Insurance agents work for insurance companies, and it is their job to sell insurance policies to anyone who may need them, including individuals, businesses, families, and other groups.
The representatives of the insurance industry are insurance agents, and they play a critical role in the promotion and adoption of insurance policies. They foster a personal relationship with policyholders. When personal contact is necessary to conclude an insurance contract and help potential policyholders with their purchase, these agents excel.
An insurance agent must therefore be very knowledgeable about all of the policies and services that his or her firm provides. Since persuasion is a component of their job, they should also have the ability to sell.
Insurance brokers should not be confused with insurance agents. An insurance broker is more on the side of the client; they use their expertise and knowledge to assist the client in selecting the best policy. To assist the client in making the best decision, he will compare and contrast policies from several insurers.
Variable annuities, mutual funds, and other securities are among the investment options that certain insurance agents sell.
4 Roles Of Insurance Agents
In essence, insurance serves as a middleman between the insurer and the clients. Among his tasks are, but not exclusive to;
1. Market and sell insurance policies
The main job of an insurance agent is to sell the company’s insurance policies. They keep an eye out for possible customers. They use several methods to accomplish this, such as cold calling and cold emailing. Taking a strategic stance is another accepted technique. An agent offering auto insurance, for instance, might be located at an auto shop or vehicle dealership.
2. Assess Policies
It is their job to evaluate the client’s financial needs and provide a policy that specifically addresses those needs if the client is having trouble making a decision.
3. Handle Paperwork
To sell the policy, it is the agent’s job to handle all of the paperwork. Evaluation of financial statements, criminal histories, ownership documentation, etc. are all part of the job.
4. Policy Management
Additionally, they execute policy renewals, oversee repayments, and maintain track of all the clients and their policies. If a claim is made, the agent is required to investigate it and compensate the client appropriately.
Insurance Agents in Nigeria
In Nigeria, there are now more than 15,000 insurance agents working for more than 460 brokers. The firm often employs and trains insurance agents. They receive introductory training on how to approach and engage with clients as well as information about all the different insurance classes the firm offers.
They must meet monthly goals. As long as they bring in clients, some insurance corporations place them in pertinent organizations while others give them free rein. Most agents are paid via commission.
An agent may be free or held hostage. While captive agents only work for one specific insurer, an independent agent sells insurance for a variety of businesses. Independent agents are more in demand since they provide the benefit of comparison, which enables you to make more informed judgments.