Insurance Industry – The Responsibilities of Insurance Professionals

Insurance is a contract wherein an insured (entity or an individual) receives monetary protection or reimbursements against future losses from an insurer (insurance company). To put it in other words, an insured or a policyholder purchases policy from an insurance company and pays premium for the required coverage. In turn, the insurer promises to cover…

Insurance is a contract wherein an insured (entity or an individual) receives monetary protection or reimbursements against future losses from an insurer (insurance company). To put it in other words, an insured or a policyholder purchases policy from an insurance company and pays premium for the required coverage. In turn, the insurer promises to cover the financial losses listed in the particular policy. Apart from different type of policies, insurance industry is controlled by a number of insurance professionals, who guide people right from purchasing a policy to settling a claim.

Types of insurance policies

Insurance industry is nothing without insurance policies. There are a number of insurance policies, some of which are listed below.

o Life insurance: In life insurance, the designated beneficiary / beneficiaries get cash benefit in the event of the policyholder's death.

o Auto insurance: You need to purchase an auto insurance policy if you own a vehicle. This policy provides coverage to you and your car in the event of an accident, theft or damage. It also covers bodily injury and property damage liability.

o Health insurance: As the name suggests, this policy covers the cost of future medical treatments.

Apart from personal insurances, there are also business insurance policies that protect your company against financial losses due to theft, damage or liability.

Insurance professionals: Their responsibilities

Whom do you contact when you want to purchase insurance policies or need to settle a claim? Yes, they are insurance professionals, who guide you to purchase a policy, answer your specific queries and also help you to file a claim. It is also the responsibility of these professionals to check whether or not the claim you made is a real one.

From the following lines, know about the specific job role of different insurance professionals.

1. Insurance agents and brokers: Brokers and agents serve as mediators between you and your insurance company. They guide you on the type and the amount of coverage you require. Although the duty of agents and brokers are basically the same, yet a broker represents a number of companies where an agent is a representative of a particular insurance company.

2. Insurance underwriters: It is the job of insurance underwriters to calculate the risk associated with a person or an entity. Being a representative of the insurer, underwriters design policies so as to make it profitable for the insurance company.

3. Claims examiners: After you file a claim, it the duty of examiners to review the submitted claims. They also help insurance adjusters if there's a sudden increase in the claim volume.

4. Insurance adjusters: Adjusters are insurance professionals who work with experts to evaluate a particular claim. Apart from this, adjusters negotiate with policyholders and settle a genuine claim.

5. Insurance investigators: Apart from above, there is a group of professionals who investigate a claim if it is suspected as a fraudulent act. In this situation, insurance investigators try to obtain background information by cross-asking claimants and witnesses and submit the report to the insurance company.

Thus, it can be said that insurance professionals are a part and parcel of insurance industry. They guide you as well as look after the benefit of the insurance company.

Insurance – Continuing Education Classes

The whole concept of insurance is that of continuing education. Unless an insurance advisor is seriously in touch with the subject and the changing regulations, he can not suggest the right kind of a policy to his customers. And customers' expectations also change with time! That is the exact reason why the Government has put…

The whole concept of insurance is that of continuing education. Unless an insurance advisor is seriously in touch with the subject and the changing regulations, he can not suggest the right kind of a policy to his customers. And customers' expectations also change with time!

That is the exact reason why the Government has put in a law that all insurance advisers should attend a mandatory training session for a stipulated number of hours each year. Since the laws change from state to state, we can not be specific about it – but it generally is around 20-25 hours a year. In that, there is one session which is compulsory – Insurance Ethics; and when you think about it, that is a seriously good condition to have been put into the regulation code. Insurance is such a sector in which there is so much competition that it is quite tempting for people to skip the little ethics which are mostly in unwritten form. So each year, when there is a brush up on the ethics front, there is a conscience which pricks us from inside when we cross the line.

