...Role of Service Insurance Agents In: Business and Management Role of Service Insurance Agents rRole of an insurance agent / broker Insurance agents and brokers play an important role in marketing life insurance policies. They are the face of the insurance company.Most of the insurance policies world over are sold by insurance agents and brokers. From the insurance company point of they are the marketing and selling agents for their insurance plans. The following are the basic function they should perform. -Provide all the necessary application forms. -Submit application forms to the company. -Arrange for all the medical tests and related formalities. -Provide reminders premiums payments and return receipts. -Should help you make necesary changes in address ,nomination etc. -Help in the process of assignment -Assist you for any loan applications and related formalities -Should help you revive lapsed policies -Assist in claiming death benefits, if required ____----- ROLE OF AN INSURANCE AGENT The role of an insurance agent is to supply a comprehensive policy which will provide adequate protection in the event of a loss on your new home. It should offer coverage for your dwelling, personal property, loss of use, and liability. The amount of insurance should be equal to the replacement value of the dwelling. A bank or mortgage company cannot require insurance in excess of the dwelling replacement cost. The insurance agent can help you to calculate...
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...Review of consumer protection measures in the travel and travel related services market in Australia including the role of the Travel Compensation Fund Submission by Australian Federation of Travel Agents April 2010 Contact Mr Jayson Westbury Chief Executive Officer, AFTA 309 Pitt Street Sydney NSW 2000 T: 02 9287 9900 E: afta@afta.com.au Without a travel agent, you are on your own AFTA submission to Ministerial Council on Consumer Affairs Review of consumer protection measures in the travel and travel-related services market including the role of the Travel Compensation Fund Page 2 AFTA submission to Ministerial Council on Consumer Affairs Review of consumer protection measures in the travel and travel-related services market including the role of the Travel Compensation Fund Who is AFTA? The Australian Federation of Travel Agents Ltd (AFTA) was founded in 1957 to: establish professional standards for travel agents; stimulate, encourage and promote travel; bring together those acting as intermediaries in the distribution of travel services; and build strong working relationships with suppliers and consumers of travel related services. AFTA represents approximately 70% of Australia’s travel intermediaries that control more than 90% of travel intermediary turnover. It also has a substantial base of associate members, representing non-intermediary sectors of the travel related services industry. Members are bound by AFTA’s Code of Ethics. AFTA represents the...
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...InsuranceFreeFAQ Free Insurance Questions and Answers • Home • Insurance FAQ • What is the role of insurance agents? Answers: [pic] Agents sell insurance policies and sometimes serve as a middle man between the custumer and adjuster(person who estimates and settles claims) [pic] Insurance agents provide sale and service on insurance policies. Some specialize in just one company, some handle a range. They will explain the various policies to you, write up the policy and issue it, run your payments, and handle claims on the policy. [pic] to suck contained by the client ,take the money and within case of a claim be the first to deny it, later call his superiors and inform them of the claim so they deny it also, but the agent wind up lookin like your friend [pic] Hi! The role of an insurance agents is to BRIDGE between the insurance company and a soul who wants to be insured or want their property to be insured. He also act as the SPOKESMAN of the insurance company so that he may be able to put on the market an insurance. He is also an AGENT because he get a commission everytime a entity buys and believe in what he is selling. [pic] The previous posts have be correct w the exception of the person who doesn't figure out insurance. As an agent I have no power to deny a claim, or to even SUGGEST denying a claim. Most claims are pretty clear cutcovered, or not covered!! My responsibility is to inform the client roughly speaking all aspects of the...
