If you enjoy sales and have strong communication skills, you might want to consider becoming an insurance agent. Insurance agents must evaluate their clients' needs and create solutions that meet those demands while also taking into account their financial status. An Insurance Agent obtains a greater understanding of their clients' needs and financial capability by organizing meetings, reviewing the extent of current coverage and investments, and creating long-term goals. In addition to researching customer needs, an insurance agent should build a protection plan by providing pricing for immediate coverage and long-term goals. In this blog, we will analyze in detail the rights and duties of insurance agents.
What are the Duties of an Insurance Agent?
Cold calling, visiting with new and existing clients, presenting alternatives, matching plans to customers' needs, and maintaining up to date on insurance legislation are all common duties of insurance agent. The insurance agents are bound the follow the norms and rules set by the IRDAI. The detailed duties of insurance agent are listed below -
- Inform the clients about the policies in detail.
- By understanding the needs of prospects, provide them with the most appropriate policies.
- Being truthful about the information on the policies.
- Identifying himself/herself as an insurance representative and, if necessary, producing identification.
- If the insured party inquires, inform him of the commission rates.
- Explaining to the customers the specifics of the insurance application form.
- Following the IRDAI’s rules and requirements.
Additional Rights and Duties of Insurance Agent
Apart from the duties given above, an insurance agent has some additional rights and duties. Following is the list of the additional rights and duties of insurance agents -
- To get all sorts of support from insurance companies
- To strive hard to get compensation
- To obtain product knowledge
- To have complete access to marketing collateral
- The Right to Be Paid
- Acting within the scope of authority
- Have reasonable competence and diligence
- Keep client’s information confidential.
- The insurance Agent’s personal interests must not obstruct his ability to fulfill his obligations.
- Keep Accurate and Fair records
How much Insurance Agent Can Earn in India?
As an insurance agent, there is no such limit or restriction on earning potential. It is entirely dependent on the individual's potential. The agent is paid a commission on each policy sold. It is determined by the type and number of insurance offered by the Insurance Agent to their consumers. The commission of an Insurance Agent is also decided by the goals he sets for himself. His commission increases if he sets the goal of targeting more clients with highly rewarding policies.
Being an insurance agent is a very substantial form of business in today’s times. Becoming an insurance agent comes with a lot of duties of insurance agent. Along with these duties, an insurance agent also has some vital rights to safeguard his/her rights or the rights of his/her clients. An insurance agent must follow all the norms set by IRDAI with regards to the rights and duties of insurance agents. An Insurance agent must be informed of the rights and duties of insurance agents in detail to become exceptionally successful at his/her job!