Finding an insurance agent can be tricky as most people rely on their friends and families for a recommendation. In addition, if someone has friends who work in insurance, they take out a policy as a matter of course.
A cursory search for an “insurance agent near me” on Google will yield a million results. You need to turn on your geolocation first for more accurate results. The results will vary according to your location.
Here are some tips to check out when you’re looking for an insurance agent:
1. Insist on Looking at Their License and Affiliations
In the Philippines, an insurance agent needs to secure a license from the Insurance Commission before they can sell insurance policies. They also need to be accredited with an insurance company. It’s always recommended to work with certified insurance agents in order to reap maximum rewards.
2. Do Not Be Afraid to Ask Questions
When you look for an insurance agent, think of it as interviewing somebody for an important position. You need to ask hard questions to your agent to check on his or her competencies and to see whether your goals are aligned.
Here are some of the topics you can ask:
● How long have you been in the business?
● Do you already have an insurance policy?
● How long before I can process the claim, and what type of support can I expect from you during this process?
● How do you calculate the premium? What are the riders included in it?
● Who are your previous clients that I may know about? Do you have high-profile clients right now?
● What type of insurance do you specialize in? Do you have license to both Variable Life Insurance and Traditional Life Insurance?
● Can you explain the difference between revocable and irrevocable beneficiaries?
● Which investment instruments are my premiums invested? Does it have a guaranteed return?
3. Request for References
An insurance agent who is confident of his ability will readily accommodate your request. You should ask for two or three references, as well as their contacts.
The more high-profile the person or company is, the better. It’s not the number of references that matters, but the quality.
If your insurance agent has a million-dollar company for a client and they only have glowing praises, it speaks volumes about the capability of your insurance agent.
5. Do Some Research
The beauty of the Internet is that it’s all-encompassing. Nowadays, you can no longer hide anything from the public’s reach.
Focus on the testimonials or comments regarding your insurance agent, taking note of the negative ones. Do your homework and visit their Facebook page, LinkedIn, and Instagram account to have a better understanding.
You might think that it’s hard work, but it’s not. An hour’s worth of digging will tell you so much about an agent. If you cannot find your insurance agent’s name online, that is a huge red flag. How can they not have a digital footprint in this day and age?
Finally, it’s a good idea to avoid settling for the first insurance agent that you interview. You can shortlist at least three to four names.
If you cannot get a recommendation from family and friends, it’s time to go online. You can also visit online portals, which possess an extensive library of licensed insurance agents in creating your shortlist.