As an insurance advisor, you may have thought that you are destined to only work for a single corporation or that your career trajectory is limited to working as a self-employed insurance agent. This cannot be further from the truth. There is another alternate career option you may want to look into if you want to expand your horizons and increase your potential earnings. You can consider working as a loan agent, selling or promoting a financial institution’s products.

Who is a DSA?

A direct selling agent (DSA) is an individual who works at the intersection of finance, sales, and marketing. It is one of the best career roles to transition into if you have a strong background in finance. Your primary responsibility would include identifying new prospects, verifying documents, and assisting loan applicants throughout the loan sanction process. Your skills as an insurance advisor would come in handy when you have to evaluate your client’s financial circumstances, offer financial product recommendations, or suggest pricing strategies to your lending firms.

Why Should Insurance Advisors Work as Loan Agents?

• Additional income: If you want to earn a little more than your usual salary as an insurance advisor, you can work as a loan agent. Since loan agents get paid based on the number of products they sell in a month, the more you sell, the more you earn. Insurance advisors also have similar objectives to that of a loan agent. While insurance advisors only sell insurance products, you can branch out as a DSA partner and offer all kinds of loan products, credit card schemes, and investments.

• Flexible working conditions: As a loan agent, you have the freedom to choose your own working hours and can work from anywhere. If you are looking for more flexibility or are finding yourself juggling multiple personal commitments that have made a traditional 9 to 5 hard, consider working as a DSA partner. Their flexibility makes it an ideal option for those who want to work from home or have other commitments.

• Skill enhancements: Working as a loan agent allows you to develop new skills, such as sales techniques, customer service, and relationship management. It also teaches you how to present your ideas and win over your audience. These skills are highly transferable and can help you in your existing job or in future career opportunities.

• Networking opportunities: If you choose to work with reputed lending firms like Andromeda Loans, you will receive invites to workshops, programs, industry events, and product launches. You can use these events to meet new people, form connections, and pitch your products. By building a network of customers and developing your sales skills, you can expand your business opportunities and potentially start your own insurance agency in the future.

How do the Skills of an Insurance Advisor Make them Ideal for the Role of a Loan Agent?

• Product knowledge: As an insurance advisor, you already have a deep understanding of insurance products and their features. You can leverage this knowledge as a loan agent to educate potential customers about your lender’s available products and services and help them make informed decisions.

• Sales skills: As an insurance advisor, you know how to identify customer needs and present insurance products in a way that appeals to their specific requirements. When working as a DSA partner, you also have to identify new clients, recommend loan products, and improve their financial circumstances.

• Customer service: Your experience as an insurance advisor has most likely made you a pro in handling customer queries. Since you have experience in providing exceptional customer service, you will be able to sustain long-term relationships with customers and bring in repeat business for your lending firms.

• Professionalism: A loan agent must always be transparent and give genuine advice to their clients. An insurance advisor also provides guidance on policies and investment strategies to their clients. If you have prior experience in the finance sphere, you would know that to gain your audience’s trust you must always maintain boundaries and make sure that they understand what they are signing up for.

• Networking skills: Insurance advisors have built extensive networks through their existing job. This network can be leveraged as a loan agent to identify potential customers and generate leads. You can attend industry events and product launches as a DSA partner and expand your social network.

Eligibility Criteria to Work as a Loan Agent

• Age: You must be above 18 years of age to work as a loan officer.

• Citizenship: If you are not an Indian citizen, you cannot work as a DSA partner anywhere in the country.

• Qualifications: It is quite likely that you have a professional degree in finance, banking, or accounting since you have prior experience as an insurance advisor. However, you do not need a college degree to begin working as a loan agent. What is most important is that you go through all of Andromeda Loans on-job training modules to get an idea about their products and understand how to frame your pitches.

• Credit scores: While it is likely that you have your finances in order, one must have excellent credit scores to maximize their chances of getting selected for the role of a DSA partner. If you have poor credit scores, lending firms may not be willing to trust you with their finances.

• Additional requirements: Although not a compulsory requirement, you will find it easier to make pitches and win over your audience if you are familiar with their native tongue.

Documents Required to Work as a Loan Agent

• Identity proof: Aadhar card, PAN card, Voter ID

• Address proof: Passport, driving license, utility bills

• Income proof: Salary slips if you work at an organization, business address proof, and financial records if you run a business or are self-employed

• Bank records: Your most recent three months’ bank transaction details

• Tax details: Form 16 and other income tax details

• Registration form: Andromeda Loans DSA registration form with all your basic and professional details

How can Insurance Advisors Break Into the DSA Industry?

The first step to breaking into the DSA industry is to shop around for lending firms. Try to look for reputed financial institutions like Andromeda Loans because they offer better networking opportunities, handsome stipends, and more flexible working hours. If you do not feel comfortable switching right away, you can work part-time for a couple of days, if the lending firm allows, and test the waters comfortably. If you decide to join a lending firm, make sure to check the fine print of your DSA agreement thoroughly. Evaluate the commission structure and ensure that you are satisfied with the cut you would receive for every loan product you sell.

Working as a loan agent provides insurance advisors with an excellent opportunity to earn additional income, develop new skills, and expand their business opportunities. The skills that insurance advisors possess make them ideally suited for the role of a DSA partner. If you are an insurance advisor looking for a new challenge and additional income, consider working as a loan agent. This role provides you with the flexibility to work from anywhere, develop new skills, and potentially start your own insurance agency in the future. So, take the first step and explore the world of loan partners today!