KEEP A TAB ON YOUR INSURANCE AGENT

Mumbai: Has your insurance agent, whom you have entirely trusted to handle your insurance matters, suddenly vanished, leaving you in the lurch? Don’t worry. These days, the transactions can be carried out online and hence, the necessity of insurance agents can be avoided.

Insurance premiums can be paid through electronic clearing system, net banking or standing instructions. According to experts, the need of an insurance agent/advisor arises when a policyholder needs to notify any change in the policyholder’s address, policy term, mode of payment or nominee.

Other than this, advisors come in handy if you want to change the investment mandate of the unit linked insurance plan (Ulip), in which you may have invested. Having said that, there are certain things you can do while the agent is still around. First, get the name and contact details of his boss or unit manager, who can take charge of your policy if the agent vanished.

Insurance agents are usually not an employee of the insurance company and only earn commissions on the policies they sell. But, the manager is on the regular payroll of the company. You may also ask the agent to provide you details of the head of the client-servicing department, which is responsible for addressing your queries and policy requirements at any point. So if your policy is about to lapse or your premium has not been received, people in the department would know it all and help you fix the problem when the need arises.

Most insurance companies today have call centre or helpline numbers, which are very helpful. While buying the policy, take the helpline number from the agent and note it down in your telephone diary. The numbers may also be available on the policy documents available with you or on the website of the company.

Further, check the website to see for yourself the functions that can be performed without an agent. For example, to change your risk exposure to markets in case of Ulips, the companys’ website can suffice, thus obviating the need for the agent’s help completely.

Insurance companies these days also offer various communication modes, viz letter, e-mail and mobile messages, apart from agents’ contact details. Ensure that you have enrolled for at least one additional mode than the agent. This can protect you from losing out on any important policy deadlines or dates. An insurance official points out that most relapses occur because the agent fails to inform the policyholder before the time runs out.

To avoid such mishaps, companies too take steps to help the orphan policyholders. A communication is sent to the customer informing him of the advisor’s exit and the call centre reminds customers about renewal dates and premium payment options.
But, to allow the company to get in touch, you need to ensure that your contact details with it are updated in case of any change.

Source: DNA