There are over 10,000 licensed insurance agents by IRA in Kenya. These agents earn a commission of the businesses they give to the insurer and have to compete with other players such as brokers and banks. Unfortunately, not all insurance agents are licensed to practice or are honest enough to do clean business. In short, they are rogue agents waiting for innocent customers to prey on their hard-earned premiums. Good thing is you can identify these rogue agents easily.
A good insurance agent:
1. Should have an IRA license number
The IRA requires that all agents are licensed before they can act on behalf of any insurer. Before acquiring the license, the agents are trained and gain the Certificate of Proficiency (COP) to ensure that they understand the principles of the products they sell. It is easier to track an agent’s credibility by searching for their license number on the IRA database. Furthermore, the license of a rogue agent may be terminated and he/she may face legal action.
2. Should not collect cash payments directly from the client
The Insurance Act prohibits insurance agents from collecting cash on behalf of the insurer to avoid fraud. The client should pay directly to the insurer via mobile money such as MPesa, bank transfers or cheque payable to the insurer and not the agent. Although this law is debatable as clients may prefer to give cash to the agent for their convenience, it is advisable to pay directly to the insurer.
3. Should give you an original receipt from the insurer after payment of premiums
Once you have paid premiums, your agent should give you an original receipt from the insurer bearing the exact amount you paid. This will ensure that your money was actually receipted and paid for the policy you purchased.
4. Should give you a stamped and signed policy document from the insurer
Your agent should give you the original policy document entailing details of the policy you have purchased. This is a good time to go through the fine print and ask your agent to explain any terms you do not understand. On renewal of the policy, always ask for policy endorsements or Cover Note showing terms covered.
5. Should have open communication channels
Once your agent has closed the business, he/she should not vanish until when sourcing for premiums for the next renewal. Communicating with clients assures them that they will be helped when a claim arises. It is also good to give policy updates or any changes of terms that may affect the client’s policy. Always make sure you have a valid phone or email contact for the agent. In the event that your agent goes missing, request the insurer to appoint another agent for you.
Bounty Link Insurance Agency is licensed by the IRA under No. IRA/05/17505/2020. Our clients are our first priority and we ensure that we give you top notch customer service. Our communication channels are always open and we respond to enquiries in a timely manner. Try us on info@bountylink.com or 0788719667.
