Insurance Agent Overview

An insurance agent comes into our lives like the charming, gallant saviour of fairy tales, to help us combat all the imminent demons in our path-way. An insurance agent acts as our life-buoys, helping us to stay afloat even amidst an unprecedented storm of circumstances.

 

By insuring our lives and making it secure against any possible danger, they truly attain the cult-status of a hero. Thus, if you’ve always remained keen to serve people and help them out in their times of trouble, then here’s the perfect channel for you to take a dip in.

 

The main function of an ‘Insurance Agent’, is to sell policies that provide financial protection in case of death, accidents or acts of nature. They are also known as:                  

 

There are many different kinds of policies that cover many types of situations. An insurance agent explains the different options and helps customers choose the policies that are right for them. An insurance agent discusses with customers how much protection they want and how much they are willing to pay.

 

Some Insurance agents sell life, health, and property insurance. They may also offer financial planning services to their clients, such as retirement planning, estate planning or assistance in setting up pension plans for businesses. An insurance agent also buys and sells securities within financial markets and trade and distribute financial securities on behalf of financial institutions.

 

As a result, many insurance agents are involved in "cross-selling" or "total account development." Besides insurance, these agents may become licensed to sell mutual funds, variable annuities, and other securities. This is most common for a life insurance agent who already sells annuities; however, property and casualty agents also sell financial products.

 

An insurance agent helps individuals, families, and businesses select insurance policies that provide the best protection for their lives, health, and property. Insurance sales agents who work exclusively for one insurance company are referred to as captive agents.

 

Independent insurance agents, or brokers, represent several companies and place insurance policies for their clients with the company that offers the best rate and coverage. In either case, an insurance agent prepares reports, maintains records, seeks out new clients and in the event of a loss, helps policy holders settle insurance claims. 

 

Increasingly, some Insurance agents have started offering their clients financial analysis or advice on ways they can minimize risk. Their other major responsibilities include drawing up lists of clients from a variety of sources, contacting the potential clients, usually by telephone, to arrange interviews. Then, interviewing the clients to identify their insurance needs and how the insurance policies might meet those needs.

 

Other tasks of an insurance agent involves writing an insurance recommendation list or plan to assist the client to make an informed decision, explaining to clients the details of insurance policies including the risks for which they are covered, the rates and comparative benefits and last but not the least, recommending an appropriate amount and type of cover to individual clients 

 

The miscellaneous duty of an Insurance Agent incorporates:

                 a) Collecting premiums and keep records of payments 

                 b) Regularly reviewing clients' circumstances to ensure that the level of insurance is appropriate

                 c) Marketing their services to increase their number of clients

                 d) Researching and reviewing available insurance products to make sure that the clients are being offered the best and most appropriate insurance plan.

                 e) Obtain information on securities, market conditions, government regulations and financial circumstances of clients 

                 f) Dealing in the marketplace on behalf of clients and provide financial advice 

                 g) Recording and transmitting 'buy' and 'sell' orders 

                 h) Calculating and recording costs of transactions 

                 i) Maintaining lists of appropriate investments for clients 

                 j) Finally, appropriate planning of buying and selling activities.

 

One could also opt for specializations in:

 

Property and casualty insurance agents sell policies that protect individuals and businesses from financial loss resulting from automobile accidents, fire, theft, storms, and other events that can damage property. For businesses, property and casualty insurance can also cover injured workers' compensation, product liability claims or medical malpractice claims.

 

A life insurance agent specializes in selling policies that pay beneficiaries when a policyholder dies. Depending on the policyholder's circumstances, a cash-value policy can be designed to provide retirement income, funds for the education of children, or other benefits.

 

A life insurance agent also sells annuities that promise a retirement income. A health insurance agent sells health insurance policies that cover the costs of medical care and loss of income due to illness or injury. A health insurance agent may also sell dental insurance and short-term and long-term disability insurance policies. 

 

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