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Discussion Forum : Very few insurance agents have insurance as their only source of livelihood. Would low commissions and customer perception be the primary reason? | Business Standard
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3yrs 13days 16hrs 25mins ago | COMMENTS [5] | Economy

Very few insurance agents have insurance as their only source of livelihood. Would low commissions and customer perception be the primary reason?

Very few insurance agents have insurance as their only source of livelihood. Would low commissions and customer perception be the primary reason?

Most insurance agents are part time employees. They do not get any benefit from their company they work for. Only the commission. I think that policy holders are not aware that irda has restricted the commission percentage on most products sold in life insurance commissions are reasonable only in the first year.Many policies dont earn commission after 3 years and from second year the commission can be as low as 1 or 2% of the premium paid. It is a myth that agents get very high commissions.
Sunday 23rd of February 2014 08:35:03 AM
Talking of general insurance agents, they do not have comprehensive knowledge of the policies nor their customers. Also, they do not continue to interact with their customers after cover inception. Periodic assessment/or update of assessments regarding customer's insurance needs and/or their financial profile also are not done. This passive customer service relationship behaviour does not help paint a favourable picture of the agent in the customer's mind/heart. If and when a claim situation occurs, agents are found wanting in their knowledge and communication of the Insurer's claim process to their customer. The General Insurance Agent, as compared to his life insurance counterpart, has to work harder for a lower level of commission as compensation for his efforts. General Insurers too do not escalate their efforts to get their agency force to be proactive and dynamic. The IRDA is aware of the ground realities and is applying itself to improving the situation.
Saturday 22nd of February 2014 12:04:54 PM
Insurance Companies and their agents exercise connivance in selling a policy. ULIP insurance policy when introduced in 2006 the agent received Rs. 125K as commission from first premium, Insurance companies charged management fees, administrative fees, mortality and all such fees from all future premiums payable until the redemption. Insurance companies claim that these charges are for services which according to me never rendered. Insurance business practices most undesirable services to their clients. I will recommend that all policy holders who have undergone any humiliation by purchasing a policy must express their feelings to make other customers aware of any hidden catch. The privately owned banks are the biggest culprit. If you believe in your intuition please check twice before signing any insurance documents.
Saturday 22nd of February 2014 03:50:02 AM
The insurance agents have been making hell a lot of money without doing anything. There is no service once the policy is sold. IRDA and all the insurance companies should start selling the policy direct to the customers and pass on the benefit of commission to the policty holders. The commission is too high and goes on till the maturity. The monopolcy of the agents should be done away with.
Friday 21st of February 2014 07:41:45 PM