Why Do We Need Insurance Agents in India?

Why Do We Need Insurance Agents in India?

In the ever-changing landscape of personal and financial uncertainties, the need for comprehensive insurance coverage has never been more critical. While the digital age has ushered in a myriad of online platforms for purchasing insurance, the role of the insurance agent remains irreplaceable, especially in the diverse and dynamic market of India. This blog explores the pivotal reasons why insurance agents continue to play a crucial role in helping individuals and businesses navigate the complexities of insurance, ensuring they make informed decisions to safeguard their future.

Quick Link: Become an Insurance agent

Role of Insurance Agents in India

Here are the roles of an agent in India.

Data Collection

The insurance agent collects the data for better connecting with the buyers. Data refers to the information of the buyers which is an important source for contact. The insurance agent collects the data and contacts the buyers. He understands the needs of the client. In addition, he also takes note of their budget and coverage needs. 

Call and Follow-up

The insurance agent always tries to make a personal connection with the buyers by contacting them after collecting their data. The phone call allows the agent to understand the insurance needs of the buyers. However, it is not enough to sell the policy. The follow-up phone call is an important step in selling the policies. He frequently calls the client to convince him to buy the policy which satisfies his needs. 

Meeting with the Buyers

The insurance agent set a target to meet with many buyers on a daily basis. He reviews the sales goals and understands the meeting plan. 

Post Sale Queries

The insurance agent works even after selling the policy. He needs to attend to the queries of the buyers after selling the policy. For example, a buyer may face many problems or issues after buying the policy. The insurance agent must respond to such queries in order to help the buyer with the policy.

Need of Insurance Agents in India

Some people may not understand the complexities of the insurance policy. They may find it difficult to understand. Some may find health cover more complex when compared to motor cover. A person must contact an insurance agent if he faces a difficulty while buying the policy. An agent may guide the individual in finding the most suitable policy which could meet his needs and preferences. People must understand the benefits of having a good insurance agent.

Let us discuss the benefits of a good insurance agent.

Knowledge of the Insurance Industry

An insurance agent or advisor is one who has an in-depth knowledge of the industry. For example, an ordinary individual may find many complex terms in the health insurance policy. At the same time, a professional health insurance agent may remove all the complexities by explaining those terms in detail. The insurance advisor knows the concepts and working processes of the industry.

Product Knowledge

An insurance advisor knows what he sells and whom he sells. He understands the terms and conditions of an insurance plan. He also has a deep knowledge of the features and services of the policy. He may guide the buyers about the advantages and disadvantages of a particular product. The insurance advisor never asks the buyer to search for the policy. He explains the terms and conditions of the policy in simple language.

Understanding the Needs of Buyers

An insurance agent understands the needs of the buyer. He meets the buyers and asks about the coverage he wishes to have. In addition, he also interprets the budget and income of the client to offer him the most suitable product which may meet his demand the satisfy his budget.

Work as a Link

An insurance agent serves as a link between the insurance company and buyers. He knows the buyers and the terms of the insurance company. He addresses every concern of the buyers and communicates it to the insurance company.

Help in the Claim Process

The insurance agent helps the buyer during the claim process. He helps him in filing the claim form and sends it to the insurance company. In addition, he also communicates with the insurance company in case of an emergency.

Role of PoSP Agents in India

A PoSP (Point of Selling Person) plays the same role as an insurance agent. The insurance PoS agent and an insurance agent perform the same job. They both sell the insurance policy and work as a link between the insurance company and the buyer. However, people mostly prefer to become a PoSP agent compared to a normal insurance agent. A PoSP may sell many insurance products to different insurance companies. But a normal insurance agent may sell the policies of only one insurance company. This way a PoSP may increase his earning scope by working for more than one insurance company. The insurance regulations introduced the PoSP licence to meet the unique demands of the people. An insurance agent may also work as an insurance PoSP by attending the training session and clearing the exam.

Conclusion

An insurance agent plays a different role in society. He understands the needs and budget of the buyer. He sells the policies according to the preferences of the buyers. The agent serves as a link between the insurance company and the buyers. He helps the buyer in filing the claim form. He has a deep knowledge of the product which he suggests the buyer to purchase. He makes the complex terms easier for the buyer.

FAQs

Q. What is PoSP full form in insurance?

A. Point of Selling Person is the PoSP full form in insurance.

Q. Who can work as an insurance PoSP?

A. Here are the people who may work as an insurance PoSP.

  • Housewife
  • Retired employees
  • College students
  • Businessmen
Q. How to become an insurance agent?

A. Here are the ways that answer how to become an insurance agent.

  • Attend the training session
  • Appear in the exam
  • Clear the exam
  • Get the license to sell the policies
Q. What are the benefits of becoming a PoSP?

A. Here are the benefits of becoming a PoSP.

  • Flexible timing
  • Be your own boss
  • Set your own target
  • Work from home

Related Articles

How to get a PoSP insurance Code

Benefits of Becoming Life Insurance PoSP agent

How to become a PoSP insurance Agent

Leave a Reply

Your email address will not be published. Required fields are marked *

© 2021 PBPartners. All Rights Reserved | support@pbpartners.com

PB Partners - A Brand Under Policybazaar Insurance Brokers Private Limited
CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana - 122001
Policybazaar is now registered as a Direct Broker |Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2024, License category- Direct Broker (Life & General)