How to Become a Successful Motor Insurance Agent in India

motor insurance agent
Become motor insurance agent

The Indian insurance industry is growing day by day and it has a good growth rate. The 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 also 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.

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Process of Becoming a Motor Insurance Agent?

Selection of Motor Insurance Company: First of all, you need to select a general insurance company to which you want to apply to become a motor insurance agent.

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

Pre-Licensing Training: After submission of the 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.

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 training to aware of the company’s products and services.

Eligibility Criteria for Motor Insurance Agent?

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

1- Minimum age should be 18 years

2- You should be an 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 a 10th qualification if residing in a place where the population is less than 5000.

For more detailed terms and conditions to become a motor insurance agent, you can consult your company or go through the IRDA website.

Products that You Can Sell

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

Your company provides you the guideline that which product you can sell. For motor insurance you may have the 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 vehicles etc

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

Successful Motor Insurance Agent

Now I will tell you about some powerful tips to become achiever and a successful motor insurance agent. If you do any work, it will require a certain amount of input to achieve the results. To ensure success in the field you must give your best efforts. Proper planning, hard work, and the right inputs will be the reasons to get good results. Here are some tips to become a successful motor insurance agent.

1- Sound Knowledge of Products

As a motor insurance agent, If you don’t have good knowledge about your products then you may not be able to represent them well to customers. That’s 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.

Detailed plan you can write in your diary like this.

  • How many prospects you will generate in a month?
  • How many meetings will you do?
  • The number of total sales you will do.
  • The total commission you will generate
  • What are the 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 your 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 with your near and dear 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 a 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 a good prospect list then you can do effective meetings and close the deals.

4- Ready to Help Your Customers

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 with your customer and build a good relationships.

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