+91 9983 203 203
Latest articles on Life Insurance, Non-life Insurance, Mutual Funds, Bonds, Small Saving Schemes and Personal Finance to help you make well-informed money decisions.
Donning the role of the GenerationNext insurance advisor cum financial consultant, today’s agent has a professional outlook, is more techno savvy, is in a position to satiate the hunger for custom made policies that were never heard of and believes prompt customer service is the key to success.
Educating the customers on the need for insurance in life is his first step. And before he could elaborate on the choice of covers available, will want to know the prospects’ exact requirements and future planning in order that the cover can be designed accordingly - an aspect that was not considered earlier. In other words, he plays a much bigger role than he did earlier, thanks to the opening of the sector.
He is no more the undergraduate part-timer of yesteryears who only aimed at pocketing an attractive first year commission and gave scant regard to customer service but a thoroughbred professional, an MBA perhaps.
Ask for all information you desire and it will be supported with necessary calculations and analysis in a presentable easy-to-understand format. Be it working out presentations instantly, plan comparisons or the returns analysis on your insurance investment over a period of time - your agent can provide you with all this and a lot more. Moreover, you can also count on him for tips on the best picks from among the stocks or know a thing or two about investment in the best mutual funds around and he will only be glad to guide you.
Enter customized policies and individuals have a lot more to choose from. The agent after taking into account the changing future needs of individuals, suggests policies that can be the most apt. Insurance needs will be revised regularly and claim settlements will no more be drudgery.
The insurance sector is witness to cut throat competition in the market, and insurance companies have realized the importance of prompt customer service. Insurance agents will no more be able to afford a laid back attitude. They will have to be on their toes catering to the growing customer needs and serving them always, for his future referrals will come from them.
And to top it all there are other intermediaries waiting in the wings to take the leap into insurance once they get the nod. So what will happen to agents? Will they become an extinct species? Will they die a natural death and will brokers and other intermediaries take the reigns in their hands?
Agents are here to stay:
According to the McKinsey report, a global business and economic publication, agents will continue to account for bulk of the insurance business and will be preferred over and above other channels. Other intermediaries such as brokers, the report states, will only be able to carve a niche market for themselves and the acceptability of such alternative channels will take time.
Moreover, how far will the personalized services offered through bancassurance and corporate brokers be comparable to that of an insurance agent is a pertinent question. While few insurers opine that selling insurance through agents is a costly affair, how successful will intermediaries such as bancassurance be successful is yet to be seen.
Follow us on our social media channels:
Copyright © 2024 Design and developed by Fintso. All Rights Reserved
Industry News