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...Appendices Questionnaire Q1 A STUDY ON CONSUMER BEHAVIOUR TOWARDS ENDOWMENT POLICY OF LIFE INSURANCE CORPORATION OF INDIA AT PERAMBALUR DISTRICT QUESTIONNAIRE I. DEMOGRAPHIC PROFILE 1. Name (Option) 2. Age : : Below 20 51 – 60 3. Sex 4. Level of Education : : Male 21 to 30 31 to 40 41 to 50 61 and above Female Graduate Professional Below School level Post Graduate 5. Marital status 6. Monthly Income : : Married Unmarried Rs.5001-10000 Rs.15001-20000 Below Rs.5000 Rs.10001-15000 Rs.20001 & above 7. Type of Family 8. Occupational status : : Joint Government Student Nuclear Private Housewife Business Farmers II. FACTORS INFLUENCING POLICY HOLDERS 1. Reasons for preference of LIC? Reliability Financially sound Customer oriented Well managed Other facilities New schemes cum attractive bonus Savings 2. Level of awareness of the various types of Endowment plans in LIC? Very High High Moderate Low Very Low Q2 3. The source of buying Endowment Policy? Agent Development officer Direct 4. Number of Endowment Polices taken so far? One Two Three More than Three 5. Periodicity for payment of Premium? Monthly Quarterly Half Yearly Yearly 6. S. No. Which type of Endowment policy you have chosen? Specify the year/period? Sum Annual Assured/Period Premium Mode of pay Monthly/Quarterly/ Half-yearly/Annually Endowment plans New Janaraksha Jeevan Anand Endowment with profits Marriage Endowment / Education Annuity with...
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...Each state has its own licensing requirements for agents and brokers but the Graham-Leach-Bliley Act (GLB) required more uniform laws in order to allow the agents and brokers to work in different states. General requirements to be licensed include that the individual concerned be above 18 years old. He must not be convicted and he must have passed an authorized examination. In addition, any life insurance agents who sell variable annuities or variable life insurance must also be licensed by the Securities and Exchange Commission, because these products involve investments of securities. An individual agent is one who has undergone requisite training, passed an examination and been duly licensed by IRDA to sell insurance policies to the public...
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...MARKETING OF INSURANCE SERVICES AGENCY APPROACH In recent times the insurance business has been based on agency representation and relationship. The agent represents the principal in the sale of insurance policies and in forcing a contractual relationship between the principal and the client. According to Nwachukwu (1991), the following criteria will be considered in agency creation 1) The creation of agency. The relationship can be formulated either through written or oral communication or by conduct. When required to act under seal, the agent must be given a document to validate his authority. This gives the agent power of attorney to act on behalf of his client. It has also been 2) Capacity: only individual who have been proven capable can act as agents. Exceptional cases are made during his period of sanity. Also a company can take up the role of an agent for another party, even if its not in line with the business operation of the company. The relationship that exists between the principals and agents is solely based on the resultant benefits. Classification of the Power and Authority of the agent 1) Express Authority: in this situation, the authority and rules governing the relationship is clearly spelt out in writing, oral or by deed. The oral form might not cure handy when issues come up. Where the written authority might not be specific and this gives room for manipulation of the principal by the agent. 2) Implied Authority: this authority...
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...GENERAL INSURANCE 'Looks to the future with confidence and optimism' 1. Brief the history of General Insurance. In India General Insurance business started, Marine Insurance started on the later part of the 17th century. Before nationalization in 1947 we have 147 insurance companies, foreign and Indian both. But during there nationalization, in 1973 we have 107 companies that merge into four companies, i.e. taken over by Government. General Insurance Corporation of India (GIC) was set up in 1973 as a holding company, with four subsidiary operating companies- National Insurance co. Ltd., New India Assurance Co. Ltd., New India Assurance Co. Ltd., oriental Insurance co. Ltd. and United India Insurance Co. Ltd., with a clear cut mission as set out in the Act. 2. What is the overall scenario in the insurance market in India after nationalisation? GIC and its subsidiaries function through a vast country - wide network of around 4100 offices spread across the length and breadth of the country, GIC has taken the benefit of insurance to almost every district, across hilly terrain and often inaccessible areas of the country. The customer- interface is made easy through a network of agents, development officers and employees at Branch, Divisional and Regional offices as well as at the corporate level. The GIC and its subsidiaries have a workforce of approximately 86,000 in 1973 tainted at various levels through in house training institutions. Now the total number of employees...
