The Benefits of Working with a Licensed Insurance Agent: Why It Matters
The Benefits of Working with a Licensed Insurance Agent: Why It Matters
Blog Article
Who is an Insurance Agent?
A licensed insurance agent serves as an intermediary between insurance companies and their customers, offering a wide array of services and insurance products tailored to meet the financial needs of both businesses and individuals.
Essentially, these professionals are health insurance consultants, dedicated to ensuring their clients receive optimal coverage at a fair price. Their role encompasses understanding their clients' needs, assisting in form filling, facilitating smooth claim settlements, and keeping them informed about any changes to their insurance policies.
What Does an Insurance Agent do?
A health insurance consultant is an individual who guides their client about how to select and purchase insurance policies that fulfill their requirements at an affordable price. Here’s a comprehensive list of the core functions of a licensed insurance agent:
Reaching out to new business:
The primary function of a licensed insurance agent is to solicit prospective clients and acquire new business by closing the sale. The insurance advisor should also make efforts to bring in new potential clients.
Conserve the existing business:
In addition to securing new clients, a licensed insurance agent should also focus on retaining existing clients and ensuring they don't lapse policy into default premiums
Providing Assistance in Selecting the Suitable Policy:
Insurance advisors should assist in selecting the best policy for the client by understanding their needs and requirements and making sure they get the best deal out of all the policies available in the market at a fair price.
Enquiring Risk:
Licensed insurance agents should gather all the necessary details about the client, which helps in inquiring about any risks related to the policy and assist the client in filing a claim.
Preventing the Policy from Lapsing:
An insurance advisor should inform the client about the possible consequences resulting from the lapse of their insurance policy.
Preparation of Required Documentation:
An insurance agent must guide and assist the client in preparing the necessary documentation for the required policy, including copyright, medical certificates, and major injury documents, among others.
Eligibility Criteria
Becoming a licensed insurance agent in India comes with its perks.
However, certain criteria needs to be fulfilled as per IRDAI (Insurance Regulatory Authority in India)-
- Age: The individual must be over the age of 18 years.
- Qualification: He must have qualified 10th standard.
- Documentation: Must have a valid Aadhaar card and PAN, and required to take a 15-hour IRDAI-mandated training.
Advantages of Working With a Licensed Insurance Agent
Health insurance consultant provide services that help an individual from comparing the policies to reminding them about premiums to prevent their policy from collapsing. Some benefits are listed below:
- Expertise: Licensed insurance agents possess specialised knowledge about all the policies available in the market. This expertise helps individuals understand the terms and conditions more clearly and find a policy that meets their specific needs.
- Personalised Advice: Insurance advisors can give tailored advice to the individual after understanding his situation, financial goals, and specific needs and can recommend the best coverage policy.
- Range of Products: A licensed insurance agent collaborates with numerous insurance providers, thereby granting individuals access to a variety of products and services. This breadth of options allows them to compare and select the one that best meets their needs.
- Assistance with Claims: If an individual needs to file a claim, a licensed insurance agent can guide them through the process, help with paperwork, and advocate on their behalf to ensure the claim is handled smoothly.
- Ongoing Support: A licensed insurance agent can offer ongoing support, including policy reviews and updates. They can help the individuals adjust the coverage since needs to change over time.
- Education: Agents can educate individuals about insurance-related topics, helping them make informed decisions and understand the implications of different policy options.
- Saves Time: Instead of researching and comparing policies themselves, an agent can simplify the process, saving time and effort.
- Manage Risk: Insurance providers can help individuals identify potential risks and gaps in coverage, ensuring that they have adequate protection against unexpected events.
Why Use a Licensed Insurance Agent?
Licensed health insurance agents can simplify the complex process of finding a suitable policy that caters to the needs of an individual from specific needs to financial budget. They ensure you get the best coverage among all the policies available in the market.
Their license provides protection:
Licensed agents are legally obligated to provide services that are in the best interest of the individual. He is educated through specially designed courses. They meet all the requirements like:
Meeting regulatory requirements
Behaving ethically
Following any additional state regulations.
Services are Inexpensive:
Many agents are compensated by the insurance carriers, their services will not be an additional cost to the individual. They can help you find a plan that offers the best value for money.
Provides Peace of Mind:
Working with a licensed insurance agent gives assurance that the individual is dealing with a professional who operates within a regulated framework, ensuring insurance needs are met competently and ethically. This can significantly reduce stress and improve the overall state of mind.
Final words
A licensed insurance agent is an experienced professional that operates in a legal and ethical framework. Working with a licensed agent helps the individual find a suitable policy, helps with paperwork, and inefficient claim settlement to provide peace of mind.
Licensed agents provide ongoing support in adjusting the coverage as per the needs and requirements.
If you are someone looking for a trustworthy and credible insurance provider with a high number of licensed insurance agents who help you through your journey.
Then you can start your journey with Niva Bupa. Niva Bupa is one of India's leading health insurance companies, with an impeccable track record. It provides an environment beneficial for both personal and professional growth. Report this page