Insurance brokers or agents are vital intermediaries in the insurance industry. They work towards helping individuals and businesses find the right coverage at the right price.
If you’re interested in how to become an insurance broker or agent in India, here we provide you with all the information you may need.
Research the insurance market - Before diving into a career as an insurance broker or agent, it’s important to understand the insurance industry in India. Take the time to research about it like different types of insurance policies offered, the insurance companies that operate in the country, and the regulations that govern the industry.
Obtain the necessary education and training - To become an insurance broker or agent in India, make sure to fulfil the necessary educational qualifications. It will prepare you for the industry by giving an insight into its workings.
Pass the insurance broker/agent licensing exam - Once you have completed your education and training, you will need to pass the insurance broker/agent licensing exam administered by the Insurance Regulatory and Development Authority of India (IRDAI).
Register with the IRDAI - After passing the licensing exam, you will need to register with the IRDAI to obtain your insurance broker/agent licence. You will need to submit an application and pay the required fees.
Find a job - With your licence in hand, you’re ready to start your career as an insurance broker or agent. There are a variety of options for employment, you can also specialise in a particular type of insurance, such as life insurance or health insurance. You can also partner with Wealthy.
Keep your licence valid - In order to continue practising as an insurance broker or agent in India, you must renew your licence every year. This involves completing continuing education courses and paying the required fees.