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Chuks Udo Okonta
Insurance agents are closer to the insuring public, hence most insurance deals, especially in retail businesses, are done through them.
Why you undertake your insurance deal with a broker, it is necessary, you understand that they are only intermediaries and don’t hold your transfered risks.
Insurance Agents don’t pay claims, but underwriters do. Therefore, you need to note the following when buying insurance policies from an agent.
* Background check
Before you buy a policy from an agent ensure you conduct Know-Your-Agent (KYA), which is background check on the agent. This can be done by reaching out to the umbrella body of agents, to ascertain if the agent is a registered member. You can also call the insurance company which the agents claims to represent.
Conducting Know-Your-Agent, would save you from fraudulent individuals posing as insurance agents.
* Pay for premium through insurance company’s account.
Don’t pay cash or transfer premium payment to an agent’s personal account. Ensure your payments are made directly to the company’s account and seek acknowledgement of payment.
* Relate with insurance company
Insurance agents are highly mobile, moving from one company to another in search of better commission. Therefore, ensure you develop a relationship that is beyond the agent. Relate closely with your underwriter through the public relations officer. This would help you stay on top of your investment even when the agent leaves the company.
* Obtain correct policy documents
Ensure you collect your policy documents from the insurance agent, for the documents remain your bond with the underwriter.
* Updates from insurer
Ensure your insurer gives you regular updates, such as renewal dates, policy status and events around its operations.
* Pay your premium promptly
Payment of your premium as at when due, is an obligation you should observe. Don’t wait for your agent to chase you around before paying.
* Claims report
If there is an incident that requires claims payment, promptly report to your agent for process and payment.
Insurance agents are your closet contact, therefore relate with them with trust and be faithful to your obligations.
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