8 Guides to getting Trustworthy Insurance Agent/Advisor
Insurance is necessary for wealth creation because you will be able to protect your finances and achieve your goals with a good insurance agent. Ensure you have insurance in your personal and/or business financial plan. Since insurance is not your core business, it is advisable to outsource it to an insurance advisor.
Your finances are important therefore it would be important to choose a good person to deal with the insurance part of your finances.
With the digital age, many have tried dealing with insurance online instead of forging a relationship with an agent. Some have even said that the work of an insurance advisor/ agent is about to be extinct with all the digital innovations these days. However, when you need a quick and well-researched response to your queries, it is always better to have a personal relationship with an agent. This is not denying that there have been incidences where bad agents have made bad decisions that have caused distress to customers. However, in the grand scheme of things, it is still better to choose a good agent.
Reasons to Use a Reliable Insurance Agent.
Someone to explain the Jargon: I use an agent because they understand the jargon and can explain it to me in a simple manner. The right agent will give you all the information you need.
Insurance policy documents are very complex, hard to read, and understand for a layman. With an insurance agent, he will give me only the information that is relevant to me.
He will also ensure am aware of what is covered or not covered without Jargon.
Tailor-made product for you. People don’t buy a product but the benefits they will get when they buy from you. A good insurance agent will ensure they understand what you need and offer the best solution for your needs. The agent should be able to offer different options and assist me in choosing the best offer for me.
Sometimes when you compare benefits and prices from different companies online, you may miss what is important to you. How much will the plan you choose cover chronic conditions? This is vague when you check online because the insurance companies have designed their product in different features and sub-limits.
For example, If my client is a young lady aged 25 years preparing for marriage looking for medical insurance. A good agent should encourage her to purchase a product that will have maternity covered.
This is because she is in reproductive age and even though she doesn’t think she needs maternity now, she will need it in the future, and then she will appreciate that she doesn’t have to wait longer to benefit from the maternity because maternity benefits all have long waiting periods.
What to consider when choosing an Insurance Agent
- Registered agent: While choosing an agent make sure that your agent is licensed. The agent should be registered with IRA. This is the basic requirement of an agent, and they have to keep it updated. You can check if your agent is registered from the IRA portal.
- Independent and direct agent: Is your agent employed by the insurance company or an independent agent. A direct agent is tied by the insurance company, and can only sell for the insurance company they work for. An independent agent is more self-employed but has the right to work with various insurance companies and can offer more options from other insurance companies.
- Technical knowledge and credential: It is always good to work with qualified people. It would be good to be dealing with someone who has insurance knowledge, can explain it well, and can think outside the box for your personalized solution. You can get to know their qualifications if you search them on social media platforms like LinkedIn profiles.
- You should also interview the agent and ask the right questions. What is your expertise? Which lines of insurance can you sell? Some can only sell life insurance, others don’t know what is required for other lines. If you are looking for insurance for business or all your personal insurances, then you need an all-rounded agent.
- You should do your due diligence on your agent. Check if they have professional websites. Ensure your agent does not have outstanding lawsuits. Google them and see if there is any news about them. See If the agent has testimonials from satisfied clients on their website and social media pages.
- Likable personality Traits: It is always better to deal with someone you like, so ensure you at least like your agent and have a good relationship with them. Part of the psychology of selling behavior is being likable. Since agents are paid a commission by the insurance company to sell their products, honesty and trustworthiness are values your agent should have. This you can judge from your dealing and conversations.
- Gauge the agent efficiency: Ask for a quote from your agent. How long does he take to get you the quote? Does the quote have options? How much information does he share? Does he mention the causes that are excluded in your cover?
You want an efficient agent, one who gives you all relevant information from the beginning. If he doesn’t mention exclusions or what is not covered then you know that person is not honest and is looking to close a sale not get you the best option.
- Continued Customer Services: Your agent should offer continued service after you purchase the insurance. Your agent should ensure you receive the policy documents, certificates, and cards that are proof of your insurance. They should provide information if there are changes or new information during the year. For example, with Covid 19 pandemic, you are required to update your medical insurance with a covid cover otherwise it would not be covered.
Good Personalized customer services determine how good your agent is. The agent should be able to advise if there are changes on your cover, for example, if you have new or leaving employees to add or remove to your medical or WIBA cover. If you have new assets to add to your business asset cover. This will ensure you are always well protected from any eventualities.
To get a good agent you can get recommendations from family and friends or you can contact me on the below contact form for a good recommendation.
“Not having a contingency plan or never performing risk analysis and mitigation activities is like not having an insurance plan for yourself.”
Are you ready to engage with a trustworthy insurance advisor? Contact me for a call or visit.