General

Insurance is not just a financial product but much more than that. It is part of the portfolio that focuses on securing the future of the self and that of the family. It helps to safeguard life, health, property, and assets. But when it comes to buying a policy, there are so many questions that you would need to answer.

In fact, you would also need to compare the options to ensure that you find a policy that is just perfectly suited to your needs. Well, this is harder than this is said and there is no doubt in this. This is where you seek the assistance of the insurance sales agent. 

But have you ever wondered what all falls under the insurance agent duties and responsibilities? Well, it is not just limited to closing the sales, but there is more to it. So, read this guide to know everything you need and start a journey that is worth it. 

insurance sales agent duties

Insurance Agent Duties and Responsibilities

Becoming an insurance agent is indeed one of the finest options that allows you to earn a passive income and ensure you use your skills well. But with this comes a lot of responsibilities as well that you must meet properly to ensure the right kind of services reach the clients.

So, to help you better, here are the main insurance agent duties and responsibilities explained in detail.

1. Understanding Client Needs

The first that that an insurance agent needs to work on is understanding the needs of the clients. It will be based on the income, financial position, family, and other factors of the client. By evaluating these factors, you will be in a better position to share the policy that matches their needs well.

2. Providing Accurate Policy Information

Clients often find insurance terms difficult to understand. It is the agent’s duty to explain every clause. Starting from the premium to the coverage and benefits, everything should be shared properly.  This ensures that clients make well-informed choices.

3. Comparing and Recommending Plans

A responsible agent compares different policies offered by insurers. They will help the client understand the coverage comparison as well as the claim settlement ratio. The overall cost also needs to be considered to ensure that a good plan is being finalized.

4. Assisting with Application and Documentation

The agent helps clients complete all forms correctly. This ensures that the documents are submitted on time with the right KYC to avoid any rejections or delays in policy. This is quite important as this will impact the policy start time, claims, and even renewals in the future.

5. Ensuring Policy Issuance and Delivery

Once the application is approved, the agent confirms that the policy is issued correctly. It is important to check all the details in the policy. Also, it should reach the client on time. If there is any change needed in terms of the details, that has to be done within the timeframe allowed.

6. Managing Renewals and Policy Updates

Policy renewal is crucial to keep policy active. Missing a payment at renewal can lead to a penalty or even policy closure. It is the responsibility of the agent to ensure this is done as needed and ensure reminders are shared.

7. Supporting Clients During Claims

Settling the policy claim is not easy. There are various documents to be filled and is timeline which missed can lead to direct rejection. This is where the agent guides the client on how to complete the policy renewal and what has to be done. This ensures seamless working.

8. Maintaining Long-Term Relationships

Good agents stay in touch even after the policy is sold. They ensure that the client is updated about any changes in the policy. Also, if there is any change in terms of premium or anything, they ensure the same is shared with the client to avoid last-minute hassle.

9. Staying Updated with Industry Knowledge

The insurance market keeps changing. Agents must regularly attend training sessions. They stay updated with the rules and regulations. Also, they can guide the client on what has to be done next. In case an add-on is required, they can guide which is the better choice now.

10. Meeting Sales and Compliance Targets

Agents are expected to achieve sales goals and follow all legal and ethical standards. But at the same time, there are certain compliance points that are key. Agents ensure that these points are followed and all the clients are made aware of the same.

Tools and Workflows for Higher Efficiency

Knowing the insurance sales agent duties is just the start. You must also know the tools and workflows that you would need to manage. The benefits of using these tools are:

• Saves time
• Avoids mistakes
• Capture opportunities
• Helps in customer support
• Ensures proper replies
• Avoid delays in important messaging

Now that you know the reasons, you must be wondering which these tools are? So, here is the list for you.

Key Points to Remember

To fulfill all your insurance sales agent duties with efficiency, there are certain points that you must follow. While this might look very simple to you but missing any one of these can lead to losses or even client relationships. So, here are the key points that you must follow when you are working as an insurance sales agent:

• Always prioritize the client’s financial goals and comfort.
• Stay updated with new insurance products.
• Follow the key IRDAI guidelines.
• Help to complete and fill the forms.
• Ensure proper documents and KYC are attached to avoid rejections.
• Proper follow-up on renewals is important.
• Assist in claims and changes in policy, if needed.
• Be honest and never hide any detail from the client. 
• Inform about any delay to ensure transparency.
• Ensure that client data is proper and confidential.
• Plan your day efficiently to manage sales, service, and learning.
• Use reliable digital tools to simplify policy management and lead tracking.

Build a Trusted Insurance Practice with Choice Connect

With this, you now know all the key insurance agent duties and responsibilities well. But now the question is, how to get started? Well, for this, you not just need a proper platform but also one where you can seek all the guidance and support needed to ensure the work flows in a smooth and streamlined manner. 

This is where you can start with the Choice Connect. Register to become a financial agent and learn from the experts. With no fees and no complicated process, you can start earning from day 1. Also, there is a streamlined dashboard that allows you to track all your leads on the platform easily.

So, are you ready to be on this journey of success? Well, get registered today and become independent by working from home.

FAQs

1. What are the main responsibilities of an insurance agent?

The main responsibility of the insurance agent is to understand the client's needs. This will help them ensure they sell the right policy to the client.

2. Do insurance agents need a licence in India?

Yes. Every insurance agent must obtain an IRDAI licence after completing the prescribed training and passing the required examination.

3. How do insurance agents earn income?

Agents earn through commissions on policy sales.  This is the percentage of the policy premium. But it will be different for all policies.

4. What skills are important for a successful insurance agent?

Strong communication and product knowledge are the top skills needed. Then the agent must know time management. He should have good client service skills for success in this field.

5. Can insurance agents sell policies from multiple companies?

Yes, agents can sell policies from different insurers if they are licensed and registered with each under the respective category.