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Job Description And Average Salary Of Insurance Sales Representative In Nigeria

Salary Of Insurance Sales Representative In Nigeria

Conversion and sales are very important for Insurance companies, hence they continuously hire sales representatives. If you are interested in insurance sales representative jobs, this post is for you as it talks about the job description and average salary of insurance sales representative in Nigeria. Generally, this post will talk about the following: 

  • Who an insurance sales representative is
  • Overview of the Nigerian insurance industry
  • Job Brief of an insurance sales representative
  • Job description of an insurance sales representative
  • Requirements and skills for an insurance sales representative job
  • The average salary of an insurance sales representative
  • How to get insurance sales representative jobs in Nigeria

Who Is An Insurance Sales Representative?

A person who sells insurance policies is known as an insurance sales representative. To increase their customer base, insurance sales representatives call and meet with existing and potential clients. The objective of an insurance sales representative is to learn about the needs of clients and match those needs with the insurance plans that are available.

The primary duties of an insurance sales representative include:

  • Designing and implementing effective marketing strategies to sell new insurance contracts or adjust existing ones
  • Contacting potential clients and creating rapport by networking, cold calling, using referrals, etc
  • Appraising the wishes and demands of business or individual customers and selling the suitable protection plans

A Brief Overview Of Nigeria’s Insurance Industry

57 recognized insurance companies make up Nigeria’s insurance sector. 44 of them are non-life insurers, while 14 of them are in the life insurance industry. Additionally, there are 2 reinsurance firms whose duties include giving the insurance firms technical capability and security. Insurance companies in Nigeria are established in compliance with the Companies and Allied Matters Act of 1990

Agents (individual and corporate), brokers, surveyors, and third-party administrators serving health insurance are some other participants in the Nigerian insurance market. The essential tenet of insurance is that one party, the insured or the policyholder, pays a little premium to the insurer in exchange for the security on that uncertain future occurrence, and the insurer will guarantee payments for an uncertain future occasion.

The National Insurance Commission (NAICOM) is the Federal Government agency charged with managing and supervising the Nigerian insurance industry. The NAICOM, through its annual rules and directives to protection administrators, generally supports the improvements in the industry. The main objective of NAICOM is to protect the insured (client) against financial shocks brought on by specific pre-agreed insured events. The reality remains that neither the actual magnitude of any proposed event nor its effects if any can ever be foreseen with any degree of accuracy. 

The finest statisticians and insurance companies cannot predict events or their results with any degree of accuracy. To determine whether they have made a profit or not, insurance businesses typically have to wait until their fiscal year is over. At the end of FYE 2016, the insurance sector owned a portfolio of investments worth around $723 billion, with government and bank placements accounting for roughly 60% of the total investments. About 15,000 insurance agents and 460 registered insurance brokers are registered. Because brokers currently control over 90% of premium income and insurance agents and insurers’ direct marketing channels only receive less than 10% each, the Nigerian insurance market has been referred to as a brokers’ market. In 2018, NAICOM evaluated the microinsurance guidelines. 

The following is a review of the minimum capital base:

  • ₦40million (₦ 15 million for life business, and ₦25 million for general insurance business) for companies that will do business in the community.
  • ₦100million (₦40million for life business, and ₦60million for general insurance business) for State business.
  • ₦600million (₦200million for life business, and ₦400million for general insurance business) for National business.

Job Brief Of An Insurance Sales Representative

Insurance companies seek to hire a competitive Insurance Sales Representative to assist their interest in growing their clientele by actively seeking them out. As an insurance sales representative, you will ascertain their requirements and sell in line with them. The objective is to create solid connections that will support growth while preserving and enhancing the reputation of the company.

Job Description Of An Insurance Sales Representative

  • Design and implement effective marketing strategies to sell new insurance contracts or adjust existing ones
  • Contact potential clients and create rapport by networking, cold calling, using referrals, etc
  • Appraise the wishes and demands of business or individual customers and sell the suitable protection plans
  • Collect information from clients on their risk profiles to offer them the proper solution
  • Prepare reports to shareholders on the success of your business endeavors
  • Retain continuous awareness of transactions, sales, and terms and keep relative records
  • Check insurance claims to solidify trust and safeguard the reputation
  • Frequently replenish job-specific knowledge and apply it in the field
  • Fulfill all company-established policy obligations

Requirements And Skills Needed To Work As An Insurance Sales Representative

  • Proven experience as an Insurance Sales Representative
  • Good comprehension of insurance plans including automobile, fire, life, property, medical, etc.
  • Ability to work with computers and understand and interpret standard statistical findings
  • Goal-oriented
  • Excellent skills in communication and presentation
  • Experience in delivering client-focused solutions and in creating long-lasting relationships
  • High school or BSc degree

Average Salary Of Insurance Sales Representative In Nigeria

Based on salary estimates from 4 people who work as insurance sales representatives, the average net salary for Insurance agents in Nigeria is 50,000 Naira. However, as an insurance sales representative in Nigeria, you can earn over 200,000 Naira per month from the sales commission. Hence the more sales you make, the more your income.

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Salary Of Insurance Sales Representative In Nigeria

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