in social skills, maturity and motivation
to achieve success in the field of insurance sales.
2. Training and registration
After passing the selection process, you will follow the training, which
include basic knowledge of insurance, product knowledge and career agency in
the company concerned. The length of training varies in each company. When you
pass the training criterion, which usually only the amount of presence you will
be appointed as agent of the company by signing a contract / agency agreement.
Your relationship with the insurance company is not an employer-employee
relationship, but a partnership. In such contracts, rights and obligations of
each party is explained in detail. The insurance company gives you the
authority to sell its products in exchange for a compensation called a
commission. How is your commission is calculated usually described in the
contract.
In addition to signing the contract, you also will be submitted to professional associations. According to current regulations, you will get a temporary license. With the licensing provision of professional associations, you've pocketed a license to sell life insurance products of non unit-linked up to a certain time limit.
3. Licensing agency
To be able to continue a career as an agent, you must follow the licensing exam before the period of validity of the insurance agency license while you are gone. There are two types of licenses or certificates are given to the agent, which is licensed to sell insurance products to both traditional and unit-linked products. The second license can only be obtained if you've passed the first.Insurance agent is an honorable profession, as other professions such as doctors, lawyers or notaries. An insurance agent can provide advice and actions that have a significant impact on the lives of its customers. Insurance agents also have a high professional autonomy. Undergo career success depends on how well and he's tenacious profession. The better the performance, the greater the revenue achieved. On paper, an insurance agent earning potential is unlimited. A top insurance agent could generate billions of dollars per year from his business. Many of those who enter into the elite club called the MDRT (Million Dollar Round Table), a membership requirement is to collect premiums $ 1 million a year. However, according to a study conducted by LIMRA research institute insurance, life insurance agents in general have to build a career for 5 years to earn a stable and prosperous.
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