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Why Professional Agent.pptx

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Why Professional Agent.pptx

  1. 1. Three stages where an Professional Agent can add value
  2. 2. 1. Initial Stage 2. During the term of Policy 3. Claims & Beyond
  3. 3. 1. Initial Stage a) Correct Assessment: Agent can calculate the how much insurance is needed to client through CNA, HLV, Working capital analysis etc…
  4. 4. 1. Initial Stage b) Appropriate Solutions: Agent can do the analysis and give the best plan as per the need. Basically, need based solutions.
  5. 5. 1. Initial Stage c) Paper work involved: LIC agent takes all the pain of dealing with the LIC officers at the branch and getting the case completed.
  6. 6. 1. Initial Stage d) Assessing the Term of Acceptance: Many a time LIC doesn't pass as per plan proposed, we on behalf of client try to complete the case which can be acceptable and beneficial to client. E.g. Financial/Medical Under writing, etc…
  7. 7. 2. During the Term of Policy a)Review of Title (Nomination) once in 6 month. E.g. Rs.15Lacs Claim, The policy was assigned to Bank.
  8. 8. 2. During the Term of Policy b) Cash Flow Updation. 1 Passbook for all policies E.g. Discharge Voucher of Rs38,000/-
  9. 9. 2. During the Term of Policy c) Plan V/s. Performance Review e.g. In Equity Linked plans, Debt % should increase with age. Term Plan can be converted to Endowment plan, without medicals, with retrospective bonuses, premium with earlier age
  10. 10. 2. During the Term of Policy d) Retention & Revival Updation: Policy can be split for revival. DOC can be shifted, Maturity can be postponed, to reduce instalments. There are 7 revival options & 17 alterations available.
  11. 11. 2. During the Term of Policy e) Miscellaneous but Important changes E.g. Bank a/c Changes for NEFT to LIC Name Change after Marriage for girl Change in status from Indian to NRI
  12. 12. 3. Claims & Beyond a)Paper work & Forms of Claim E.g. Normal Claims,Accidental Death Claim, MWP Act Claims.
  13. 13. 3. Claims & Beyond b) Appeal & Representation: E.g. Glider Accident in Switzerland & Indica Car accident case.
  14. 14. 3. Claims & Beyond c) Ex - Gratia Claim: Where LIC goes beyond the Legality and Rule Book to pass the claim. E.g. Company Lockout for 2 Yrs
  15. 15. TThank Thank You

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