How to Become Oriental Insurance Agent?

An Oriental Insurance agent is an individual who represents the company and sells its insurance products to customers. These agents act as intermediaries

between the insurance company and the insured individuals or businesses. They play a crucial role in promoting and selling insurance policies, as well as providing information and assistance to customers regarding their insurance needs.

Quick Link: Become an Insurance agent

About Oriental Insurance Company Limited

The Oriental Insurance Company Limited was founded in 1947. It was held by Oriental Government Security Life Assurance Company Limited. It was formed for the general insurance business. After nationalisation, it was transferred to the Central Government. The company offers different kinds of insurance policies. It also offers cover for big projects. This includes power plants, steel, chemical plants, and petrochemicals. The Oriental Insurance Company has a 90.13% claim settlement ratio. In addition, it has more than 4300 network hospitals in India.

Here are the key highlights of Oriental Insurance Company Limited.

How to Become Oriental Insurance Agent?

Oriental Insurance offers a lot of earning potential to its agents. The Oriental Insurance agent may make a considerable earning by putting in a little hard work. Oriental always welcomes new talents to its agency. Here are the steps that guide how to become an insurance agent. 

Qualification

An applicant needs a 12th pass degree or equivalent to become an Oriental Insurance agent. The recognised institute must conduct the exam in case of an equivalent degree where the applicant resides in a place with more than 5000 population. He also needs a 10th-pass degree or equivalent.

Training

The applicant needs to attend a complete training session of 100 hours if he wishes to become a general insurance agent. He must attend the training from an approved institution. The applicant needs to attend a 150-hour training if he wishes to become both a life and general insurance agent. 

Examination

The applicant also needs to appear in the examination after completion of practical training. The Insurance Institute of India conducts the examination.

Benefits of Becoming an Oriental Insurance Agent

Here are the benefits of becoming an Oriental Insurance agent. 

Growth

The insurance industry is growing at a fast pace. Such growth rate shall amount to new jobs. The industry is likely to open more jobs in the near future. Therefore, becoming an Oriental Insurance agent may benefit a person in many ways. 

Flexibility

The Oriental insurance agents set their work schedules. This provides them flexibility. An agent does not need to work according to the command of the insurance company. He may work at his convenience. The agent may set his own schedule and change them as per his wish. He may also work from home and meet the client online. In addition, he may also sell the insurance policy online. 

Earning Potential

An agent may earn a commission on every policy he sells. He may also earn a reward on the renewal of the policy he has sold. 

Learning Opportunity

A person may improve his personal and professional skills by becoming an insurance agent. The insurance company offers a training session regularly. This includes classroom instruction, coaching and field exposure. An agent by attend such training sessions to become a perfect insurance agent.

How Becoming a PoSP Agent is Better Than Becoming an Oriental Insurance Agent?

Becoming a PoSP agent is better than becoming an Oriental agent. One gets as a PoSP agent multiple earning opportunities.

PoSP (Point of Selling Person) is another type of license. It was introduced by IRDAI. The IRDAI introduced this license to meet the unique demands of people. A PoSP agent may sell different kinds of insurance policies. An Oriental Insurance agent may only sell the policies of the company. However, a PoSP agent may work with more than one insurance company and may sell their product. 

One may easily become a PoSP agent. He needs to attend the training session and clear the exam. After clearing the exam, the person may receive the license to sell the policies.

Benefits of Becoming a PoSP Agent

Here are the Benefits of becoming a PoSP.

Easy to Become an Agent

A person may easily become a PoSP. He must be 12th pass and 18 years old. He should have a valid Aadhaar card and PAN card. In addition, he should also have a Bank Account in his name. If a person has a smartphone or computer then he may become a PoSP agent by attending the training session and clearing the exam. 

No Fixed Timing

An agent does not need to follow an office timing. He may enjoy a flexible working hour. There is no need to sit in an office for 9 to 5. He may set his own working hours and sell the policy at his convenience. He may also decide to work full-time or half-time. He may also set his goals to fulfil. 

No Investment is Required

A person does not need to make any investment. He only needs to give some time to enhance his skills. In addition, he also needs to have a smartphone or laptop to start his work and sell the policies.

Conclusion

An oriental insurance agent may also become a PoSP. He needs to attend the training session and clear the exam. After clearing the exam, he may sell the policies of more than one insurance company. A PoSP may enjoy a flexible working hour and increase his income by selling more policies. He may also learn insurance features by joining the training session. 

FAQs

Q. Who can become a PoSP?

A. The following may become a PoSP.

• College student
• Businessmen
• Home-maker
• Self-employed

Q. What is Oriental Insurance agent Log in?

A. It is a platform where an agent may enter his log in ID and password to see his portfolio. 

Q. How to become insurance agent?

A. A person may become a PoSP agent if he meets the following criteria.

• 10th Pass
• 18 Years of age

Q. What type of cover can a PoSP sell?

A. A PoSP may sell the following covers.

• Health cover
• Motor cover
• Life cover

Q. What document do I need to become a PoSP?

A. An individual needs to have the following documents to become a PoSP.

• 10th Class Marksheet
• Adhaar Card
• Bank Account
• PAN Card