Jan 29, 2023

Insurance Agent: Tasks, Functions, and Responsibilities

  • By Virginia M.,
Insurance Agent Tasks

A person employed to sell insurance policies to customers is known as an insurance agent. An insurance agent helps customers in selecting insurance policies that are appropriate for the needs of their customers. Insurance providers employ insurance agents to sell new insurance policies or assist customers in insurance renewal.

“According to the U.S. News & World Report, Insurance agent was ranked as the second best career in sales and marketing in 2021.”

Insurance agents are in charge of discovering sales opportunities for insurance products as well as managing a customer base. These professionals, also referred to as Insurance Sales Agents, are in charge of developing risk management strategies, administering policy renewals, and tracking claims.

Types of Insurance

  • Property and casualty insurance
  • Life insurance
  • Health insurance
  • Disability insurance
  • Long-term care insurance
  • Livestock insurance and
  • Equine insurance

Types of Insurance Agents

Personal Lines Insurance Agents

They handle insurance policies like:

  • Auto
  • Home
  • Umbrella
  • Motorcycle
  • RV
  • Boat

Commercial Sales Agents

Business and business-related policies are managed by commercial sales agents.

Insurance Agent Duties & Responsibilities

An insurance agent may perform the below duties and responsibilities.

Data Collection for Generating Leads

Lead generation is a significant responsibility for an insurance agent. Hence, an insurance agent must actively be involved in data collection in order to better connect with clients and prospects. In this instance, data refers to any information about clients and prospects that is necessary for interacting, contacting, and providing the best possible service as their agent. Insurance agents may also utilize their social media contacts to generate leads and enhance visibility.

Client Interaction

The key duty of an insurance agent is to provide excellent customer service. An insurance agent initiates a phone call or face-to-face interaction with a prospect and understands the needs of the customer, the type of insurance policy terms that the prospect requires. During this discussion, coverage needs, amounts, payment methods and budget are discussed and understood by the insurance agent.

Selling Insurance Products

Insurance agents must be proficient in the art of persuasion. After figuring out the demands of the prospect, you can explore the product options to see which one is the most excellent fit. After that, insurance agents offer a recommendation to the prospect. It is critical to have a long-term perspective when attempting to influence the prospect.

Servicing Policies

Larger insurance companies employ call centers or support staff to address the basic customer service concerns and claims. Independent agents, and agents working in office with larger providers are the primary point of contact for customers.

Responding to Post-Sale queries

The post-sale journey is as important as accomplishing the sale. It includes several touchpoints like onboarding, payment reminders for premiums, communication to address the evolving needs, and finally claim settlement. The products of insurance companies maybe identical, but the customer experience is the key differentiator.

Wrapping Up

Insurance agents must assess their clients’ needs and provide solutions that satisfy their needs and financial status. Insurance agents must effectively comprehend the needs and financial capability of their clients to promote long-term relationship with their clients.

Related Posts