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...PREFACE In today’s corporate and competitive world, I find that insurance sector has the maximum growth and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential attracts me to enter in this sector and SBI LIFE INSURANCE has given me the opportunity to work and get experience in highly competitive and enhancing sector. This job training also helped me a lot in understanding the process and the challenges faced in building effective distribution channels for life insurance products by establishing network of life insurance advisors or tied agency channel. Table Of Contents Declaration ............................................................................................ Acknowledgement ..................................................................................... Preface ....................................................................................................... Table of contents ....................................................................................... Company Profile ........................................................................................ Chapter: Introduction Purpose ............................................................................................. Scope ..............................................
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... | |Dameron-Jones Insurance Agency | |Della McCrory – Owner/Agent | |Rebecca Erin McCrory MGMT 485-02 | |12/3/2009 | An entrepreneur is a person who has possession of an enterprise, or venture, and assumes significant accountability for the inherent risks and the outcome. Entrepreneurship has worked up its way to become one of the most interesting subjects to learn. It has appealed to dynamic youths as in the past we have witnessed the rise of many entrepreneurs from having nothing and being nothing to become the wealthiest and the most influential people in their societies, countries or even globally. Their achievements have inspired the youths of their times and the many who came after them. The subject of this paper is an entrepreneur that I know well, my mother, Della McCrory. She is the owner and agent of Dameron-Jones Insurance Agency. Dameron-Jones is a small hometown based business that has withstood the very turbulent times in the economy and maintained its roots in the community and so it remains the oldest insurance agency in Hammond, Louisiana. In 1945, Mr...
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...property and life insurance underwriter is usually considered the gatekeeper for their insurance company. They make sure that new and existing insured’s meet the insurance company's eligibility requirements. Their ability to assess risk, properly price coverage, and weed out ineligible applications is central to an insurance company's ability to thrive. Underwriters work for insurance companies and are typically located at the company's headquarters or a regional branch office. Underwriting is typically a desk job with a standard 40-hour work week, although overtime may be required as determined by each underwriting project. Evening and weekend hours are not uncommon. The median salary for underwriters is $52,350 with the highest 10% earning more than $92,340. The underwriter's job is one that is both meticulous and highly-specialized. Most insurance companies prefer applicant’s who have at least two or more years of related experience in the insurance field. The applicant should hold either a CPCU, CLU, or ARM certifications. Another asset to the applicant is a four-year degree in either business, insurance, or related fields. Working with computers and technology is a vital part of underwriting. Computer software systems are used to analyze and rate insurance applications, make recommendations based on risk and adjust premium rates according to this risk. -Actuaries are statisticians who use their skills to develop pricing models for various insurance risks. While this...
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...... Research methodology....................................................................... Chapter: Findings ............................................................................................. Suggestions ............................................................................................. Annexure ................................................................................................. Refrence and Biblography ...................................................................... Company Profile: SBI Life Insurance, one of the leading insurers in India, is a joint venture between State Bank of India and BNP Paribas Assurance. While State Bank of India (SBI) is India's largest banking franchise, on the other hand, BNP Paribas Assurance is a unit of the renowned BNP Paribas - one of the leading banks in Eurozone. SBI Life Insurance follows a unique multi-distribution model that...
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...Insurance Industry – Road Ahead Path for sustainable growth momentum and increasing profitability kpmg.com/in Foreword The Insurance industry in India has undergone transformational changes over the last 12 years. Liberalization has led to the entry of the largest insurance companies in the world, who have taken a strategic view on India being one of the top priority emerging markets. The industry has witnessed phases of rapid growth along with spans of growth moderation, intensifying competition with both life and general insurance segments having more than 20 competing companies, and significant expansion of the customer base. There have also been number of product innovations and operational innovations necessitated by increased competition among the players. Changes in the regulatory environment had path-breaking impact on the development of the industry. While the life insurance industry got affected by the introduction of cap in charges, the general insurance industry got impacted by price detariffication and Motor third party risk pooling arrangements. While the insurance industry still struggles to move out of the shadows cast by the challenges and uncertainties of the last few years, the strong fundamentals of the industry augur well for a roadmap to be drawn for sustainable long-term growth. The available headroom for development, sustainable external growth drivers, and competitive strategies would continue to drive growth in the gross written premiums. However...
