If you’re looking for a career in the insurance world, becoming an insurance agent is a great option. In this article, we’ll show you how to become an insurance agent and everything you need to know to become a successful insurance advisor.
What does an insurance agent do? Functions
An insurance agent is an intermediary between the client and the insurance company. Their job is to help clients find the best insurance policy for their needs and budget. Among their functions are:
Personalized advice
The insurance agent must thoroughly know the company’s products and their clients’ needs to offer personalized advice adapted to their situation.
Needs identification
The insurance agent must identify their clients’ needs and offer them insurance policies that best suit their needs.
Selling policies
The insurance agent is responsible for selling the company’s insurance policies to interested clients.
Claims management
In case of a claim, the insurance agent must act as an intermediary between the client and the insurance company, facilitating the management and resolution of the claim.
Requirements to become an insurance agent
To become an insurance agent, certain requirements must be met, which may vary depending on the country or region in which you want to work. Some of the most common requirements are:
Being of legal age
Most countries require insurance agents to be of legal age.
No criminal record
It is necessary to have a good credit history and no criminal record.
Completing training courses
It is necessary to complete training courses to obtain accreditation to work as an insurance agent.
Registration with regulatory bodies
In some countries, it is necessary to be registered with regulatory bodies to work as an insurance agent.
Insurance agent courses
There are numerous courses that can help you obtain the necessary training to become an insurance agent. These courses can be in person or online, and some of the topics they usually cover are:
Insurance products
Knowledge of different insurance products and how they work.
Sales techniques
Learning sales techniques and how to persuade clients to purchase a policy.
Professional ethics
Learning the ethical principles that should guide the actions of an insurance agent.
It is important that the course you choose is approved by the General Directorate of Insurance and Pension Funds (DGSFP), as this entity is responsible for supervising and regulating the activity of insurance mediators in Spain.
Steps to become an insurance agent
Next, we explain the steps you must follow to become an insurance agent in Spain:
Learn about the Career
The first thing you should do is get to know the insurance agent career well. Research the insurance market, the different insurance companies and their products, as well as market trends. It’s also important to know the necessary skills to perform this profession, such as the ability to listen and understand customers’ needs, the ability to negotiate and close sales, and the ability to work independently.
Visit an insurance office to begin recruitment
Once you’re clear that you want to be an insurance agent, the next step is to visit an insurance office to begin recruitment. You can contact insurance companies directly, which usually have open selection processes for insurance agents, or contact companies specializing in the training and selection of insurance agents.
Take training courses to pass the licensing exam
During the recruitment process, you may have to attend training courses to prepare for the licensing exam required to become an insurance agent.
Join an insurance company
After passing the exam, you can join an insurance company and start selling and managing insurance policies.
Build your customer database
As you begin to work as an insurance agent, it’s important to build your customer database and maintain constant communication with them to understand their needs and offer personalized solutions. To do this, you can use insurance software to optimize your efforts.
Start selling
Finally, start selling insurance policies and help your clients protect their future.
Types of Insurance Agents
In Spain, there are two types of insurance agents: contract insurance agents and authorized insurance agents. Each of these types has specific characteristics and requirements. Below, we explain each one in detail.
Contract Insurance Agents
Contract insurance agents are those who work for an insurance company with an exclusive contract. These agents represent only one insurer and can only sell that company’s products.
Within contract insurance agents, there are two subtypes:
Tied Agent
The tied agent is one who works exclusively for an insurance company, but is not an employee of that company. This type of agent receives a commission for sales made.
Independent Agent
The independent agent, on the other hand, also works with a single insurance company, but has more freedom to choose which products to sell and how to sell them. This type of agent also receives a commission for their sales.
Authorized Insurance Agents
Authorized insurance agents, as the name suggests, are authorized to sell products from different insurance companies. These agents have more freedom to choose which products to sell and how to sell them, and can represent several insurance companies at the same time.
Within authorized insurance agents, there are two types of authorizations:
License A: Personal and Family Risks
License A authorizes agents to sell insurance products related to personal and family risks, such as home insurance, life insurance, health insurance, among others.
License B: Enterprise Risks and Damages
Form B, on the other hand, authorizes agents to sell insurance products related to business risks and damages, such as liability insurance, workers’ compensation insurance, vehicle fleet insurance, among others.
How to be a standout insurance advisor
Being a standout insurance advisor requires more than just selling products. It’s important that you have effective communication skills, the ability to establish long-lasting relationships with your clients, and problem-solving skills.
Some tips for becoming a standout insurance advisor include:
1. Know the product well
The first step in becoming a standout insurance advisor is to know the product you’re selling well. This means knowing the different policies offered by your insurance company, their details, limitations, and benefits. Make sure to stay up-to-date with changes in insurance policies and regulations.
2. Understand your clients’ needs
To be a standout insurance advisor, it’s essential that you understand your clients’ needs. Listen carefully to your clients to understand their needs and concerns. Make sure to be available to answer their questions and offer solutions that fit their needs and budget.
3. Build relationships with your clients
Relationships with your clients are key to success as an insurance advisor. If you strive to build strong relationships with your clients, they are more likely to feel comfortable trusting you to help protect their financial future. Make sure to be available to them and be honest at all times.
4. Learn to market your services
Learning to market your services is essential to becoming a standout insurance advisor. Make sure your clients know that you are available to help them and that they know the services you offer. Use effective insurance marketing strategies to reach more potential clients.
