Waking up in the morning and thinking about how I can sell insurance policies today? My tall incentives are at stake! What strategies should I adopt to achieve the required sales and earn the desired incentives? An insurance sales executive’s mind revolves around these. This is the sign of an inquisitive insurance executive who helps the concerned individual deliver business and earn a handsome amount. If you are passionate about an insurance sales executive career, this blog is for you! Here we will outline the life of an insurance sales executive. Check it out!
What is Insurance?
Insurance is a matter of trust between the insurer and the insured. In the context of insurance, the insurer or the insurance company is the one who issues the insurance policy to the policyholder, who is also known as the insured. Should the insured die, witness a health emergency or meet a car accident on the road, the financial loss in any of the cases can be substantial.
As per the Insurance Regulatory and Development Authority of India (IRDAI), the insurance watchdog, insurance policies are categorised into life insurance, health insurance, motor insurance, etc.
Life insurance deals with the financial loss the insured’s family will have to bear in case of his/her death during the policy term. Whereas health insurance deals with the treatment expenses incurred owing to a medical emergency. Motor insurance policies cover the financial losses the insured can have in case of an accident involving his/her vehicle.
Roles and Responsibilities for Insurance Sales Executives
Insurance sales executives have to accept various roles and responsibilities to be successful in their careers. These include -
Identifying Specific Insurance Needs of Customers
Insurance needs vary from one individual to another. However, life and health insurance are important for everyone to have. Death is certain and so is the financial burden on the dependents. But while it is not certain that you will fall sick, in case you do, the high treatment expenses will leave you with a big hole in your pocket. So, don’t forget to pitch health insurance to customers. Pitching other products to customers, such as motor insurance and property insurance, will depend on the availability of such assets with them.
Take Entire Details from Customers Upon Interaction
Insurance is a subject matter of solicitation wherein details disclosed by the insured in the proposal form decide greatly whether the insurance company will cover the particular individual or not. So, merely convincing the customer to buy insurance may not serve your purpose. In case the insured mentions details that put the individual in high-risk categories, the insurance company for which you work may deny the insurance policy to the policyholder. So, all your effort will come down as a sheer waste. So, while selling insurance products, get details about their health, occupation and even financial status. This will give you an idea of the acceptability of their insurance requests.
Skills Required to be Successful as Insurance Sales Executives
As an insurance sales executive, you need to display certain skills. These include good communication skills, which are not confined to the language in which you communicate. In fact, it’s about how you are communicating the same to the customers. You need to be a keen listener so that you can understand your customers’ problems and suggest custom insurance solutions.
Wrapping Up
Insurance sales executives’ career is full of opportunities and challenges. It’s about staying calm, resolute and proactive to be successful. As learning is a continuous process, you will need to learn new things about insurance sales. At the same time, you can sign up on reBLISS to find insurance sales work. It’s a platform that connects people with businesses for insurance sales and other works.