The insurance market in India is expected to reach US$ 222 billion by 2026, as per the report shared by the India  Brand Equity Foundation. Insurance plays a crucial role in securing financial stability, and insurance advisors are a strong link between insurance companies and customers. Their expertise helps individuals and businesses make informed decisions about insurance risk coverage.

In this blog, we will explore the role and responsibilities of an insurance advisor.

  • Who is an Insurance Advisor?
  • Role and Responsibilities of an Insurance Advisor
  • Qualifications required to become an Insurance Advisor
  • Key Benefits of becoming an Insurance Advisor with PBPartners

Who is an Insurance Advisor?

An insurance advisor, also known as an insurance agent, assists businesses and individuals in understanding their insurance needs. They offer expert guidance to prospective clients in selecting the right coverage, support existing customers in navigating the claims process, and always stay informed about industry updates.

Role and Responsibilities of an Insurance Advisor

Generate new leads

An insurance advisor's primary responsibility is to generate new leads for the company. This is accomplished by effectively selling policies while ensuring clients' insurance needs are met.

Persistency

As an insurance advisor, selling insurance policies is not the end of your job role. Persistency plays a key role in becoming a successful insurance agent. If you can maintain policy continuity throughout the stipulated tenure, it benefits both the insurance company and the policyholder. Therefore, an insurance advisor should actively ensure existing clients continue their coverage without interruption.

Guiding Customers to the Right Insurance Products

Another job role of Insurance advisors is to assist customers in selecting the most suitable insurance policy by explaining its features, benefits, and limitations. Help them compare policies from different insurers, ensuring clients make informed decisions that best meet their needs.

Follow-up on Leads

Another key responsibility of an insurance advisor is consistently following up on the leads. It helps in building up a personal connection with potential customers, which is essential, and one of the most effective ways to do this is through regular follow-up calls. A well-structured follow-up strategy, tailored to each client, plays a crucial role in converting leads into successful policy sales.

Assisting  clients in the claim process

Insurance advisors assist customers by explaining the claim process and helping them fill out the necessary forms. They also liaise with the insurer to ensure that claims are processed promptly and efficiently.

Data Collection

Data collection involves gathering information from potential customers interested in insurance policies. Insurance advisors can utilize internal records while ensuring confidentiality. Additionally, internal claims officers serve as a valuable resource for accurate data, as they manage the logging, maintenance, and processing of insurance claims.

Addressing Post-sales queries

An insurance advisor’s role and responsibility do not end with selling a policy. The post-sales journey is equally important for an insurance advisor to maintain a long-term client relationship. Starting from selling a policy and continuing through regular premium payment reminders, periodic check-ins to address evolving needs, and ultimately, assisting during claim settlement. Providing seamless support at every stage strengthens trust and enhances customer satisfaction.

Nurturing Client Relationships

Insurance advisors cultivate lasting connections with clients, offering continuous support for claims, renewals, and policy updates to ensure a seamless experience.

Qualifications required to become an insurance advisor in India

To become an insurance advisor in India, you must meet specific qualifications according to IRDAI guidelines.

  • Must be at least 18 years old.
  • Must be minimum 10th Passed
  • You need to clear an online exam conducted by IRDAI featuring 50 multiple-choice questions. The exam duration is 60 minutes, and you must score at least 35 out of 50 to pass.

Bottom Line

Becoming an insurance advisor is a rewarding career that offers unlimited income and business opportunities. By building strong relationships with clients and providing expert guidance, insurance advisors play a vital role in ensuring financial security for individuals and businesses alike.

Looking for the perfect platform to kickstart your journey? Join PBPartners, India’s leading PoSP platform, and gain access to 51+ insurers on a single platform. Elevate your career with unmatched opportunities, dedicated RM support, and limitless growth—because at PBPartners, your success is our priority!

Key Benefits of Becoming an Insurance Advisor with PBPartners

  • Zero investment 
  • Work Flexibility
  • On-Demand Payout*
  • Dedicated RM Support
  • Free Training from Industry Experts
  • Access to PBP One- Exclusive reward-based loyalty program
  • User-friendly interface

So, why wait? Join PBPartners Today

FAQs

What is the earning potential of an insurance advisor?

Earnings are commission-based, meaning the more policies an advisor sells and maintains, the higher their income. Additional incentives and bonuses are also available based on performance.

What role does an insurance advisor play in the claims process?

Advisors assist clients by explaining the claim process, helping with form submissions, and coordinating with insurers to ensure smooth and timely claim settlements.

What is the key role of an Insurance Advisor?

An insurance advisor, also called an insurance agent or consultant, assists clients in selecting and managing insurance policies. They may work independently or represent insurance companies.

Do Insurance Advisors work independently or with a company?

They can work as independent agents, with brokerage firms, or directly with insurance companies.