Insurance Agents, Insurance Agency, Insurance Agent

Insurance agents promote the insurance business by ensuring customer reach. They act as intermediaries between the insurance provider and the insured person. Unlike a broker, insurance agents serve a single insurance company.

Functions of Insurance Agents

An insurance agency has two main functions.

For an insurance company, the agency makes selling the product easier. It negotiates with insurance seekers on behalf of the company and promotes the company’s business.

For a potential customer, an insurance agent provides details on policy coverage and its benefits. He helps customers to understand personal insurance needs and offers essential advice on selecting the best insurance plan.

Roles and Responsibilities of Insurance Agents

Most developed nations have formulated laws to regulate the conduct of insurance agents to benefit the customer. The law states that an insurance agent should:

Provide complete information about the insurance company, insurance policy, its benefits and loopholes. Accurate information helps a customer decide which policy is best suited for him/her.

Have all the necessary information about the available insurance plans.

Be able to assess the personal insurance needs of any individual and guide them accordingly.

Adhere to the code of conduct as mentioned in the policy.

Give correct assessment of the risk factors to the insurance company. His risk assessment report should be comprehensive and accurate in all respects.

Possess workable knowledge of policy processing requirements and claims settlement procedure so as to guide consumer correctly.

Have pamphlets and brochures detailing the policy at hand.

How to Find a Good Insurance Agent

A careful look on the experience and customer base of an insurance agent helps to select a good insurance provider. One can follow these simple steps to ensure the credibility of an insurance agent:

Ensure that the agent holds proper certification issued by the state insurance authority.

Contact some of their customers to get information about their services.

Ask questions to understand their knowledge on insurance.

Always take printouts of the policy quotes they offer for future references.

Consider after-sales services, such as updates on policy status and assistance in claim filing.

An insurance agent is the first point of contact for an insured person. Hence, due care is essential while selecting an insurance agent.