An agent is a representative and an intermediary. In the insurance industry, he or she represents one or more insurance companies. Insurance agents bear the responsibility of distributing the insurance policies of the company they represent. The information agents possess is used to provide potential clients with material upon which to base their decisions of which company and policy to purchase.
Two Types of Insurance Agents
In the insurance business, there are two types of agents. These are:
- Captive Agents: This type of agent works solely for a single insurance company. It may be as a full-time employee or as an independent contractor. They have a comprehensive knowledge of the policies managed by the insurance company they represent. As a result, if you are asking any questions about this company’s policies, they can provide you with detailed information about even the minutiae.
- Independent Agents: These agents work with several insurance companies. In this capacity, they can provide you with information about any of the companies they represent. They can quote and issue policies on any of the companies to which they have access. This expands their ability to offer you choices. They may also be able to provide additional services to their clients.
Choosing an Insurance Agent
Insurance agents come in one of two basic types: captive and independent. The former works exclusively for a single insurance company; the latter represents more than one. It is up to you to decide which type better serves your insurance purposes in Springfield OR.
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