How to become an Insurance Broker?

How to become an Insurance Broker?

It is evident that people presume that insurance agents and brokers are similar professions, but in reality, it is 360 degrees opposite. An insurance broker is a working professional liable for representing clients and guaranteeing them the exceptional insurance policy which mandates their urge such as life insurance policy or best motorcycle insurance. But insurance agents sell commodities and services to the clients in exchange for a commission. Besides this, insurance agents showcase the insurance agencies, and they can finish insurance sales transactions seamlessly whereas, insurance brokers are unable to deploy such tasks. Instead, they accumulate data and equip insurance agents of the firm with the data.

How to become an Insurance Broker

Eligibility Criteria

1. Candidate must have a bachelor/masters or any equivalent degree like being an associate of the insurance institute of India or Insurance Brokers Association of India.
2. After attaining a degree, an aspirant must engage in reinsurance activity or insurance consultancy for at least seven years before applying.
3. Should have gone through an adequate amount of theoretical and empirical training from the well-reputed Insurance Regulatory Authority of India to know the nitty and gritty of the discipline.
4. After finishing the training program, one has to crack an examination organized by the National Insurance Academy.
5. Attain expected capital as per the rules and regulations enforced by the higher authorities. After meeting the criteria, you will receive a license that will be further valid for three years from the issued date.

Essential Credentials Required to Become an Insurance Broker

1. Filled and signed application form printouts.
2. Memorandum offered by the company to exhibit the association.
3. Declaration form signed by partners or by at least two directors.
4. Individual shareholders last three years It returns.
5. Affidavit and net worth certificates showcasing the resource of individual shareholders invested funds.
6. Article of Association of the firm.
7. Demand draft contrary to the licensing charges.
8. Auditor certified- verified detailed statements. The document must consist of, shareholding pattern of the agency, full names of the shareholders' agencies, totally held shares numbers, folio numbers, and the exact share certificate numbers.