Insurance selling, a good career
With good commissions, the possibility of foreign trips and flexible work hours, insurance selling is a good career option.
What makes an insurance agent’s job a good career option for women?
FLEXIBLE AND REWARDING
For one, it is a career that offers good rewards. In fact, insurance plans offer much better commissions than products such as mutual funds or small savings schemes. Selling a typical Moneyback plan for instance, offers you a commission amounting to 15-20 per cent of the first year’s premium and 5-7.5 per cent of the subsequent year’s premia. Once you make a sale, you earn sustained incomes as your clients renew their policies every year.
The rewards for a hardworking insurance agent are comparable to other professionals such as engineers, doctors and chartered accountants, say some agents. “It is not just flexibility, but commensurate growth and monetary compensation for the effort one puts in also makes it motivating enough for women,” says LIC agent Renuka Sivakumar, who has spent over 15 years in the industry.
For others like Bhavapriya and Raji, this profession not only gave a big lift to their family’s finances, but also tremendous exposure and confidence.
Even before completing three years, Bhavapriya was awarded membership to the prestigious Million Dollar Round Table (MDRT), based on the business she brought in for the insurance company. That allowed her to travel to the US to meet and interact with fellow financial professionals. Membership to this premier association gives agents global recognition besides providing a platform for knowledge sharing.
Raji, a beautician-turned-agent made it to MDRT even within a year of joining Aegon Religare. “In recognition of my performance, the company sponsored three overseas trips to attend international conferences. This gave me the unique opportunity of interacting with insurance professionals from other countries, which I could have never dreamt of otherwise,” she says.
Of course, flexibility helps too. In insurance selling, you make money if you manage to clinch a sale. But you can take a break too, without a boss breathing down your neck. Explains Renuka – “I could not do much business over the last few months due to personal preoccupations. But now I am back in action and can more than compensate for that. It also helps me manage family responsibilities better.”
How did they achieve this? Here are three simple things which may help you become a successful insurance professional.
CLIENT FIRST
First and foremost, as an insurance agent, you also assume the role of an adviser. Hence, it is important to keep your client’s interest in mind while recommending schemes. “I never force my clients to buy a policy. I only recommend products which suit their needs and are affordable to them. My endeavour is to satisfy my client and provide them the best service,” says LIC agent Selvarani.
NETWORKING
Second, good communication and networking skills are a must for women who aspire for a flourishing career in the insurance industry. Communication is critical to convince your client about the benefits of the product. Limiting yourself to known circle of relatives and friends may not help your career growth. Tie-ups with various Government organisations, private companies, schools, colleges and hospitals have actually helped many expand their clientele. Some have successfully leveraged their husband’s and siblings’ network too.
PERSEVERANCE PAYS
Third, as an insurance professional you need to be highly self-motivated. Insurance being an evolving concept, selling a policy may not be an easy proposition. “I had to follow up with one client for almost two years to convince him to buy a policy, but at the end, my perseverance did bear fruit,” says Renuka, adding that if one is passionate and hardworking, then success is its natural consequence. Even as growth opportunities are aplenty, there are some challenges too. “Being a woman, handling a varied group of people is no easy task,” says Amita Kampani, a Mumbai-based insurance advisor associated with Tata AIA Life. But, according to her, it helps women become stronger and deal with the real world better.
More women joining the force
Insurance companies say that more women agents are joining now compared to a couple of years ago. Women agents have been making greater strides in the recent past.
Insurance companies too are taking note of this and are keen on attracting good talent. “With a large percentage of women agents featuring in our toppers’ list, we have lined up initiatives to increase our women agent force,” says Mukesh Dhawan, Deputy CEO, Tata AIA Life.
`Fenomena’ is one initiative by the company to enrol more women into the insurance agency business. It believes that women are phenomenal, as they are better at multitasking than men.
The company has come up with special training programmes for women, outside of the mandatory training stipulated by IRDA. Women agents are provided tablets to enable them sell policies anytime anywhere.
