How to Start Insurance Advisor Business?
There are some people who work in an insurance company, while many people are private insurance consultants, who give advice related to insurance to people and in return, they charge some money as commission and that is how they earn. Is. Due to the continuous progress in the insurance sector and due to good earnings in it, one can start a business as an insurance consultant if he wants. How does the business of insurance consultant start and what is needed to start the business insurance consultant? All this information is being provided to you through this article.
What is Insurance Advisor Business
An individual or a group of people can start an insurance advisory business, and under this business, he advises a person or a group of people about insurance to companies and information about which insurance will be best for them. also give them. The main focus in the insurance advisory business is how to make people get insurance policies according to their needs, so that their future is also secure and their money is also safe. Under the insurance advisory business, a person or a group of individuals gives information about the different types of insurance policies available in the market and also tells them about the benefits of taking which insurance policy.
What are the types of insurance?
Let us tell you that, although there are many types of insurance, but all those types are mainly involved in two types of insurance, which are as follows.
- general insurance
- life insurance
Insurance Advisor Business Requirement
You do not have to invest a lot in the insurance advisory business. That’s why you need very few things in it due to less investment. To start an insurance advisory business, you mainly need the following things.
- Small room for the office
- A table
- A boss chair
- Four small chairs
- A sofa
- Stationery goods
- A laptop or desktop
Insurance Advisor Business Eligibility
- Firstly, to start an insurance advisory business, a person must have passed class XII as a qualification, regardless of whether he has passed 12th class with any stream.
- Apart from this, the person should also be aware of all types of insurance policies of that company, with which the company will be attached to start the business of insurance consultant.
- To become an insurance consultant, it is necessary to pass the examination conducted by the Insurance Regulatory Authority of India or any other insurance agency.
Insurance Advisor Business Location
By the way, let us tell you that to start the business of an insurance consultant, you do not need to take much hi-fi location, because you can start this business anywhere in a rural or urban area. However, there should be at least such a crowd that people can see your insurance advisor’s office. According to our opinion, you should open your insurance consultant’s office on the main road only because if your office is on the main road then people will easily see your office. In such a situation, your insurance advisory business will be more likely to run. Once your business is running, you will not have to go looking for the customer, but the customer will come to your office looking for you.
Insurance Consultant Business License and Registration
Let us tell you that, to start an insurance consulting business, first of all, you have to get a license from the company with which you will start the business of an insurance consultant by joining.
- For this, you have to pass the examination conducted by the Insurance Regulatory Authority of India or any other insurance agency.
- After that, he is also required to complete about 100 hours of training.
- After completing the training, the candidate has to submit all the necessary documents to the insurance company.
- After this, the license is provided to the candidate by the insurance company, which is valid for 3 years.
Apart from this, you will have to get your office registered as a registration. The process of obtaining a license varies from insurance company to insurance company. Therefore, you will get the exact information about it from the same insurance company, by joining the insurance company with which you will start the business of insurance consultant.
Insurance Advisor Business Cost
As we told you above the insurance advisory business is a low investment business. Therefore, you will have to invest very little money in this. According to one estimate, you can start the business as an insurance consultant from just ₹ 30,000 to ₹ 35,000, because the goods that are involved in it are very cheap. Apart from this, you have to take a small room to open your office, which you can take anywhere.
Earning in Insurance Advisor Business
If you talk about earning in the insurance consulting business, then your earning depends on how many people get you insured on your persuasion, the more people who insure you, the more your earning will be. Apart from this, your earnings also depend on how much commission your company is paying you on selling the insurance policy. Let us tell you that you can take a commission of 500 to 1000 rupees per client from this business. If 50-60 people come in a month, then you will earn 20 to 30 thousand rupees.
Insurance Advisor Business Marketing
- You can take the help of the biggest newspaper of your city to market your insurance consulting business. For this, you will have to spend some money and give advertisements in the newspapers.
- Apart from this, if you want, you can get it printed in people’s homes even after getting small pamphlets printed.
- Apart from this, you can use social media to tell people about your insurance advisory business.
- If you want, you can get your business pamphlets printed and stick them on the walls.
- Apart from this, you can also get Harding installed at the busy intersection of your city or at the busy intersection of your village to market your business.
Insurance Advisor Business Risk
You do not face any kind of problem as a risk in the insurance advisory business, because in this you have to sit in an office and tell the customers who come to you about the insurance policy benefits for them.
In this way, you do not lose anything from this business, but only your profit is benefited. Suppose that not a single policy of yours was sold today, but do you know that tomorrow your four or five policies will be sold. In this way, you get a chance to earn good money sitting at one place.
FAQ
Q: Who can do Insurance Consultancy Business?
Ans: The person who has complete knowledge about insurance and who is interested in doing this business can do this business.
Q: How much investment will be required to start an insurance advisory business?
Ans: You can start with an investment of ₹ 30 to ₹ 35,000.
Q: Is there any exam required to become an insurance consultant?
Ans: Yes, to become an insurance consultant, you have to appear in the examination conducted by the Insurance Regulatory Authority of India.
Q: Is training required to become an insurance consultant?
Ans: Yes, after passing the exam, you have to take about 100 hours of training.
Q: What are the qualifications required to become an insurance consultant?
Ans: To become an insurance consultant, your language should be fluent. You should come to treat people with love. You should be able to explain your point to the people.