DSF Advisor

Become Digital Life Insurance Advisor

Unlimited Earning Potential Unlimited Earning Potential
Flexible Working Flexible Working
Rewards & Recognition Rewards & Recognition
Become a Digital Life Insurance Advisor in 2022
If you're looking for ways to generate more money so that you can live a fulfilling life, you might want to consider the concept of a side-job. A side-job is a part-time job that working professionals can pick up after their standard working hours. Becoming a Digital Life Insurance Agent is one of the finest methods to increase your income.

Who Is an Insurance Agent?

An insurance agent promotes one or more insurance providers and earns commissions by selling their products. They can either operate as independent contractors or full-time insurance sales representatives for an agency. A Digital life insurance advisor who is qualified to offer particular insurance products is known as a DLIA. You simply need to meet the IRDAI's minimum educational requirements to become a DLIA, and you’ll be able to sell insurance policies online without hassles.

Job Responsibilities of a General Insurance Agent

A general insurance agent's job responsibilities include:

iconbullet
Collecting data -
A salesperson for insurance must generate leads. Therefore, he needs to engage in data gathering to improve connections with customers and prospects.
iconbullet
Follow-up and Call -
As an agent, you must adopt the tried-and-true technique of making a call if you want to establish a personal connection and approach a prospect or client directly.
iconbullet
Determine a Meeting Goal -
Agents must create a goal for the number of prospects or clients they intend to see over the next few weeks or months.
iconbullet
Understand what you're selling -
For any insurance agent, having product knowledge is a necessary sales ability.
iconbullet
Know the Buyers You're Selling to -
Knowing your product inside and everything is important, but it's also essential to recognize your consumer and what his or her requirements and aspirations are.

What is DLIA in insurance?

A DLIA is a single-point insurance agent who provides both life and non-life insurance plans from different insurance companies. Selling policies for life insurance, auto insurance, health insurance, accidental insurance, home insurance, and travel insurance is one of the duties of an individual who becomes a DLIA insurance agent. He or she is qualified to conduct direct sales to customers.

How did the concept of DLIA start in the insurance industry?

In India, the insurance industry is expanding quickly. The Insurance Regulatory and Development Authority of India (IRDAI) developed a new model for insurance distribution in 2015 to increase the penetration of insurance in the nation. Point of Sale Representatives were created using this paradigm (DLIA). DLIAs are able to sell a range of pre-underwritten insurance products to their clients after completing minimal training and certification requirements.

Why do insurance companies need a DLIA?

A DLIA can sell straightforward insurance policies that offer complete coverage and tax advantages. They promote services that have already been pre-underwritten and have been expressly authorised for solicitation through DLIA by IRDAI. To reach out to customers directly, insurance businesses should ideally use DLIA Insurance Agents. They are mostly in charge of accurately completing and processing the paperwork and making sure that premium payments are made on time.

Are Indians Really Searching for Life Insurance Products?

Life insurance penetration in India was 3.2%, non-life insurance penetration was 1.0 percent, and the overall penetration rate was estimated to be 4.2 % in FY21. India's overall density in terms of insurance was US$ 78 in FY21.1

Who is an insurance agent?

An insurance agent serves as a client consultant while also representing insurance companies. By informing their clients on the possibilities available and answering any related questions, insurance agents meet the clients' needs for plans and other types of insurance.

Job Responsibilities of a General Insurance Agent

A general insurance agent's job responsibilities include:

iconbullet
Collecting data -
A salesperson for insurance must generate leads. Therefore, he needs to engage in data gathering to improve connections with customers and prospects.
iconbullet
Follow-up and Call -
As an agent, you must adopt the tried-and-true technique of making a call if you want to establish a personal connection and approach a prospect or client directly.
iconbullet
Determine a Meeting Goal -
Agents must create a goal for the number of prospects or clients they intend to see over the next few weeks or months.
iconbullet
Understand what you're selling -
For any insurance agent, having product knowledge is a necessary sales ability.
iconbullet
Know the Buyers You're Selling to -
Knowing your product inside and everything is important, but it's also essential to recognize your consumer and what his or her requirements and aspirations are.

