Becoming an insurance broker in India requires not just a passion for finance and risk management, but also passing specific exams that test one’s knowledge of insurance laws, regulations, and business practices. Here’s everything you need to know about the process.
What is an Insurance Broker?
An insurance broker acts as an intermediary between the insurance companies and clients, offering professional advice and helping customers select the best insurance policy for their needs. Unlike agents, brokers represent the client’s interests, not the insurer’s, and they can offer policies from multiple insurers.
Which Exam is Required?
To become an insurance broker in India, the Insurance Regulatory and Development Authority of India (IRDAI) requires candidates to pass the IRDAI Insurance Broker Exam. This exam is mandatory for those seeking a broker’s license.
Key Points of the IRDAI Insurance Broker Exam:
- Eligibility: You must complete 50 hours of broker training from an IRDAI-approved institute.
- Exam Structure: The exam consists of multiple-choice questions covering topics like insurance laws, market practices, risk assessment, and underwriting.
- Passing Criteria: You need to score at least 50% to pass.
Steps to Become an Insurance Broker in India
- Complete Training: You must undergo 50 hours of training from an IRDAI-recognized institution.
- Pass the IRDAI Exam: After completing the training, register and clear the IRDAI Insurance Broker Exam.
- Apply for License: Once you pass the exam, apply for an insurance broker license through IRDAI.
- Annual Compliance: You need to meet ongoing compliance requirements, including renewals and maintaining minimum capital requirements.
By following these steps and passing the necessary exam, you can officially become an insurance broker and start offering your services in the lucrative Indian insurance market.
For expert guidance on getting your insurance broker license, consult Registrationwala, a trusted service provider in India.