Insurance continuing education classes have become easy with the online version that has come into existence in the recent years. No longer do people need to head down to an insurance training center and look for a slot in which they prioritize and attend classes to complete the fixed number of hours as per the code. They can just log on to some website which is certified by the board, and update their insurance education online itself. If you are a busy person (as most insurance people are) you would normally not like to spend time at an institute, that too during working hours.

Online, you can finish the required number of training hours at your convenience – whether it is at night or during the day. Even weekends are fine, if you have a computer based session!

Then comes the largest advantage – unlike at your local training institutions, there is no compulsion that the same sets of training modules need to be taken each year. There are so many new modules which are added year on year, and the amount of knowledge which can be earned in insurance continuing education online is immense! There is absolutely no limit to what can be learned at these sessions. If you have not seen the modules online yet, head down to a recognized training portal and you will sure be amazed!

Insurance continuing education classes have come a long way. Some states used to not even require such training and some still do not. It is very important to stay ahead of the competition whether that means knowing the news insurance laws and regulations, learning new sales practices, or even learning about new product offerings to your current and future clients. If a client trusts you on being the expert, you better not disappoint them, or your friendly insurance agent down the road will make sure to fill your shoes in an instant. It is also important to gain their trust and receive referrals. You would be surprised on how many successful agents work strictly on referrals.

Life Insurance & Continuing Education – A Boon For Part Time Professionals

A large percentage of people who are into the life insurance sector are part timers and that is a significant disadvantage when compared to the others who 'took the profession full time. Now, the disadvantage is not anything to do with the time they are spending on the field, but the time they are spending…

A large percentage of people who are into the life insurance sector are part timers and that is a significant disadvantage when compared to the others who 'took the profession full time. Now, the disadvantage is not anything to do with the time they are spending on the field, but the time they are spending upgrading their knowledge.

In an emotional field like life insurance, unless there is absolute knowledge about the different criteria and different kinds of riders, one can not be confident in selling a policy to his customer. That is precisely why life insurance continuing education is such a boon for part time professionals. If you are a part of the insurance industry, you will know about the mandatory training hours that each professional has to log every 2 years. Thousand of people lose their licenses just because they have not been able to prioritize these training hours, and that is truly sad! But with the internet giving tremendous flexibility to the learning process, it is no longer an excuse to say that you do not have a study center near where you live; or that your boss did not allow you to apply leave during the training period.

In some ways, life insurance continuing education online is a better choice than the offline version – not only because it is more economic, but because the topics are more widespread and more updated than at a local center which probably is the same text books from a decade or more! Busy people (which means everyone out there!) Can choose to read the material at their leisure and can take the tests at their convenience. Most of the good life insurance continuing education portals allow users to go through the material for free, and then pay only when they attempt the test. The good ones have immediate certification and it is according to the individual state laws.

It is important to stay on top of your state's current rules and regulations. The last thing you want is a fine from the state or even having them revoke your insurance license. Remember how hard you worked for that license! It is worth the couple hours online at home to complete your life insurance continuing education hours. Check with your state because most CE hours are due every two years, but some are due every year. You do not want to just satisfy state requirements, but you also want to make sure to advise your clients on new product offerings each year.

Unlike at most of the local insurance training centers, it is not just the ethics papers which can be chosen. Although ethics recertification is mandatory across the country every couple of years, there are a wide range of topics the advisor can choose from when going in for life insurance ongoing education online. So every two years, it is like a knowledge overhaul! In fact, the topics are so interesting that people do not wait for the two years to be completed in order to re-train! Try it if you have not yet, and you are sure to get hooked too!

Insurance CE – Worth the Investment

If you are an insurance professional, you would be well aware of the statutory requirements in the field of insurance – of continuing education (also known as CE) each year so that your license remains up to date. Insurance CE is a huge industry; and there are hundreds of training centers across the country which…

If you are an insurance professional, you would be well aware of the statutory requirements in the field of insurance – of continuing education (also known as CE) each year so that your license remains up to date.

