Learn why women make the best financial advisors, how to become financial consultants or insurance brokers and find work-from-home insurance jobs in India.
With the COVID-19 coronavirus pandemic, many people are realizing the value of having life insurance and health insurance policies. If you’re looking to change careers or get a new job, one of the hottest and most lucrative careers right now is a financial consultant’s or insurance broker job.
Many people typically think of an insurance career as a boring desk job involving lots of filing, paperwork, or being a call-centre representative. Yes, you may have to deal with paperwork but there’s a lot more to a career in the insurance sector than that.
And yes, part-time insurance jobs or online insurance jobs from home may not seem like the most exciting job available. But you’d be surprised to learn that these insurance company jobs can actually be a lot more rewarding and less dreary than expected.
In this article, you’ll learn why being financial consultants or choosing insurance careers can be an attractive option for women in India and how to join insurance companies recruiting for insurance company jobs.
4 Undeniable Benefits Of Insurance Careers
Career opportunities as financial consultants in the insurance sector can be an excellent option for women who want to work from home.
Here are 4 reasons why choosing insurance careers and getting a financial consultants’ job in the insurance sector can be an attractive option for you.
1. Insurance companies offer endless career development opportunities
The financial consultants’ or insurance career path allows for plenty of advancement and career development. There’s lots of room to grow, thanks to both an abundance of insurance jobs and specializations you can pursue as well as an ageing workforce.
Insurance employment opportunities often come with regular professional reviews and promotion opportunities. In terms of insurance agent career paths, there are actually many interesting insurance career opportunities to pursue within the industry, each of which draws on different skills and meets various interests.
Nor do you need to feel chained to your desk as many of these financial consultants’ or insurance company jobs can be part-time insurance jobs and work-from-home life insurance jobs.
List Of Careers In Insurance
Here’s a non-exhaustive list of insurance company careers in the insurance world here, I hope this insurance jobs list of the best insurance job positions inspires you to consider a career in the insurance sector.
- Insurance broker jobs
- Insurance sales jobs
- Insurance field jobs
- Insurance jobs from home
- Insurance underwriter jobs
- Insurance investigator jobs
- Insurance inspector jobs
- Insurance assessor jobs
- Insurance compliance jobs
- Insurance claims jobs
- Insurance surveyor jobs
- Insurance adjuster jobs
- Insurance accounting jobs
- Insurance operations jobs
- Insurance trainer jobs
- Insurance consultant jobs
- Health insurance jobs
- Medical insurance jobs
- Insurance nurse jobs
- Life insurance jobs
- Car, auto or motor insurance jobs
- Property and casualty insurance jobs
- Marine insurance jobs
- Crop insurance jobs
- Commercial insurance jobs
- Insurance marketing jobs
- Insurance manager jobs
- Loss control and prevention
- HR jobs in insurance companies
- Life insurance recruitment
- Insurance agent recruitment
- Insurance headhunters
- Insurance company recruitment
- Insurance IT jobs in insurance companies
- Customer service representative
Although these insurance job titles and career paths are intertwined, you can head down any of these specialized paths based on your talents and desires, and build your insurance career in that specialization.
Furthermore, there are certain markets and demographics that are not sufficiently served by insurance companies. So, in the insurance industry, there are always new markets to access.
The ageing workforce is also creating many opportunities in the insurance industry, which makes endless career growth possible.
So, if you want to join the financial services industry and learn from the wealth of experience and specialized knowledge of these seasoned financial consultants this is the perfect time to do it.
Insurance Broker/Agents Vs Financial Consultants
The basic difference between insurance brokers/agents and financial consultants is that insurance agents provide customers with specific insurance solutions based on their insurance requirements. So what is a financial consultant?
Financial consultants study the client’s financial status and the life stage they’re in and suggest financial products and solutions based on their disposable income so that the insurance premium does not become an economic burden in the long run.
Also called financial advisory consultants, personal financial consultants or independent financial consultants, they offer their clients advice on a number of financial decisions.
These financial advisor functions may include tax planning consultant, retirement financial planning consultant, wealth management consultant, as well as selling insurance products to help clients achieve their financial objectives.
