28 April 2024

Life Insurance Management Course | Agent Document Manager

Life Insurance Management Course

Agent Document Manager

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In today's article of Jeevan Bima Bazaar, we will get information about Agent Document Manager. Agent Document Manager is a Digital Platform where you can keep your customers' Documents organized for free and use it whenever needed. So let us know about it in detail

What is Agent Document Manager?

Any Digital Platform where you can keep your Important Documents safe is called a Document Manager. Now if a Life Insurance Agent secures the documents of his customers on a Digital Platform, then such a system is known as Agent Document Manager.

Why should Policyholders' Documents be Kept?

When you sell a New Life Insurance Policy, you have to perform a variety of Policy Servicing tasks from the time the policy is sold until the final payment of the policy. To do these tasks, you need various types of documents of your customers like Photo, Photo Identity Proof, Residence Certificate etc.

Now if you have the customer's documents with you then you can easily do the work for your customer. Otherwise you have to go to the customer's house to collect his documents. Therefore, if you keep your customer's documents safe then you are successful in providing fast services to your customers.

After the sale of a Life Insurance Policy, you will need documents from your policyholder on many occasions. For example, suppose you are planning to sell a Life Insurance Policy again to one of your old policyholders. So you would know that to sell a New Life Insurance Policy you will have to fill a Proposal Form.

Family History has to be written in the Proposal Form, apart from this, information like height-weight, identification mark etc. of the policyholder also has to be given. Now if you had sold life insurance policies to the customer 3 to 4 years ago. So today how will you be able to write this information about the customer correctly?

Suppose you have received the policy bond of your customer from your branch office and you hand over the policy bond of your customer to the customer. But after a few days the customer says that you have not given the customer his policy bond, then what will you do?

Suppose that due to some reason you have deposited the policy bond of the customer in the Branch Office of LIC and you have given its receipt to the customer. But the customer is denying that you have given any receipt to the customer and the bond is not available in the Branch Office of LIC, what should you do now?

There are many such important reasons, due to which it becomes necessary for agents to keep the documents of their customers safe.

What type of Documents are Required to be kept

Life Insurance Agents require customer documents mainly for two reasons. The first reason is to sell a New Insurance Policy to the customer or to do work related to Policy Servicing. Second Reason - In case of transfer of various types of documents, to prove that which person has the original documents of the customer?

So if you are a life insurance agent then you should keep the following documents of your customers safe-

  • Master Data File of Customer's Proposal Form
  • Customer's Photo
  • Customer's Photo Identity Proof
  • Customer's Residence Certificate
  • Customer's Income Proof
  • Customer's Age Proof
  • Policy Bond
  • First Premium Reciept
  • Receipt received at the time of transfer of documents

Legal Side in Terms of Documents:

Before you start safeguarding various types of important documents of your clients, it is important that you know the legal rules in this context. To the best of our knowledge, you cannot retain any customer documents without the customer's consent.

Additionally, if you store your customers' important documents, you need to ensure that they are not misuse in any way.

Therefore, our suggestion to you would be that at the time of filling the proposal form for new insurance, you should inform your customers that their documents will be safe with you. If you get the customer's consent letter in this regard then it will be good for you.

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