Insurance CE is a huge industry; and there are hundreds of training centers across the country which survive solely on insurance continuing education. As the number of insurance agents in the country increases, there is more and more demand for continuing education, as it is mandatory in all the states to have a prescribed number of training hours attended each year, failing which the insurance license may be revoked.

But like many other things, insurance CE has also gone online, and in the last couple of years, there has been a major increase in the percentage of people who have shifted online for their training hours. In the beginning, the large training institutions shifted online and the certification was done from their local centers. However, today, there are superb online institutes which have been set up solely for the purpose of Insurance CE. Some of the best ones even allow their visitors to read through all the material online for free – even without registration, and then pay for the examination. Even the test is done online, and certification also is done through a secure server through the website itself. Since the whole process is done online, the insurance professional need not worry about booking a slot and attending classes at a training institute locally. From the comfort of his own home, he can log on, read all the topics any number of times, and then attempt to take the test.

The mandatory topic of Ethics is the first paper that people will need to take, and for every additional paper they attempt, the pricing structure is different. One thing, however, is certain. The investment it takes for people to get certified online is nothing when compared to what a training institute would charge you outside. That is one more reason (and a major one at that!) As to why a great number of people prefer to shift online for their insurance CE. Since the number of hours is to be registered every year or every couple of years (depending on the state) for the insurance license to be valid, it would amount to quite a bit of savings in the long run.

If you are not familiar with insurance CE yet, get there! You will enjoy it. You will not only fulfill your state requirements, but you will learn a great deal with every course you take. You will learn about new laws, sales tactics, and different products and services available for your clients.

Insurance – Get the Best With Skilled Agents

The perfect insurance program should be balanced and designed with the high limits for major loss. You can only achieve these two aims in your insurance program with the help of an expert insurance agent. The agent who would be an expert on all the purposes that you want to accomplish in your insurance program.…

The perfect insurance program should be balanced and designed with the high limits for major loss. You can only achieve these two aims in your insurance program with the help of an expert insurance agent. The agent who would be an expert on all the purposes that you want to accomplish in your insurance program. For example: one of the most important aspect of your insurance program is the price. I know that many people would say here “what is the pig deal? Or what is the new thing”. This point deceive many people. Where the price which is the most important is not what you will pay in your premium, but the costs that you will have to pay at the claim time.

That is to say, you can find that some people pay the whole of their attention to the premiums. Then they come to be surprised with the unclaimed claims which would cost them what they can never afford. In this respect, we want to shed the light on the fact that, when the matter is related to the insurance costs you should know that it is easier and safer for you to pay more money on your premium than you bear the burden of the uncovered claims later.

What exactly makes the balanced insurance program?

we have stated the five major risks that would face man along his lifetime as: damages housing lead to damage or total destruction or sudden death or injury that lead to a person's permanent disability or illness that requires a lot of expenses (medical bills) and lawsuits . Accordingly, the balanced insurance program should cover all these five major risk equally.

Accordingly. Do not insure one of these aspects without the other. If you insure yourself against diseases and obtain the insurance cover that is good and cover the costs of medical bills, what would you do if you faced a long-term disability? Here, you need to answer this question and you will see that not to insure yourself against long-term disability is a very wrong thing over time.

That is why you need to carefully find a highly-skilled agent. That is how you can get the proper help to determine that you have chosen a balanced insurance program or not and to be sure that have got the best competitive and manageable price for your insurance program. He would give you many options and suggestions which suit your demands and match your case.

The adaptation of each insurance policy, in order to fulfill all your claims and needs, can be considered as the second factor for getting the perfect insurance policy. If it said to you, “Do not worry or care about your loss or the costs of this loss, as we will cover it in full”. That of course the ideal and the perfect insurance policy.

It could be some how difficult for everyone to find that ideal insurance policy everywhere. So, it would be better than you, if you could not find it, to use more than one policy, so that you can get the insurance coverage on all or most of the major risks of you life.

