A corporate insurance agent bridges the gap between his clients and the insurance company; playing a lucrative role in creating a roadmap for the client.
Hence, it is necessary for an insurance agent to be associated with a right service provider that can facilitate end-to-end solutions for the corporate. There are many service providers that help you provide high end technological assistance, 24*7 support, full-fledged integrated backend system and many more processes. As we move towards a more digitized universe, the service providers aim for a more flexible and finger-touch approach through the apps and webs.
One can acquire policy through online procedures which makes it hassle-free and speedy. As corporates look for agents that can strategize and understand the business risks whilst providing quick and concrete solutions, the system is surfaced to build confidence in many insurance providers for its clients.
There are many risks that a corporate is exposed to that can be mitigated with the help of a right insurance adviser. Being a corporate insurance agent is a responsible job and needs to be carefully executed.
The Process to Being a Successful Corporate Agent
The willingness to serve corporates and help them in curbing unprecedented situations for the organisation as well as the employees is the primary objective of being a corporate insurance agent. Most of the corporates opt for group insurance or opt for high value insurance. Hence, the process for corporate insurance has to be transparent and hassle-free. Many service providers have online processes in place for registration to facilitate the ease and flexibility in selling insurance. All they have to do is upload the legit documents that may include Pan Card, Aadhar Card and Bank Details for payouts. Along with it, the corporate insurance agent must be Minimum 18 years of age and have obtained basic education qualification. Further, the service providers, in most cases, provide training facilities through webinars and events that have in-depth knowledge of policy details. They also support with additional assistance if required.
Interesting Facts of Being a Corporate Insurance Agent
Being a corporate agent can be an individual's path to financial freedom as it can be a source of passive income by working at your own pace. Moreover, it can add benefit to one's career opportunities by associating with leading brands and also help in self- development. Meeting clients and adding new prospects opens doors to future leads and higher conversion ratio. Additionally, it eliminates restrictions to professional barriers i.e. one can become an corporate insurance agent coming from any walk of life such as homemakers, retired individuals, self-employed, students etc.
Types of Corporate Insurance Policy
The insurance industry has immense opportunities and provides a bouquet of corporate insurance policies.
- Workman Compensation Insurance Policy
- Professional Liability / Indemnity Insurance Policy
- Special Contingency Policy
- Group Term Life Insurance Policy
- Group Mediclaim Insurance Policy
- Fire & Burglary Insurance Policy
Benefits of a Corporate Insurance Agent
However, one must acquire adequate knowledge before offering these policies to the clients. Simultaneously, one needs to look into the nitty-gritties of the policy and needs to inform the client about the policy in a crystal clear manner.
One-point of contact:
The agent is one point of contact to service the acquired policy whilst ensuring the policy has been processed.
Knowledge advisor for insurance:
Advisory is one of the key factors in the corporate insurance space. One needs to assess and understand the requirements of the corporate as per the nature of business and offer him a policy accordingly. The corporate insurance agent also needs to keep in mind, he/she has given the right quotation to the business entity.
Evaluates the firm’s liability exposure:
Corporates have huge exposure in terms of financials, assets and human resources. To measure this, is not so simple, but can be curbed to some extent with a shield called insurance.
Monitors and tracks the firm’s situation:
The corporate agent is responsible to take a timely presence of the firm’s business and his situation. He/She needs to monitor and track the situation.
Multi-access product selling:
There may be products selling online and offline both. It is the corporate agent who needs to take charge and ensures the right policy is delivered and is brought in place. Similarly, it needs to be addressed on-site and off-site too.
Evaluates the firm’s liability proposition:
Insurance can act as a protective measure for any liability taking place in the future or has a depreciation value such as property or assets.
Having said that, every opportunity has its own if’s and but’s, but, only those who wish to conquer can benefit from that. Simultaneously, once engaged with the client, it is essential that the agent is actively involved in the follow-up processes with regard to monitoring of policy renewals and settling claims.