Insurance agents help the companies bringing new business that create awareness regarding the benefits of taking up the insurance policies. This insurance broker acts as an intermediate between the clients and insurance companies and sells insurance for homes, vehicles, life and other types of protection. They ensure clients understand the terms and the extent of the coverage provided in line with industry regulations. These agents also acquire information on the needs of clients creating and maintaining healthy relations with them.
Insurance Agents Salary:
Insurance agent salary varies from companies to companies and is different in different countries around the world. Their packages become more exciting with interesting incentives.
In India, insurance agent salary becomes different for government and private organizations. Government sector has basic pay with other fixed allowances guarantied for each grade employee. The initial salary for the insurance agent starts from 15,000 to 25,000 INR per month.
Whereas in the private sector initiatives, an insurance agent salary start from 15000 to 20,000 INR per month. The salary range of income can increase within two to three years between 300,000 lac to 400,000 lac with salary plus commissions depending on the performance.
Commissions are the most common form of compensation for insurance agents and the amount depends on
- The total amount of insurance sold and how many types of insurance are sold.
- Whether the transaction is a new policy or a renewal.
- On the 1st year of the policy, they may get about 25-32% of the premium amount, followed by 7.5% in the 2nd and 3rd and 5% in 4th and 5th year.
- When they meet their sales goals bonuses are also awarded. Remuneration of agents are governed by IRDA regulations in government jobs, while earnings of surveyors depend upon the nature of work and assignments.
Insurance Agents Pay scale in other Countries:
The USA maintains the average salary for an insurance agent as $38065 per year. An individual with skills in Sales Management and Account sales and having a good verbal communication ability get a high pay package.
While, you look for UK salaries for a trainee insurance agent is 16000 pounds per year. Those who are graduates and are on training schemes start on a salary between 22000 to 26000 pounds per year. Salaries for experienced insurance agents range from 40000 to 80000 pounds. Their salaries also include bonus or commissions. An insurance agents salary in the UK also varies on the size of the firm and the location and the nature of clients. Those who are in commercial insurance may get more payment than those handling individual clients.
In Australia, an insurance agents salary is AU$51,506 per year. According to their salary report, the basic salary is AU$34,558 to AU$81,756 , a bonus of AU$0.00 to AU$15,205, Commission of AU$0.00 to AU$7,861, so a total pay of AU$36,311 to AU$79,953.
In South Africa, the average salary of an insurance agent is 7000 ZAR.
In Canada, the salary of an insurance agent is C$38526 to 40000 per year.
In Beijing China, insurance agents are the highest paid workers an gets an annual salary of 8,5000 yuan.
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