How to Become Successful Motor Insurance Agent in India: Step By Step Guide

how to become successful motor insurance agent

Indian insurance industry is growing day by day and it has a good growth rate. Insurance business in India is divided into two parts. First is Life Insurance and Second is Non-Life Insurance. Motor Insurance Agent comes in the category of Non-Life Insurance.

Non-Life Insurance is also known as General Insurance. The motor insurance business has a huge opportunity. In the last few years, the number of vehicles in India has increased.

Simultaneously motor insurance business is also growing because motor insurance is mandatory in India. By becoming a motor insurance agent you can earn huge money and fulfill many dreams.

What is the Process to Become Motor Insurance Agent?

Selection of Motor Insurance Company: First of all, you need to select one best general insurance company where you want to apply.

Submission of Documents and Registration: Now you need you should submit required documents to the insurance company. Normally the following documentation is required- Pan card, Residence Address Proof, Passport size photo, Education poof, Cancel cheque or Passbook copy.

Pre-Licensing Training: After submission of complete document and registration. You will get a URN number. Now you have to do pre-licensing training of 25/50 hours. You can do the training online or offline both.

Examination: After completion of successful training your company will book your exam slot through IRDA. You need to appear for the exam on a given date and time. If you pass the exam then you will be given the license.

Business Code and Training: Then the insurance company will give you a business code and an online portal to sell the product. The company will also conduct the training to aware you about the company products and services.

Who can Become Motor Insurance Agent? Eligibility Criteria

There are some basic criteria to become Motor Insurance Agent. These are following:

1- Minimum age should be 18 years

2- You should be Indian Citizen

3- No Criminal history

4- You should have a minimum education qualification. It should be a minimum of 10th or 12th or equivalent. Your qualification should be 12th if you are residing in a place where the population is 5000 or more. The applicant should have 10th qualification if residing in a place where the population is less than 5000.

For more detailed terms and conditions you can consult your company or go through the IRDA website.

What Product You Can Sell in Motor Insurance Segment?

Basically when you become the agent of a general insurance company then you can sell many products of the general insurance category. You can sell motor insurance, travel insurance, health insurance, and products of general insurance.

Your company provides you the guideline that which product you can sell. For motor insurance you may have following products to sell to your clients:

  • Two Wheeler Insurance
  • Private Car Insurance
  • Passenger Carrying Vehicle Insurance like Taxi, School Bus, Cab, etc
  • Goods Carrying Vehicle Insurance like Trucks, etc
  • Miscellaneous Vehicles like Construction related vehicle etc

Every company has its own terms and conditions for products and services. For more details you can contact to your motor insurance company.

What You Should do to Become Successful Motor Insurance Agent?

You do any work, it will require a certain amount of inputs to achieve the results. To ensure success in the field you must give your best efforts. Proper planning, hard work and right inputs will be the reasons to get good results.

Here are some tips to become a successful agents

1- Have Sound Knowledge of Your Products

If you don’t have good knowledge about your products then you may not be able to represent it well to customers. You should have sound knowledge about your products and services.

Not only yours but also you should know about competitors and their products. Most of the customers would like to have a comparison of motor insurance.

For example, If someone wants to buy car insurance, it means he or she wants to purchase the best car insurance policy. If you have good knowledge then you can show it well to your customer. It will be very helpful to close the deals easily.

2- Planning and Goal Setup

Having proper planning and a clear goal is very important steps. You should know what you want to achieve and what is the time limit. You should plan how many policies you want to sell and how much commission you want to earn.

Detail plan you can write in your diary like this..

  • How many prospects you will generate in a month
  • How many meeting will you do
  • Number of total sales you will do
  • Total commission you will generate
  • What is action plans

You can create your own structure to have proper planning and goals. It will help you to achieve your goals and will also help you to monitor the growth. Later you can also take corrective actions to improve the actions.

3- Prospecting

The first step of any sale is prospecting. Do you know who can purchase your product? If you want to be a successful motor insurance agent then make your prospecting strong. You make a list of people who has a vehicle like two-wheelers, private car or any other motor vehicle.

You can start from your near and dear like friends and relatives. Later you can increase your segment. If you have the details prospect list then you can approach on time.

You can make prospect list like this or you can create your own.

Name of Prospect
Contact Details
Make and Model of Vehicle
Name of Current Insurance Company
Insurance Period

If you have good prospect list then you can do effective meeting and close the deals.

4- You Should Always be Ready to Help Your Customer

This is very important to understand. Remember, your work is not completed when you sold the product. Your customer may contact you for any endorsement related service. Customers can call you for any claim related help also.

These are the situation where you should give a prompt response to your customers. You need to give good service at the time of requirement and resolve the problem.

This is the time when you can build up your customer trust in you and make your customer for a long time.