Myth: Financial Consultants Need To Be Graduates
One of the myths of the insurance industry is that you need a Bachelor’s degree to get hired. This is not true!
Whether you call yourself a financial consultant or insurance broker, the basic educational qualification required of anyone desirous of getting a financial consultants’ job is just a 10th pass certificate.
Financial consultants may either be self-employed, part-time, work-from-home or work full-time for financial institutions or financial consulting firms.
2. There will always be a demand for insurance products
There is one undeniable fact about the insurance industry – there is always a need for people and companies to have insurance.
People will always require insurance because there will always be risks and, therefore, a need to reduce that risk. That’s why there will always be work for those in the insurance industry.
In fact, in the United States, insurance companies have existed since the middle of the 18th century, and this industry has only become more successful and stable since then.
Many businesses in the USA must actually purchase insurance products, such as workers’ compensation packages and motor vehicle liability insurance, to be able to operate.
These are often legal requirements, based out of human nature’s risk averseness and desire for security, that means insurance is needed.
This just shows that the insurance industry isn’t going anywhere any time soon and there will always be a need for skilled insurance consultants and life insurance underwriting jobs.
As a woman, having a career in a stable industry is very important. This is also an area where women are preferred because of their unique, natural skill set.
Women tend to be more empathic and compassionate and able to relate to customers on a more personal level. This is why women should definitely consider insurance consultant jobs.
With some education and training, you could be one of the top insurance agents and work at a great insurance job in an industry that’s stable and offers excellent benefits.
3. Good compensation and benefits package
Because insurance is such a successful and lucrative industry, and the work is technical and requires skilled and educated employees, salaries in this field are usually very good, not to mention they offer great job security.
So what sort of insurance jobs salary can you expect? In India, an insurance agent salary averages around INR 220,000 per year. This may be a bit lower for entry-level insurance jobs, but keep in mind the first point about career growth and progression.
Insurance Companies Offer Excellent Benefits
Another reason insurance company careers are so desirable is because insurance companies typically offer fantastic benefits to their employees, as no one can offer a better insurance package than them. This is necessary to attract and keep top talent in this industry.
Furthermore, the insurance industry is known for supporting and funding continuing education to help its employees develop their knowledge and experience.
Many insurance companies will financially support employees who decide to further their education in an insurance-related field of study.
Because of the great payment and all of the benefits, this is the perfect area for women just looking to get themselves a strong head start in life and to have their own paychecks.
This is a reliable industry that will pay you well and give you a strong start, especially if you’re returning to the workforce after starting a family.
Insurance Agents Also Earn Passive Income
Another huge benefit of insurance broker jobs is that it is one of the few careers that allow you to benefit from passive income as products, such as life insurance policies require a premium to be paid monthly or yearly.
This means for every insurance sale, you continue to get paid a commission as long as your customer is paying their insurance premium.
How many jobs do you know of that can offer the benefit of a passive income and let you keep earning even if you stop working for some reason?
4. The immensely rewarding work of financial consultants
Working as financial consultants in insurance sales is essentially selling peace of mind to people. There are a lot of risks in today’s society and insurance lets people and companies focus on the important things without worrying about these risks.
When you speak to an insurance customer in their time of need and let them know they’re covered and the insurance company will help them through that event, it is the absolute best feeling in the world.
Insurance advisor jobs can become very rewarding work, especially when you have a good day. That’s why life insurance agents stay in the field, for those moments. The other benefits of a financial consultant’s or insurance career are just bonuses!
This is another great reason to enter the insurance industry as a woman. You get to assist people in their most vulnerable time and help them feel better.
Even though insurance companies are portrayed in a bad way in movies, they are really doing good work for people. They give people peace of mind, a good place to work and the luxury of not having to focus on how to manage if the worst occurs.
Although many people complain about their insurance companies, the truth of the matter is that the insurance industry gives its employees the chance to help people when they really need it.
You work with people every day and get to help them through what can be the worst day of their lives and make it better. You can address their questions and concerns and improve their lives.