How to become an independent insurance advisor
If you want to become an independent insurance advisor, these are the steps you should follow:
1. Decide what type of insurance you want to sell
The first thing you need to do is decide what type of insurance you want to sell. For example, you can choose to sell life insurance, home insurance, car insurance, health insurance, among others. It’s important to choose the type of insurance that interests and inspires you so that you can focus and succeed in your career.
2. Research local laws and regulations
Before starting your career as an independent insurance advisor, it’s important to research local laws and regulations that apply to insurance sales. Depending on where you are, there may be specific requirements for training, obtaining licenses and permits, and complying with industry regulations and standards.
3. Get the necessary training
Once you have researched local laws and regulations, you need to get the necessary training. You can find training programs online, in business schools, or in insurance industry associations. Training may include courses in ethics, insurance laws, insurance principles, and specific courses for the type of insurance you want to sell.
4. Get an insurance agent license
After completing the necessary training, you need to obtain an insurance agent license. Most states require insurance agents to obtain a license before they can sell insurance. Licenses are issued through the state insurance department and the application process may vary depending on the location. It is important that you know the specific requirements in your state.
5. Affiliate with an insurance company
Once you have obtained your insurance agent license, it is time to affiliate with an insurance company. You can choose to work with one or several insurance companies. Insurance companies will provide independent insurance agents with insurance products and sales tools that you will need to work.
6. Build your client portfolio
One of the biggest challenges facing new advisors is getting clients. To do this, establishing a business plan for insurance can help you stay focused and clear on what steps to take.
Salary of an insurance agent in Spain
The salary of an insurance agent in Spain varies depending on the company and region they work in. According to a study by the job portal Infojobs, the average salary of an insurance agent in Spain is around 18,000 euros per year. However, this salary can be higher or lower depending on the agent’s experience and skill, as well as the volume of sales they generate.
Differences between an Agent and a Insurance Broker
An insurance agent and an insurance broker are two different professions in the insurance sector. The main difference is that an insurance agent works for an insurance company and exclusively sells their products, while an insurance broker is independent and has the ability to sell products from several insurance companies.
In addition, insurance brokers usually have a greater technical knowledge of insurance and offer personalized advice to clients. On the other hand, insurance agents are usually more focused on sales and achieving their sales targets.
Frequently Asked Questions
What is the job of an insurance agent like?
The job of an insurance agent is very varied and can involve different tasks depending on the company you work for. However, in general, an insurance agent is responsible for advising clients on different types of insurance and helping them choose the policy that best suits their needs.
Insurance agents are also responsible for providing detailed information about the company’s policies and procedures, processing claims, and maintaining constant communication with clients to ensure they are satisfied with their insurance policy. Insurance agents may also be responsible for generating new sales and promoting the company’s insurance policies.
What should I study to become an insurance advisor?
In Spain, there is no specific requirement to become an insurance agent. However, there are some skills and qualities that are considered essential for success in this profession. Some of these skills include:
- Excellent communication and sales skills
- Technical and insurance knowledge
- Problem-solving and customer service skills
- Computer knowledge and technological skills
As for education, many insurance companies prefer to hire people with a university degree in areas such as business, finance, accounting, or mathematics. However, some employers may be willing to consider candidates with relevant work experience instead of a university degree.
In addition, many insurance companies offer training and certification programs for their insurance agents. These programs may include training in sales, customer service, company policies, claims procedures, and much more.
How to become an AXA insurance agent?
AXA is one of the largest insurance companies in the world and has a strong presence in the Spanish market. If you’re interested in becoming an AXA insurance agent, here are some steps you can follow:
Research the company
It’s important to know the company you’ll be working for, its values, products and services, as well as its policies and requirements to become an insurance agent.
Prepare the necessary documentation
To become an AXA insurance agent, it’s necessary to meet certain requirements, including having training in insurance, having a place of work, and possessing a set of skills and knowledge.
Complete the selection process
AXA has a rigorous selection process for its insurance agents, which includes a personal interview, a knowledge test, and reference verification.
Training and development
Once selected, you need to complete the necessary training and development to start working as an AXA insurance agent. The company offers a wide variety of training and development programs, as well as tools and resources to help you perform your job to the best of your ability.
Start working
Once all the above steps are completed, you can start working as an AXA insurance agent, offering your clients a wide range of high-quality insurance products and services.
How to become a MAPFRE insurance agent?
MAPFRE is a leading insurance company in Spain, with a wide range of products and services to meet the needs of its clients. If you want to become a MAPFRE insurance agent, here are some steps you need to follow:
Preparation
The first thing you need to do is make sure you’re prepared for the job. You must be a good salesperson, have interpersonal skills, be a good communicator, and have a solid education in finance and insurance.
Education
MAPFRE requires its agents to have a valid license to practice. To obtain it, you must take a training course and pass an exam. The course can be taken online or in person and usually lasts about 60 hours.
Contact
Once you’ve completed your training and obtained your license, you should contact MAPFRE to express your interest in becoming an agent. You can submit an application through their website or contact the company by phone.
Interview
After MAPFRE has received your application, they will invite you to an interview. The interview can be in person or virtual, depending on your location and pandemic restrictions. During the interview, your skills will be evaluated and it will be determined if you are a good candidate for the job.
Additional training
If you are selected as a candidate for the job, MAPFRE will provide you with additional training. The training can be online or in person and will teach you everything you need to know about MAPFRE’s insurance products, sales processes, and how to keep your clients satisfied.
