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Why do we need Insurance Agents?
An insurance agent is one the most important person in the entire insurance value chain. Insurance selling involves a personal touch. It is true that most of the younger generation people like to navigate through the web to get their insurance, but the ROPO strategy (Research Online Purchase Offline) remains popular. People may want to search for insurance information online, but when it comes to buying a coverage, they prefer interacting with a known Agent, who can answer their queries directly; and provide a more satisfying experience. Here is why the insurance agents will remain relevant:
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The agent will assist you in filling the application and help you in understanding the fine prints in the policy terms and conditions. More often the claims may be denied because the application was inadequately filled.
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The interaction with an agent is quicker, personalized and transparent compared to other channels of distribution. It is easy to connect face to face or otherwise with an agent any time during the policy term.
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An insurance agent has undergone requisite training and is more competent to give you the right advice based on his education and experience. By virtue of his insurance qualifications and designations he can suggest the plans and policies to the customer better than any other individual .
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The nature of Insurance contract is different from other products and difficult for a layman to understand. Insurance contracts are Contracts of Adhesion meaning that the terms and conditions are drafted by and the other party i.e. . It is offered ‘take it or leave it’ basis and the insurers have On top of that you have complex conditions like those specific provisions, rules of conduct, duties, and obligations. There is a great need for someone who is familiar with to explain the conditions and the consequence of non-compliance of the contract.
5-
The Online sellers and price comparison websites differentiate the products based on the prices which is governed by the coverage and the limits. Insurance company standing, corporate governance, ethics, values and other performance factors like turnaround time, claim settlement ratio, loss ratio etc. are unfortunately not considered during comparison. You need an Intermediary who is out there in the market interacting with different stakeholders and can help you in choosing a carrier who is well suited for your unique needs.