Job Responsibilities of a Life Insurance Agent -

  • iconbullet Give clients advice and suggest insurance policies.
  • iconbullet Intermediary services between clients and insurance firms.
  • iconbullet Retain customers, provide excellent customer service.
  • iconbullet Enlarge your audience.
  • iconbullet Learn more about potential clients, do interviews with them.
  • iconbullet Sell life insurance with death benefits.
  • iconbullet Sell annuities that provide retirement income.
  • iconbullet Identify the client's current portfolio for analysis and offer suggestions.
  • iconbullet Help clients with their claims during the process.
  • iconbullet Keep both paper and electronic records.

Role of an Insurance Agent

The main objective of a life insurance advisor is to boost sales by offering customers insurance-related services. The representative must:

Who Is a Life Insurance Advisor?

A life insurance advisor assists people in identifying insurance options that suit their needs and specifications. As a life advisor, you must also gather the necessary paperwork and support policyholders during the whole insurance purchasing process and policy duration.
Insurance advisors promote insurance companies and market insurance goods. Insurance agents are paid a commission for each policy they sell.

Difference Between Insurance Agent and Insurance Advisor

Particulars> DLIA Advisor> Insurance Agent>
Training A 15 hours training is a must for DLIA insurance advisors. A 25 hours training is must for insurance agent
Examination They have to qualify in an exam conducted by the insurer They have to qualify in an exam conducted by IRDAI
What can they sell? A DLIA can sell straightforward insurance policies that offer complete coverage and tax advantages. They market goods that have already been pre-underwritten and have been expressly authorized for solicitation through DLIA by IRDAI. A DLIA cannot sell complicated or risky products. Any product that has been approved may be sold by an agent, whether it is pre-underwritten or specially made for the buyer. They can provide clients with policy guidance and assist prospects in creating policies that are customised to their needs. They have the ability to market both complicated and risky products.
What kind of customer are they looking for? A DLIA primarily serves clients seeking straightforward insurance coverage. For example, complete health insurance plans, auto and two-wheeler insurance packages, etc. Any consumer seeking straightforward or intricately tailored insurance solutions, such as marine insurance, is catered to by an agent.
What kinds of goods are they able to sell? A DLIA is able to sell pre-underwritten products like motor, health, personal accidents, and other policies. The system automatically generates the insurance policy based on the data supplied by the prospect. As well as specialised goods like fire, marine, and related commercial insurance products, an agent can sell auto, health, travel, personal injury, and other insurance types. The pre-underwritten items also have a large amount of insured choices that they can sell.

8 Advantages of Being a DLIA

iconbullet
The more you sell, the more you earn
Your pay as a DLIA will depend more on how much insurance you issue than on how many hours you put in. There is no set salary or upper limit.
iconbullet
Flexible timings, work at your convenience
You can choose from a variety of flexible work hours as a DLIA.
iconbullet
Work from home and online option
DLIAs don't need to travel anywhere to sell insurance because they can use online techniques to do it. They can work from home for as long as they like.
iconbullet
Easy training
You will have the chance to learn more and advance your abilities through training programs run by professionals in the industry while you train to become a DLIA or an insurance agent.
iconbullet
No investment required to start your own business
When beginning as a DLIA, there is no requirement to make any financial investment or payment.
iconbullet
Good source of income
DLIAs are compensated by the regulatory body at a predetermined, fixed rate of commission.
iconbullet
Anyone can do it
Anyone who satisfies specific requirements can become a DLIA, as we said previously. You must meet these requirements, which include being at least 18 years old, having passed Class 10, having a valid Adhaar and PAN card, and having a bank account in your name.
iconbullet
It can be a part time thing, you don't need to quit your current job
The quantity of insurance you sell and the number of renewals you receive will determine your income, which will be calculated on a commission basis. So, you can choose this profession as a part-time job.

Who can become a DLIA?

iconbullet
College students/ Graduates
You may feel the need to have a source of independent income as a college student. And since you may work whenever it's convenient for you while continuing your education, becoming an insurance agent may be the best choice for you.
iconbullet
Housewives
You might choose a profession as a DLIA if you wish to manage your household while working from home and make a respectable income.
iconbullet
Retired individuals / Senior Citizens
As an insurance agent, you can easily make money even after retiring. Choose any time to work and complete a task to make some additional money.
iconbullet
Shopkeepers
Even if you currently run a retail business, doing insurance work can bring in some extra cash. Being a DLIA, you can quickly increase your income range by working as much as you desire.
iconbullet
Individuals looking for extra income
Being a DLIA, you can develop a stream of revenue flow through policy renewals with little initial work to build a strong customer base, and you can maintain it with little service work on your end. As a result, over time, you'll probably experience a steady flow of revenue.
iconbullet
Freelancers
A freelancer also becomes a DLIA but make sure you are available at the right time when your client needs your help.