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...underinsured and would prefer to buy insurance face to face*. HDFC Life Insurance Company recognizes the diverse needs of these households and is determined to do what we do best — provide financial services to those that need it. As such, we have developed many resources for our Agents that work with these households. At HDFC Life we have specific products, advertising, marketing plans and support, and everything that an Agent would need or want to succeed in this market. We encourage you to call upon us to help you in developing your business plan. Some of the ways in which we support our Middle Market Agents are: • Helping you to better understand and tap into the lucrative opportunities that exist in the Middle Market. • Showing you how to increase productivity by developing targeted marketing skills including networking and maximizing opportunities with various organizations and associations. • Making the right resources available to be able to identify and market to specific target segments of the Middle Market. Included in these resources are targeted direct mail campaigns, HDFC Life custom seminar programs, and event sponsorship opportunities. • Providing you with turnkey selling systems developed specifically for the Middle Market. • Offering hands-on training, case study analysis, and role-play exercises to show you how to build trust with potential prospects. • Create opportunities for you to meet successful Agents who work in the Middle Market...
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...BROKERS Insurance brokers act as an intermediary between clients and insurance companies. Clients may be either individuals or commercial businesses and organisations. They use their in-depth knowledge of risks and the insurance market to find and arrange suitable insurance policies and arrange cover. They act in the interest of their clients and offer products from more than one insurer to ensure that their clients get the best deal. Retail insurance brokers usually arrange insurance policies for individuals or companies and deal directly with them. Policies range from motor, house, travel or pet cover for individuals or property to employer's liability and public and product liability insurance. Commercial insurance brokers deal with high value and more complex insurance cover in areas such as marine, aviation, oil and gas and financial risks. AGENTS Insurance agents, who may be referred to as insurance sales agents, help clients choose insurance policies that suit their needs. Clients include individuals and families as well as businesses. Captive agents work for an insurance company, and only sell that company's products. They are one ones who connect with the customers emotionally. They are a good mediator between the insurer and the insured. They tell about the latest taste of the consumer in the market to the company. They generally work under (DO) development officer, who works under sales manager. There are many agents under one DO. They also help the agents and give...
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...International Journal of Marketing, Financial Services & Management Research Vol.1 Issue 11, November 2012, ISSN 2277 3622 Online available at www.indianresearchjournals.com MARKETING STRATEGIES IN LIFE INSURANCE SERVICES BEENISH SHAMEEM *; DR SAMEER GUPTA ** * RESEARCH SCHOLAR, THE BUSINESS SCHOOL, UNIVERSITY OF JAMMU ** ASSOCIATE PROFESSOR, THE BUSINESS SCHOOL, UNIVERSITY OF JAMMU ABSTRACT The study is designed to evaluate the marketing strategies in life insurance service sector & how these strategies boost sales & marketability of a product which ultimately lead to customer satisfaction. The insurance scenario faces multiple challenges such as increased costs of operation, regulatory pressures, and inflexible technology infrastructure. These pressures are compounded by low to moderate premium growth & the increasing burdens of regulatory compliance. Keeping all the above problems around the study would attempt to study all the factors that contributed to the effective marketing strategies. This paper presents different marketing strategies that are taken up in life insurance services keeping in view external and internal environment of the firm. Marketing strategy is the basic approach that the business units will use to achieve its objectives, and it consists of broad decisions on target markets, market positioning and mix, and marketing expenditure levels. As the financial services sector has become more competitive, financial institutions need to...
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