Confused about Which Insurance Agency to Hire? Here’s What You Need To Know

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Customers often have a tough time understanding the ins and outs of insurance. Insurance policies can be hard to decipher with a variety of terms and exclusions that can be difficult for the customer to navigate if he has to file a claim. There are also legal and procedural changes in the sector which may catch an unprepared customer off guard. In this scenario insurance agents act as a valuable intermediary between customers and insurers. Customers may want to know more about the role played by insurance agencies in Castle Rock, Denver, New York and Dallas Read on to find out more:

Role and Responsibility of an Insurance Agency

The insurance agency offers information about the customer’s desired insurance coverage. After completing a consultation and assessment, the insurance agent forwards the customer’s information to the insurer to get a quote for the proposed policy. The customer can accept the quote if she finds it suitable for her needs. After the first premium is collected by the agent, the insurer issues the policy. The agent also collects subsequent premiums during the policy renewal. If there is a change in the customer’s risk profile, the agent can intimate the insurer to amend the policy. The insurance agent can also guide the policyholder in case she wishes to file a claim with the insurer. In many states, insurance agents are expected to follow an ethical code of conduct and maintain good financial standards in their operations. As part of their fiduciary duty to the client, insurance agents must treat customer fairly.

Types of Insurance Agents

There are broadly two types of insurance agents: captive insurance agents and independent insurance agents. Captive insurance agents represent a single insurer and sell policies only from their affiliated companies. Customers can opt for such agents if they have decided to get a policy.

from the affiliated insurer. Independent insurance agents can offer policies from several insurers and are not particularly affiliated with any one company. Customers who wish to compare quotes and then opt for a policy can consult independent agents. Insurance agents can also be classified depending on the type of insurance which they deal with. Some agents may deal with life insurance exclusively. Others may only sell individual health insurance policies. There are also agents who specialize in auto and property insurance. There are also agents who deal only in business or commercial insurance lines. Customers can decide which insurance agent to approach depending on their needs. An individual may be comfortable with an agent dealing in a few lines of insurance, while larger businesses operating in many areas may prefer to approach agents who offer many types of policies.

Insurance Agent

Benefits of Hiring an Insurance Agent

The insurance agent is well informed about the developments in the insurance sector. He updates himself by attending industry events and through specialized periodicals. Some agents get industry certifications and training to deepen their knowledge. They are also able to use their extensive knowledge of the field to inform customers about the right kind of coverage. They can also help the customers in understanding how they can get lower rates. For example, a vehicle with an anti-theft device gets a lower auto insurance premium (http://www.wisegeek.com/what-is-an-insurance-premium.htm). Some insurance companies prefer to deal with insurance agents to save on the costs of customer acquisition and marketing, so they offer lower rates for quotes through agents.

How to Get in Touch with an Insurance Agency

Insurance agencies in Castle Rock, Denver, New York and Dallas can be contacted through their websites. As part of their marketing, insurance agencies also place listings in business directories and run advertisements in local print publications and television channels. They also reach out to customers through direct mail campaigns, hoarding and flyers. Customers also place great emphasis on positive word of mouth from satisfied clients. They can opt to email, talk over the phone or meet them personally to procure their chosen insurance policy.