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Insurance Advisor: Role & Duties

by Arpita Wadhawan
Insuarance Advisor

Insurance consultant

An insurance consultant, also known as insurance advisor is a professional person who provides specialised guidance and advise to the people who wish to invest in various insurance schemes. Companies charge their fee for providing advisor services to the investors or customers of insurance policies.

Prerequisites of insurance agent

Being an insurance agent is a job which is not affected by economic changes and also don’t require complex degrees. For being an insurance agent one requires to have degree of intermediate or equivalent and needs to qualify the exam for the said which is conducted by IRDAI (Insurance Regulatory and Development Authority of India). The process begins with online or offline registration through insurance office of your chosen company for Insurance advisor which is followed by screening interview, career seminar, project evaluation and career interview. Finally a license is given to work as an insurance advisor.

Work of the advisor

An insurance advisor not only convince for the purchase of any insurance policy but he also performs several other functions also. The works done by an insurance advisor includes functions such as intermediation, sales and other services for various transactions, compliance management, consulting or advisory role, etc. For all these functions he’s paid differently by different insurance companies and for differently for different types of policies which even crosses ₹6 lakhs per annum sometimes.

Role of IRDAI

IRDAI (Insurance Regulatory and Development Authority of India) is the apex institution which makes rules, laws and control all the activities of Insurance companies in India. As insurance advisors are also a part of Insurance companies therefore they also have to follow the rules and regulations setup by IRDAI and are also controlled by IRDAI. IRDAI keeps a check on the working of Insurance agents also.

Importance

An insurance agent works as an intermediary between the insurance company and the customers. As every person is not an expert of Insurance and laws and the companies can’t explain all its policy to each and every customer itself therefore insurance agents plays very vital role for the completion of Insurance. They explain about all the existing policies of the company to the desired person, hence he may select the most suitable one for himself.

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