To become an insurance broker or an insurance agent in India, you need to be over 18 years of age and a 10th pass. After the onboarding you’ll have to undergo a IRDAI defined training of 15 hours followed by a certification exam to be able to partner and work as insurance broker agents for reputed clients.
Become a SecureNow Point of Sale (POS) Agent
Benefits
Become your own Boss
No Fixed Timings
Online App For Booking
Zero Investment Required
SecureNow Assistance
Online policy copy
Instant risk confirmation
Experienced medico-legal panel
Single point interface for claims
Renewal reminders
Digital proposal form and paymentGet quote if you agree to our Terms of Use and Privacy Policy
Become a SecureNow Point of Sale (POS) Agent
Get quote if you agree to our Terms of Use and Privacy Policy
Table of Contents
SecureNow Assistance
Online policy copy
Policy copy will be emailed. This can also be accessed via securenow.app login
Instant risk confirmation
Risk coverage gets started immediately on proposal form submission, if no claim has been reported.
Experienced medico-legal panel
High quality lawyers, with experience of medical negligence cases, take-up cases on Doctor’ behalf
Single point interface for claims
Dedicated liability claims expert coordinates claims between the Doctor, lawyer and the insurer
Timely renewal reminders
Automated reminders and sent 3 weeks before renewal. Premium can be easily paid online
Digital proposal form and payment
Buying process is completely digitized including supporting documents. No need to submit hard copies.
Quick Guide to Become an Insurance Broker or Agent
Definition of Insurance Broker or Agent
Insurance brokers or insurance partners form an intermediary between clients and insurance companies by helping the former to find a policy that is best suited for their management’s requirements. They represent the clients and are bestowed with the responsibility to guide the consumer towards a better insurance plan.
IRDA Broker Regulations
IRDAI specifies a detailed list of rules and regulations for insurance brokers to operate in India. These rules and regulations are constantly updated by the authority. All brokers are expected to follow these.
Code of Conduct for Insurance Brokers
IRDAI furnishes detailed guidelines for the code of conduct for insurance brokers or insurance agents. Most codes of conduct follow the five principles of insurance: insurable interest, utmost good faith, proximate cause, indemnity, subrogation and contribution.
It is always essential to:
- Be unbiased while giving advices to the clients.
- Conduct all dealings with clients with utmost good faith and integrity at all times.
- Act with diligence and care.
- Treat all the clients’ documents as confidential and take utmost care of the information shared with them..
- Keep written proof for the dealings and discussions.
- Adhere to the rules and regulatory mandates of IRDAI while dealing with any client.
These are only a few codes of conduct listed here. Please go through the code of conduct pdf available from IRDAI online for the complete list.
Ways to become an Insurance Broker or Insurance Agent
Becoming an insurance broker requires a minimum paid up capital of INR 75 lakhs, and they need to follow the detailed rules and regulations including the number of qualified persons in every branch. An alternative route to effectively serve clients is to become PoSP (Point of Sales Person) with an existing insurance broker. PoSPs can undergo a basic training and certification, post which they can sell a variety of pre-underwritten insurance products to the clients.
Earn by becoming an Insurance Brokers or Agent
An insurance agent or partner makes money from the commissions from selling insurances to individuals and enterprises. Commissions vary with product type, engagement level and the conversion of the clients. You’ll work directly for the large client base that SecureNow has, you are not tied to a limited number of insurance companies, unlike an agent, and hence, will have a more important position of serving as an advisor for the clients.
Difference between an Insurance Brokers and an Insurance Agent
Insurance Brokers:
- Insurance Brokers represent the client or the consumer who intends to buy an insurance policy.
- Insurance Brokers can be associated with multiple insurance companies and serve as advisors for their clientele.
- Brokers cannot complete a sale of an insurance policy without the involvement of the insurance provider
Insurance Agent:
- Insurance Partner or an insurance agent represents the insurance company.
- Insurance Agents are associated with one or two insurance companies only (based on the type of policy)
- Since, an insurance agent represents the insurance company they are eligible to complete a sale of insurance.
Reasons to become an Insurance Broker or Insurance Agent?
