In the rapidly evolving digital age, selling insurance online has become a possibility and a lucrative venture in the insurance world.
The Internet offers a vast marketplace, allowing insurance agents to reach a broader audience and streamline their sales processes. Whether you are a PoS insurance agent or an insurance advisor considering diving into the world of online insurance sales, this guide will help you navigate the digital waters and maximize your success.
Quick Link: Become an Insurance agent
Two Popular ways of selling insurance online
Insurance Advisor
An insurance advisor is an individual affiliated with a specific insurance company, engaging with customers to facilitate the sale of insurance policies, assist in claims processing, and perform additional services. Adhering to the guidelines established by the Insurance Regulatory and Development Authority of India (IRDAI), aspiring insurance advisors are required to undergo a comprehensive training program and successfully pass an examination to obtain their license.
Point of Sale Person (POSP)
Introduced by the IRDAI in 2015, a Point of Sale Person (POSP) represents an innovative licensing category for insurance advisors. Despite the necessity to undergo the prescribed training program and successfully clear online examinations, POSPs gain the unique capability to sell policies from various insurance companies. This includes both life and general insurance categories such as motor, health, travel, and more.
Steps of selling insurance online
1. Build a Professional Online Presence
Start by creating a professional website. Ensure that it is user-friendly, visually appealing, and provides essential information about the insurance products you offer. Include clear calls to action to encourage visitors to connect with you.
2. Leverage Social Media
Establish and maintain an active presence on popular social media platforms. Utilize platforms like LinkedIn, Facebook, and Twitter to connect with potential clients. Share valuable content related to insurance, answer queries, and engage with your audience.
3. Understand Your Target Audience
Identify your target demographic and tailor your online presence to cater to their needs. Understand their pain points, concerns, and preferences to create targeted marketing strategies that resonate with your audience.
4. Utilize Online Advertising
Leverage online advertising through platforms like Google Ads and social media advertising to increase your visibility as an insurance agent. Implement targeted ad campaigns to reach specific demographics and geographical locations.
5. Offer Educational Content
If you are planning to become an insurance agent, you need to establish yourself as an authority in the insurance industry by creating and sharing informative content. Consider starting a blog on your website, producing informative videos, or hosting webinars. Educating your audience can build trust and credibility, you can sell more insurance policies.
Stay Informed and Adaptable
The insurance industry is dynamic. To become a successful insurance agent stay informed about industry trends, regulatory changes, and emerging technologies. Be adaptable and open to incorporating new strategies to stay competitive in the online marketplace.
Ensure Compliance
As an insurance agent, one must follow the regulatory requirements for online insurance sales. Familiarize yourself with the legal aspects of selling insurance in your target regions and ensure that your online practices comply with all applicable laws.
Key Benefits to insurance PoS agent/ Insurance Broker in selling insurance online
Flexibility in Working Hours
PoSPs often enjoy a level of flexibility in their working hours. This flexibility allows them to create a work schedule that suits their lifestyle and personal commitments. It can be especially appealing to those seeking work-life balance.
Diverse Product Portfolio
Insurance companies offer a wide range of products, including life insurance, health insurance, property insurance, and more. So insurance PoSPs have the opportunity to diversify their product portfolio, catering to the diverse needs of their clients and expanding their earning potential.
Embrace Technology
The availability of digital tools and technology can streamline the insurance sales process of an insurance agent. Be it customer relationship management (CRM) software, e-signature tools, or generating policy copy, all could be done in just a few clicks.
Exceptional Customer Service
Selling insurance online helps insurance agents like PoS advisors or insurance brokers to promptly respond to the inquiries and concerns of the customers. Satisfied customers are more likely to recommend your services and become repeat clients.
Bottom Line
Embarking on the journey of selling insurance online requires a combination of a strong online presence, effective marketing strategies, and a commitment to delivering excellent customer service. By embracing the digital realm, insurance agents such as a PoSp advisor, or an insurance broker can tap into a vast market and position themselves for success in an increasingly interconnected world.
