Friday, June 2, 2023

Importance of Corporate Insurance Agent

A corporate insurance agent is someone who is responsible for end to end insurance solutions for corporates/ organisations. Therefore, a corporate insurance is also known as business insurance as it safeguard the interests of the business and the other associations as well. 

A corporate may acquire insurance for various reasons in the company. One of the most common is life insurance that a corporate procures as a retention strategy for its employees. This may extend to mediclaim policies as well. The other types of insurance that may be available is property insurance, fire and burglary etc. 

The job of a corporate insurance agent is to analyse, suggest and provide a suitable insurance plan that will act as a shield to mitigate risks of assets that are tangible and intangible both. He/she is the individual who is a representative on behalf of the insurance company to sell accurate policies to the clients/ corporates. 

What is Corporate/Business Insurance and the Importance of Corporate Insurance Agent

Business insurance is a significant means to protect any category of business whether small or big. A corporate insurance agent safeguards the corporation from the number of risks it is exposed to by taking care of its insurance needs that creates a shield that shall protect it from any unforeseen situation especially in regards to financial loss. He ensures the corporate/business and its employees including the owner are well protected. Based on a valuation and by understanding the nature of business the corporate insurance agent provides expert insights to evaluate the risks of the business and accordingly offer the accurate insurance. The corporate insurance agent gains adequate knowledge to make an analysis and fulfil the requirement as per the budget of the corporates. 

The primary job of a corporate insurance agent is to understand the type of insurance required, the term of insurance and many such nitty-gritties before making an offer. More so, the agent should also keep in mind the budget of the buyer and provide him with the best suitable one. 

Types of corporate insurance provided are:

Workman Compensation Insurance Policy

Professional Liability / Indemnity Insurance Policy

Special Contingency Policy

Group Term Life Insurance Policy

Group Mediclaim Insurance Policy

Fire & Burglary Insurance Policy

The role and responsibility of a corporate insurance agent are as follows:

  • Managing and tracking the status 
  • Generate policies on time
  • Ensuring the right policy has been purchased
  • Understanding the requirement of the client 
  • Deriving pricing strategies as per budgets

Process to Become A Corporate Insurance Agent:

A Corporate insurance agent is an emerging career and hence the question arises how to become a corporate insurance agent. The process to become a corporate agent is simple and hassle-free. One has to be at least 18 years of age and should have obtained 12th standard certification along with a mandatory course prescribed by IRDA. In case an individual is associated with an insurance company or is an employee of an insurance company, he/she can sell only the policies that are offered by the company. However, if an individual registers through any financial service provider such as Choice Connect, he/she has the privilege to work with many brands at the same time. In addition, one is not restricted to offer the best policy as per the requirement. 

To sum it up, a corporate insurance agent services the corporate segment for their insurance requirements, understands the nature of business, assesses the situation and makes an offer for the right type of insurance. In addition, the role of a corporate insurance agent is a long term process as he needs to keep follow-ups, track status and mainly settle claims. The process to be a corporate insurance agent is simplified so that one can gauge the opportunity to serve more and more corporates.