Working as an insurance broker isn’t just a job, it’s a well-informed choice that a person has to make as it is a responsibility – a responsibility to understand the client’s requirements and give the right advice pertaining to the insurance policy that the client intends to buy. You need to have the right attitude and a constant aptitude to learn about this vast industry. Becoming an insurance broker partner for SecureNow will give access to building a credible client base and act as an advisor for them.
Below are some of the perks of becoming an insurance broker partner:
- Become financially independent.
- Visible impact of role on clients and business.
- Professional association with leaders and CXOs.
- Satisfaction of helping clients with your financial advice.
Requirements to become an Insurance Broker or Insurance Agent
Anyone over 18 years of age who has passed 10th class, often with an aptitude for sales and business, strong interpersonal and research skills can and should opt to become an insurance broker partner. You need to evaluate requirements on the behalf of your clients and have to suggest the best possible insurance plan. This requires a lot of research and dedication. We collect a few basic information of the candidate like their names, age, Government identity proof, and then with a simple training and certification you can be onboarded to work with us.
Below are the eligibility criteria to become a PoSP:
- Candidate shall be 18 years of age.
- Shall be at least 10th pass.
- Should hold an Adhaar card or PAN card to be identified.
Frequently Asked Questions
How to become an insurance broker or agent in India?
How to become a SecureNow insurance broker or an agent?
SecureNow appreciates people with a knack for sales and business. We would love to onboard someone on our team, who is ready to take up challenges and learn on the go. Below are the steps to start your journey with SecureNow
Step 1: Provide your basic details in the excel format and submit KYC documents to begin registration.
Step 2: Complete mandatory 15 hours training and take the simple examination with unlimited attempts.
Step 3: Post passing the examination, you will be enrolled as IRDAI registered SecureNow PoSP and can sell insurance products using SecureNow App.
How to become a health insurance broker or an agent?
To become a health insurance broker or a health insurance agent, you just need to fill our form with some basic details such as your name and contact number. We’ll get back to you, understand your interests and explain you the process of getting on boarded and starting to work with us. To become a health insurance broker or health insurance agent you may or may not have any prior knowledge of insurance industry.
How to become a general insurance broker or an agent?
To become a general insurance broker agent, you just need to fill our form with some basic details such as your name and contact number. We’ll get back to you, understand your interests and explain you the process of getting on boarded and starting to work with us. To become a general insurance broker or general insurance agent you may or may not have any prior knowledge of insurance industry.
How to become a part time insurance broker or an agent?
There are no specific requirements to become a full time or part time insurance brokers agent except for the eligibility criteria. You can become a part time insurance broker or insurance agent by providing your basic details. But while working for one insurance broker as an insurance agent or PoSP, you cannot work for other insurance brokers in the market.
How to become an independent insurance broker or an agent?
An insurance broker or an agent has to undergo 15 hours of training online. The training consists of 5 modules and one needs to spend an average time of 3 hours per module. The syllabus includes both basic and advanced information of the insurance industry. Followed by the training an exam is conducted that the candidate needs to pass to become a full-fledged insurance broker agent.
What is the basic qualification of an insurance agent?
To become an insurance broker agent, you just have to be 18 years or more and have to at least pass your 10th standard.
Can I become my own insurance broker?
Becoming an insurance broker requires a fixed investment of a minimum of Rs 75 lakhs. This can be overwhelming and may not be as prolific as a business, since becoming a broker requires a lot of investment in infrastructure and human capital. So, becoming an insurance agent or a PoSP becomes more logical and viable for people who intend to step up their career as insurance brokers.
How do insurance brokers get paid?
Insurance brokers or insurance agents are paid on commission basis. Their commission is tied up with the insurance broking firm that they are working for. If a PoSP is able to understand a client's requirements, advise them with the best products then sky's the limit. Mostly they have sales targets and are rewarded with commissions on completion of targets on a monthly basis.
What insurance agent makes the most money?
There cannot be a definite answer to this. SecureNow assures adequate training to its insurance broker agents so that they can be well equipped with all the knowledge required to deal with various types of clients that will help the insurance agent or PoSP to earn well.
What type of insurance brokers make the most money?
As an insurance broking firm, we at SecureNow, take care of our clients as well as partners and wish that everyone associated with us see a prolific growth. This is a reason we have a well-established and organized system to manage our clients as well as our insurance broker partners.
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