Not many people can say that they truly make a difference in people’s lives when it matters. For all these reasons, financial consultants jobs in the insurance sector can be extremely rewarding both financially and emotionally.
How To Become A Financial Consultant
If you’re looking for a financial consultant job or corporate insurance jobs so you can become an insurance company employee in an insurance company in India, you might want to get an MBA, as nearly 62% chief executives across India’s life insurance companies are management graduates.
But you don’t need to do an online MBA to find insurance company job vacancies that offer lucrative career opportunities in insurance for women. Nor do you need to approach insurance headhunters and insurance recruiters for job openings in the insurance sector.
There are plenty of insurance companies offering insurance industry jobs in the insurance sector for freshers or insurance trainee jobs for 10th pass undergraduates eager to become financial consultants.
So, when you want to get started in your insurance career, don’t waste time approaching insurance job agencies, insurance agent recruitment agencies or insurance employment agencies to find the best insurance jobs openings in insurance companies.
You don’t need to learn about insurance companies hiring practices to get easy access to the best insurance job openings in general insurance companies. Nor do you need to conduct an insurance job search on insurance job boards to find the latest insurance company jobs.
In fact, some of the best insurance company job vacancies are entry-level insurance jobs, online insurance jobs from home and work-from-home insurance jobs. The women achievers featured in our life-changing stories above are now emerging as choice hires for Shriram Life Insurance as it expands operations in the rural hinterland.
But you should know that insurance company recruitment and getting licensed financial consultant jobs is not as simple as walking in and applying for the latest insurance job vacancy in the insurance sector.
Insurance companies like Shriram Life Insurance Company require you to undergo free mandatory insurance training, which includes an easy syllabus prescribed by IRDAI, such as sales pitch, products to sell, documents required to be collected from the customer on sale and more.
To do this, you need to fill out an application and register with the Shriram Life Insurance Company, complete the Online Training and clear a simple assessment and that’s it… you’ll receive the certificate and code to become a certified financial consultant and solicit Shriram Life Insurance Products.
Whether you’re recently unemployed, or a working woman who wants to start a side-hustle or a mom who wants to get back into the workforce, you can join the Shriram Life Insurance community and learn about part-time and work-from-home financial consultant jobs.
Insurance Sales Tips For Financial Consultants
If you’re looking for insurance sales jobs from home, you must understand that being a financial consultant and selling insurance is not any other sales job.
Financial consultants advise people to secure their future financially. It’s so much more than just selling insurance. It’s unique in its own way as you will be providing a solution to protect people’s future.
As a Financial Consultant, you will start a conversation that will make people think about their future and help them understand why they need to plan for the future and what they’ll get out of it. It’s quite fulfilling and rewarding to see families prosper in life with a secured future.
In a session on how to become a Financial Consultant with SLIC, Sarah Sylvia, Manager, Segment Solutions, Shriram Life Insurance, noted that women make some of the best financial advisors as they have superior social skills and the ability to empathise, which are a natural advantage for an insurance broker.
In addition, the SLIC’s Online Training Program will teach you sales skills for soliciting Life Insurance Plans, including how to answer your prospect’s sales objections. Whether you call yourself a financial consultant or an insurance broker, trust goes a long way in insurance sales, and so does word of mouth.
Here are some life insurance marketing ideas and insurance sales tips to help you get started.
1. Know all the facts
One myth of the insurance industry is that “the Prospect has no idea what they need.” But with so much information available online, insurance buyers today are savvy and well-informed. It’s important not to underestimate the level of exposure your prospect might have to your products.
Also, as Millenials, you can expect them to ask all possible questions based on their research before they purchase your insurance products. Hence, it’s good to be well-prepared and be ready to answer all their queries.
Chances are your prospect already knows what they want. In such cases, you should know which policy will benefit them the most and present it to them without too much pre-selling.
2. Listen more, talk less
Listening to your client is one of the most important aspects of selling an insurance policy. It helps you identify and understand the needs of your prospect.
Once you understand their financial concerns, you can connect the policy better to their needs. Listening to them will help you build a relationship and give them better financial advice.
3. Highlight benefits over features
Rather than focusing on the technical aspects of an insurance policy, first, highlight how having insurance will help them in terms they can relate to.
