AGENT
An agent is a person who is employed to do any act for another/or represent another in dealing with the third person The term Agent in the insurance industry is ordinarily applied to a person who is engaged by the insurer to procure business for him (The insurer)
CORPORATE AGENT
Corporate agent is anew concept recently introduced by IRDA to facilitate the distribution of products by the corporate. The main agenda to promote corporate agents is to facilitate banc assurance in India A corporate agent could be a firm, A company, A banking company, Regional Rural banks, Cooperative societies,Panchayats, N.G.Os etc
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Contact prospects Study their insurance needs Persuade them to buy Completion of Formalities Filling of forms Arranging for medical examination Collecting proofs of age and income etc Any other information required by the underwriter
PRE-SALE FUNCTIONS..
Collection of first premium deposit After the proposal results into a policy it is in the interest of the life assured, the agent and the insurer that the business is conserved and it continues without a lapse till it results into a claim. So the p[ost sale functions are also equally important
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Ensure payment of renewal premiums Assist policyholder for nomination or change thereof Assist policyholder in case he wants to get loan against policy Assist the policy holder or the claimant to comply with the requirement for getting timely settlement of claim Keep regular touch with the customer
Ana gent has to be familiar with various plans offered by the insurer- the benefits and restrictions He should know the office procedures for various matters and also the forms and documents required He must be familiar with other financial instruments suitable for savings and investments available in the market and their benefits and advantages, law particularly the taxation aspects relating to these instruments
Practical Training The applicant shall have completed form an approved institution at least one hundred hours practical training in life or general insurance business. 3. Examination The applicant shall have passed the pre recruitment examination in life or general insurance business or both conducted by the insurance institute in Mumbai or any other examination body
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Fee Payable The fees payable to the authority for issue or renewal of license to act as insurance agent or a composite insurance agent shall be rupees two hundred and fifty 5. Code of Conduct A code of conduct is a guideline on functioning of agent. In the code of conduct it is stated what an agent is permitted to do and what he is not permitted
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