An insurance agent can add value at three stages: 1) Initial stage by correctly assessing needs, providing appropriate solutions, handling paperwork, and working with underwriting; 2) During the policy term by reviewing nominations, providing cash flow updates, reviewing plans, handling retentions and revivals, and making miscellaneous changes; 3) Claims and beyond by assisting with paperwork and forms, appeals, and occasionally ex-gratia claims beyond normal procedures. The agent aims to structure policies that meet needs and guides clients through the lifetime of the policy.

1. Three stages where an
Professional Agent can
add value

2. 1. Initial Stage
2. During the term of Policy
3. Claims & Beyond

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. 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. 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. 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. 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. 2. During the Term of Policy
b) Cash Flow Updation.
1 Passbook for all policies
E.g. Discharge Voucher of Rs38,000/-

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. 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. 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. 3. Claims & Beyond
a)Paper work & Forms of Claim
E.g. Normal Claims,Accidental
Death Claim, MWP Act Claims.

13. 3. Claims & Beyond
b) Appeal & Representation:
E.g. Glider Accident in Switzerland &
Indica Car accident case.

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. TThank
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