Services You Should Expect from a Life Insurance Company or Intermediary

Now that you have finalized which insurance company to collaborate with and are involved with an intermediary, you would have some set of expectations from them. These expectations may range from their knowledge set to their public dealing. Services of the life insurance industry are quite versatile depending upon what capacity you are involved in.

1. Updated credentials: Before handing over your personal and financial details and documents, you must check for the credibility of the agent at your service. These credentials include the name of the company, employee ID, employee card, and a valid license to conduct these activities.
2. Knowledge Base: A good agent is one who has in-depth knowledge of all the offered products and services from the insurance company. They must understand your insurance requirements and suggest a suitable product accordingly.This also includes understanding your investment needs and suggesting a life cover that also accounts for a great investment tool. There are options like ULIPs (Unit-Linked Insurance Plans), which generate returns as per the market movement and returns. Another option is the Endowment policy that comes with a sum assured at the time of maturity.
3. Good at networking: What separates great agents from the general lot are their people skills and networking capabilities. While you are trusting them with your life and the money involved, they must practise a client-first approach to make sure things go smoothly without any hiccups in the process.
4. Technical expertise: A smart insurance agent must also understand and know that networking is much more than just selling the product to a potential customer. They must acknowledge that the customer will have to pay for taxes and other intermediary costs and fees. You would expect your agent to disclose all these costs to you beforehand while giving you an overall estimate of the insurance purchase.
5. Emotional quotient: Since the insurance industry works on the bet of life and death, it is extremely important for potential clients to be assured of the services that have been promised in the proposal form. Hence, the onus lies on the intermediaries to make sure that they empathize with people who are their clients and connect with them on a much more substantial level than just a policy.

Choosing a life insurance company should be done only after proper research and comparison of policies and services provided by different insurance companies.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.