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An insurance agent is a representative of a particular insurance company selling its insurance policies and related products. Apart from selling the products of the company, an agent also helps in improving the brand image of the company. An agent receives in-house training from the company itself, and he/she has to obtain a license as part of the regulations put forth by IRDAI Insurance License. This piece of writing talks about the duties and functions of an insurance agent in India.
An insurance agent is the representative of the insurance company, i.e. the insurer. According to section 42 of the Insurance Act, 1938[1], an insurance agent is a licensed person who receives or agrees to receive payment commission or remuneration in consideration for soliciting or procuring business and includes business related to the continuance, renewal or revival of policies of insurance. In other words, an insurance agent in India is a person who agrees to work for the insurer in exchange for remuneration or commission. Such an agent promotes the products and services offered by the insurer.
Following are the key functions of an insurance agent in India:
Some of the important duties to be executed by an insurance agent in India include the following are:
From the above discussion, it can be concluded that an insurance agent in India has in-depth knowledge of all the products of the company, and for selling the products, he gets more commission from the insurance broker. Their sphere of services is limited to providing products of only the company they represent, and as a result, they are able to serve a limited clientele. This makes their service even more personalized.
Read our Article: How to get an Insurance Broker License in India?
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