For example, explain how the policy help will pay the bills, loans etc. Be sure to keep the lead and their needs at the centre of the conversation.
4. Don’t sell products, provide solutions
Insurance sales start with a conversation to understand your client and providing solutions to them. So, instead of using discounts to sell, provide a solution to your prospects.
As Life Insurance is an intangible product, it’s important to explain the need for life insurance and the problems it helps solve before you sell it to your clients.
When you provide a solution for securing the future of your client as per their needs, you will naturally be able to sell insurance policies.
5. Set goals with deadlines
It’s not enough to say “I will increase sales by 10%.” Instead, give yourself a set deadline “I will increase sales by 10% every month.”
You can achieve this only if you set specific goals. A goal with a deadline gives you a plan of action so that you can make progress. Also, it’s important to ensure that your goals are specific and realistic.
6. Give them your contact information
After your meeting with a prospect, they may have questions and will need a way to get in touch with you, especially when they need to use the policy.
So, whenever you meet prospects, always leave something for them to remember you by, like a visiting card or brochure.
7. Ask for referrals
Trust goes a long way in insurance sales and so does word of mouth. Ask your close family and friends to refer you to other people they know who might be looking for insurance.
Don’t be shy in asking them to do this for you. After all, you should be proud of your insurance job as it involves providing financial security to people.
8. Take advantage of networking opportunities
Everything starts with a conversation that you can then nurture into a relationship. So grab every chance you get to build your network and increase your potential customers base.
Conversations and building a list of warm contacts are the key to progress in your financial consultants’ career. You’ll find some tips for building your list of warm contacts below.
How To Build A List Of Warm Contacts
A warm contact list is the list of people with whom you have or had some personal association. A former classmate, co-worker or neighbour may belong to your warm contact list.
If they introduce you to some of their contacts as a financial consultant, they can even provide useful information about the person, so you can plan your strategy on how to approach and sell your services to their referral.
Here’s who you might include in your list of warm contacts:
- Relatives and Friends
The best way for financial consultants to sell insurance is to start insuring your family first, and then approach your friends and relatives. You’ll often find that relatives and friends are also willing to help you by sharing referrals of other people in their network.
- Parents of kids you tutor
If you take up a financial consultants’ career while working as a tuition teacher, you have a lot of potentials to earn extra income and to insure more families. As a teacher, your suggestions will be highly respected when you pitch a child education plan to the parents of the kids you tutor.
- Members of your religious group, political party, club or gym
This might seem an unusual source, but people who share the same faith, beliefs, hobbies or social clique can also be an excellent source of referrals as humans are more inclined to help people we share something in common with.
- People who sell you things
You may think that your relationship with people you do business with is solely based on trading goods and services. However, people who sell you things are also great sources of information when networking.
Since these people sell their products to many different people, they may have met somebody who requires your financial services consulting.
They will also be happy to help you as they know that maintaining a good relationship with you makes you more likely to do business with them again or reciprocate by referring someone to them.
- Former classmates, colleagues or co-workers
Maintaining a good relationship with former classmates, colleagues and co-workers has more benefits than you can imagine. They may also be able to provide you with valuable information to convert a prospect into a client.
- Members of a professional organization
If you belong to a professional organization or networking association like BNI, you can ask them to refer members who may need an insurance policy or financial consultants’ advice. If you don’t belong to any, consider joining one since this will be beneficial to your career growth.
When creating a list of your warm contacts, these are the most important people you can include. It is even better if you contact them all so you can increase your networking options.
Whether you’re looking for insurance employment opportunities such as work-from-home insurance agent jobs, online insurance agent jobs or full-time insurance office jobs, this article will open your eyes to the undeniable benefits of becoming an insurance broker.
In addition to the four benefits outlined above, there are countless smaller benefits to finding career opportunities in the insurance sector, such as flexibility, working in a dynamic field, and gaining real-life experiences.
It’s not every day you can find a financial consultants’ career for women that is as secure, impactful, rewarding, and lucrative as being an insurance agent or insurance broker.
Some information in this article was provided by Academic Writing Service.