How to become a DLIA?

iconbullet
Qualification required
A DLIA must have an Aadhaar card, be at least 18 years old, and have completed class 10. In accordance with IRDAI regulations, the insurer or any intermediaries will complete a 14-hour internal training session before an examination.
iconbullet
Documents required
The following self-attested documents are required for registration.

  • Pass certificate for classes 10 and up
  • PAN card and Aadhaar card copies (front and back)
  • AADHAR Card
  • A canceled check (with your name on it). 
  • A passport photograph.
iconbullet
Equipment required
Three of the most popular client interaction tools for insurance agencies are Levitate, Agency Zoom, and Agency Revolution.
iconbullet
Process:
Step 1. Registration and training - Find the agent application on the website of your choice, fill it out, and submit it. You must complete the foundational training required by the IRDA in order to work as an insurance agent. The 15-hour course can be completed in two to three days and can be done offline or online. A certificate will be given to the application after completion.

Step 2. Licensing Test - After completing their training, candidates must pass a pre-licensing exam to be eligible. The objective-type exam has a minimum score requirement of 17 out of 50 to qualify as a DLIA.

Step 3. Obtaining a License - The Insurance Regulatory and Development Authority of India (IRDAI) issues a license to the successful applicant so they can begin operating as a licensed DLIA.

Pro tip: How to get started and sell your first insurance

iconbullet
Online mode
As long as you have an internet connection and are selling online, you may work from anywhere, eliminating the need for a lengthy commute, office politics, and strict dress codes. Even if you intend to offer policies to the general public online, keep in mind that you need to be licensed in your state to do so. And the most important thing is you have to provide all the details related to your policies on your website.
iconbullet
Offline mode
When purchasing insurance policies offline Insurance agents contact customers (individuals, families, and businesses) and assess the customer's needs to identify the best possible plans. They solely promote the products of the insurance business for whom they work. They must have in-depth knowledge of all the goods and services offered by the business they work for.

How Insurance Agents Are Paid

The kind of policy that is offered on the insurer's website determines how much the insurance salesperson gets paid. For example, life insurance policies can be sold with a commission of 15% while business insurance policies can be sold with a commission of 10%.

What is the difference between DLIA and a normal insurance sales person?

A DLIA can sell insurance products between firms and across insurance categories, such as term plans, life plans, health plans, and so forth, but normal insurance agents can only offer insurance policies of their own companies.

FAQs

What is the criteria to become an insurance agent?
The minimum prerequisite for becoming an insurance agent is a 12th grade diploma.
When I can start selling insurance after becoming an agent?
After getting a license from IRDAI you can start selling insurance.
What are the training modules to undergo?
One of the key requirements for certification as a life insurance agent is to finish the 15 hours of required training provided by the IRDAI.
Can I apply if I am an agent working with a different insurance company?
Insurance agents can effortlessly switch between various insurance providers. They only need to give up their agency license with the current insurer to accomplish this.
Can I become a DLIA for multiple insurance companies?
A DLIA can only be registered with one insurance company at once.
Do I have to report at the insurance provider office?
You can contact the IRDAI's Grievance Redressal Cell in case of any issues if they are not handled within 15 days or if you are not satisfied with your insurance advisor.
Is the DLIA training online or offline?
Training for becoming DLIA is available in online as well as offline mode.

Conclusion

The insurance industry helps people with part-time and full-time employment, which makes it an appealing career opportunity, particularly in the difficult circumstances of today. The DLIA Program of IRDAI is advantageous to both the agents and the clients. The training program, examination procedure, selling style, clientele, product selection, and validation period of a DLIA and a Traditional Insurance Agent are all different. To start earning money online, click here!

  • Disclaimer

    ADV/9/22-23/1412