Insurance Agents – Their Role, Values ​​and Ethics


Insurance is a growing business in India. Insurance is sold by insurance agents. The role of agents are vital. They are responsible for the reputation of the company they are working for and they also have their obligations towards their clients.

The IRDA or the Insurance Regulatory Board of India has laid down a code of conduct for the agents. Let us discuss some of the code of conducts.

An agent can not hide facts while selling a policy. He has to be transparent to the customer.

An agent can not magnify the benefits of a policy to the customer.

He is responsible to properly explain the nature of a policy to the customer as that will help the customer to take an informed decision.

An agent can not hide facts from the company on behalf of the customer in order to sell a policy. He is required to be fair to both the customer and the company while a policy is being sold.

Insurance is mostly for protection purpose. It involves long term dedication on behalf of the customer. An agent can not sell a policy by telling that insurance is a short term contract. He is liable to explain to a customer that insurance is a long term contract. Even in case of ULIPs, an agent must explain that they are long term contract although ULIPs are a form of investment coupled with insurance benefits.

An insurance agent is the sole contact point between a customer and an insurance company. So he must be fair and ethical while selling a policy as that will also prove to be beneficial to him.

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