Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
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.
Table of Contents
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?
Gujarat (GIFT City) is a central business district that is under construction and located in th...
The Reserve Bank of India defines a bank as a legal entity that acts as a financial institution...
NBFC has been imposed by RBI with the mandatory filing of returns in XBRL mode from financial 2...
Accounts payable management is a difficult and time-consuming activity that necessitates consid...
What is a Stock Audit? The inventory is being physically checked. But occasionally, depending o...
Are you human?: 9 + 7 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The term "Insurance Marketing Firm" has been adopted in India by the Insurance Regulatory and Development Authority...
17 Feb, 2023
The Insurance Regulatory and Authority of India have set up a procedure for insurance companies to handle customer...
10 Sep, 2022
Chat on Whatsapp
Hey I'm Suman. Let's Talk!