Insurance Continuing Education – Rules and Regulations

The rules that govern continuing education in different states are quite different, and there are a lot of changes in the way CE is treated in various states. For instance, a state like Maine may require just one compulsory course – Insurance Ethics, while a state like California may require five different topics to be…

The rules that govern continuing education in different states are quite different, and there are a lot of changes in the way CE is treated in various states. For instance, a state like Maine may require just one compulsory course – Insurance Ethics, while a state like California may require five different topics to be covered, failing which the license would not be renewed.

In Illinois State, there are two required courses: Flood Insurance Training, and Long Term Care Insurance Partnership Plan.

Apart from them, there are various kinds of insurance courses which can be chosen as per the advisor's interest. These optional courses can be broadly reclassified into life & health courses, and property and casualty courses. Since most insurance advisors anyway specialize in one of these kinds of insurance modules, it makes absolute sense to divide them into two categories and name them as optional. However, the compulsory subjects above are common for all kinds of insurance advisors.

Earlier, advisors had to head down to their nearest authorized insurance training institute and relearn the concepts in order to keep their certificates active and their licenses valid. However, with the advent of the internet, it is now possible to get Illinois Insurance Continuing Education certificates right from your home. The number of hours for each course has already been prescribed, and the material has been put online by the best authorized certification portals. All certificates from those sites are valid according to state laws as they are sourced from a reputed training and certification company.

The best part about Insurance continuing education Illinois is that it is quite economic when compared to the fees charged by an institute. While an advisor may spend a couple of hundred dollars on re-certification every couple of years, online, it might just cost him a few dollars! Think about the kind of savings that happen in the long run! For instance, one of the internet's leading insurance continuing education sites charges about $ 1 per hour; and for a compulsory course like Flood Insurance training, the cost would be just $ 3 (as the course is a 3 hour one). What's more; the course can be read free of cost and the exam can be taken free of cost. Only when the advisor passes the examination will he have to pay the fees of $ 3 so that the certificate can be issued! Beat that if you can – anywhere in Illinois!

Illinois insurance continuing education is also very important to gain knowledge of new laws, rules, and regulations for the agent. Stay current so you can suggest the best products and services for your clients. If you stop learning, they will find a knowledgeable agent that has not. We suggest doing your insurance continuing education in Illinois online. Because of how fast, easy, and affordable it is, most agents use this source to gain all of their required insurance CE hours every two years. Complete your CE hours online today from your couch!

The Internet Can Kill Your Insurance Business – Shocking Statistics

Protect yourself. Competition has increased. The internet has given consumers more power than ever before. Most likely, your clients are going online to get quotes from competitive insurance agents. Instead of letting this trend kill your business you can take advantage of it. I'll show the quickest and easiest way to do that, but first…

Protect yourself. Competition has increased. The internet has given consumers more power than ever before. Most likely, your clients are going online to get quotes from competitive insurance agents. Instead of letting this trend kill your business you can take advantage of it. I'll show the quickest and easiest way to do that, but first take a look at a couple shocking statistics.

  1. Survey shows that 63% of respondents went online to get auto insurance quotes. Only 26% visited or called a local captive agent and 25% visited or called a local independent agent. (comScore 2009 online auto insurance report – multiple answers allowed)
  2. In just one month there were over 142 million searches for keywords related to insurance and over 31 million searches related to insurance quotes. (Google keywords-July, 2009)

There is no doubt that the internet is the new “go to” resource for consumers looking to shop insurance. The only question is will you capitalize on this trend or risk losing out to increasing competition. The good news is, it's easy to take advantage of this trend. You do not need to be an internet guru or have a large marketing budget to get fresh prospects to speak with each day.

There are plenty of insurance lead providers that are willing to deliver these shoppers to you at a reasonable price. These are real people who are searching online for insurance and want agents to call them. Good insurance lead providers will match quote requests to your guidelines and deliver them in real time, within minutes of a request. This means you get leads that are red hot.

Here are a few tips that will help you be successful when buying internet leads.

Get real time insurance leads and respond quickly. Internet shoppers are looking for instant gratification. Real time internet insurance leads are delivered within minutes of the prospect's quote request. When you respond quickly, you will have a better chance of reaching the prospect.

