Role of an Insurance Agent :
An insurance agent represents the insurer with whom he or she is attached. He solicits or procures insurance business only for such insurer. The responsibilities of an insurance agent broadly include the following:
(a) Perform Need analysis for the customer – The agent is expected to sell the products of the insurance company, which suit the needs of the customer. For this purpose he has to analyse the needs of the customer, such as Insurance protection for family, Asset protection needs, Children’s marriage or education needs, Health insurance, Pension etc. Depending on the needs and the stage of the life cycle of the customer, the appropriate product of the insurer which suits the customer is recommended
(b) Explain the product benefits, premiums, exclusions and other terms and conditions so that the customer can take an informed decision
(c) Assist the customer in getting the requisite documents for the purpose of seeking an insurance cover and clarify the doubts of the customer in the proposal form filling process
(d) Bring to the notice of the insurer any adverse habits of the customer which will have a bearing on the insurer’s decision to accept a risk
(e) Inform the customer about the decision of the insurer to issue a policy or otherwise
(f) Provide assistance to customer at various stages of policy servicing and when a claim is made