Who is an Insurance Agent?

An insurance agent is licensed to conduct business on behalf of insurance companies. As an insurance professional, an agent has a good understanding of the insurance sector and offers a host of insurance products for you to consider.

In addition to policies, agents also sell mutual funds, annuities, and other products that address wealth management, retirement and estate planning.

Agents can operate in many different forms — independent, exclusive, insurer-employed and self-employed.

Insurance Agents in India

In order to become an insurance advisor in India, Insurance Act 1938 mandates that an individual have a major with sound mind. India’s insurance regulator IRDA has framed various regulations pertaining to training hours, examination as well as fees that can be amended from time to time. The aim is to make insurance agents financial professionals.

Functions of an Insurance Agent

  • An insurance agent should educate customers on the various insurance policies

  • Needs to build a healthy rapport with existing and prospective clients

  • Required to have good knowledge about the insurance market

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Reinsurance is an insurance that is purchased by an Insurance company from one or more other insurance companies to manage the risk. Reinsurance helps in transfer of risk from one insurance company to another. It is also called “insurance for insurers” or “stop-loss insurance”.

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