Stay focused on ROI. Just like with any type of lead, not every insurance lead will become a sale, but you should stay focused on your return on investment. Set realistic goals and make sure your lead are delivering a positive return.

Get started with free insurance leads. Better insurance lead providers will give you free insurance leads so you can sample their service. They know that if you make money you will buy more, so look for deals that offer you a free trail. This will give you an idea of ​​what to expect in terms of ROI before spending any money. Also be sure not to commit to a contract or a minimum purchase in exchange for the free insurance leads. This defeats the purpose of the free trial.

Insurance Agent Tips – How to Deal With Gatekeepers

Insurance agents always view gatekeepers as one of the challenges that they need to overcome in sales process. Gatekeepers can be the secretaries, receptionists or personal assistants and their job is to screen calls and prevent unsolicited callers from talking to their bosses. There are occasions gatekeepers may frustrate and anger you. Some gatekeepers have…

Insurance agents always view gatekeepers as one of the challenges that they need to overcome in sales process. Gatekeepers can be the secretaries, receptionists or personal assistants and their job is to screen calls and prevent unsolicited callers from talking to their bosses.

There are occasions gatekeepers may frustrate and anger you. Some gatekeepers have gatekeepers of their own. Many gatekeepers are trained to detect if the caller is a salesperson. They may even imitate how a typical salesperson talks over the phone.

Facing difficult gatekeepers could be an opportunity in disguise. Many salespeople could have been turned away for not able to get past the gatekeepers. It simply means you have less competition. What it requires of you is to know the right approach. For this reason, here are 6 tips to help you deal with the gatekeepers.

(1) Learn to see gatekeepers in new light

The term “gatekeeper” has such negative connotation that most salespeople frown upon and feel uneasy with. In fact, if your insurance prospect has an assistant to screen calls, it is an indication that he or she holds a senior level position in the company

Gatekeepers are not really gatekeepers. They are people with feelings and they have jobs to do. Once we look at gatekeepers from different perspectives, we may change our mindset from that of confrontational to collaborative.

(2) Understand and think like a gatekeeper

How we perceive gatekeepers may not be the same as how gatekeepers perceive themselves. If we understand what is in the mind of the gatekeepers, we may discover that gatekeepers are friendlier than what we ever imagined.

Although gatekeepers are tasked to prevent salespeople like insurance agents from pestering their bosses, they also understand that their organizations may benefit if the insurance agents offer products and services that add value to their organizations.

(3) Never underestimate the role of gatekeepers

We are always being judged either in person or over the phone. Just because the gatekeepers are not the decision makers does not mean that they do not make any positive or negative valuations about you. You may be surprised how gatekeepers may influence the decision making process.

If a manager is informed by his or her secretary that the insurance agent was rude or offensive, the manager may decide not to do business with the agent regardless of what the agent has to offer.

(4) Align with the gatekeepers

Gatekeepers respond well to people who are courteous. They do not like aggressive insurance agents especially those who treat them like insignificant individuals in the company. Explain why you are committed to meeting with your insurance prospects and the purpose of the meeting.

Aligning yourself with gatekeepers goes a long way. You can gain a lot of valuable information if you are able to build cordial relationship with the gatekeepers. You will learn, among others, the type of business, the servicing insurance agents, the buying process and the decision makers.

(5) Be sincere and friendly

Some sales training recommends you use tactics such as saying that you are returning a call. You are however at risk of losing the trust if someone discovered it was not the case. Trust is the building block for relationship commitment.

We need to learn to avoid getting past gatekeepers through manipulation but recognizing their important role in sales process. A positive attitude is essential. The gatekeepers have to believe that their bosses would want to hear what you have to offer to them or their organizations.

(6) Leverage on your relationship with gatekeepers

You need to sound confident, relaxed and friendly in order to form a positive impression about you when speaking to the gatekeepers. The gatekeepers may turn out to be your building block instead of stumbling block.

It is important to establish and maintain good relationship with gatekeepers. You can use the gatekeeper as a reference. Complimenting the politeness and competency of the gatekeepers is a good start when speaking with your insurance prospects.

Dealing with gatekeepers involves a lot of patience and effort. That is the price we have to pay when building relationship. Relationship is always a critical success factor in insurance selling. The best approach is none other than making the gatekeepers your customers. They in turn can be your best ally.

Annuity Insurance Leads Guide

There are many ways of getting annuity insurance leads. Annuity sales lists are a great source of clients. Depending on what type of list you choose and your ability to close in sales, you can save a lot time and money. Don not ignore advertising. Internet advertisements and press adverts get a lot of attention.…

There are many ways of getting annuity insurance leads. Annuity sales lists are a great source of clients. Depending on what type of list you choose and your ability to close in sales, you can save a lot time and money. Don not ignore advertising. Internet advertisements and press adverts get a lot of attention.

General guidelines for converting annuity insurance leads into sales. Following these guidelines will reduce your learning curve. First, do not neglect your annuity lead list. It can not grow by itself. You have to gradually develop the list. Lists can take 3 months to 10 years to grow. When you have money to spend, you must advertise your insurance service. There are many people out there who are searching for insurance annuities. Proven techniques are effective in closing in sales. Marketing experts use proven techniques in combination with other methods.

Are you tired of building up a lead generation list that never grows or a list that never gets sales? There are experts in this field who can make your life easy. You should consider outsourcing your annuity lead generation needs. This will give you more time to concentrate on what you do best. Annuity lead generation consultants have affordable rates. Most people are turning to outsourcing to save costs.

However, you should monitor the tactics and techniques used by annuity lead generation consultants. Some consultants are known to use questionable methods that are not in line with business etiquette. Instead of getting more leads, your company may be viewed negatively by potential clients. Annuity lead generation consultants come in many shapes and sizes. Advanced service providers perform telemarketing. Telemarketing enables the customer to meet with potential customers in real time.

Advertisements may produce magnificent results if they are placed at the right place. You should place annuity insurance adverts in the local telephone directory. The yellow pages section is the best place that is visited by many people.

Business directories are another great source to place adverts. You will get inquiries about your business as people see you advert. Potential customers will contact you through telephone or e-mail. You should include these potential customers in your annuity sales leads list.

Compare Affordable Insurance Rates – Get the Cheapest Insurance Rates Online

Insurance is a basic investment for everyone to keep things going under any eventuality. Some of the basic insurances are- 1. Life Insurance 2. Health Insurance 3. Home insurance 4. Auto Insurance 5. Travel Insurance There are hundreds of insurance companies in the market offering varied kinds of products for the customers. The prices vary…

Insurance is a basic investment for everyone to keep things going under any eventuality. Some of the basic insurances are-

1. Life Insurance
2. Health Insurance
3. Home insurance
4. Auto Insurance
5. Travel Insurance

There are hundreds of insurance companies in the market offering varied kinds of products for the customers. The prices vary according to the services offered. It is a difficult task for the customer to decide which insurance company to sign up for the long run. Comparing insurance rates of different companies can be a very tedious task.

One of the easiest methods of getting affordable rates is by going on-line and request for insurance quotes from a third party comparison website. These website specialize in comparing insurance quotes of different companies and list out the features offered by each company.

It becomes very easy for the customer to decide upon an insurance company which suits his need and is affordable to his pocket. The purchase of the insurance policy can be directly done from these sites, which reduces the hassle to approach insurance brokers for the purchase of the insurance policy.

There are few points which need to be kept in mind while purchasing an insurance policy-

1. Is the insurance company giving you all the benefits, you are looking for?
2. Is the premium affordable to your pocket?
3. There are various discounts attached to the insurance policy, are you availing it?
4. Check the track record of the company relating claim settlement process and time taken.

It is important to get an insurance policy which takes care of all your needs and does not tax your pocket. On online websites give all information regarding insurance for free to all customers.