At the end of the day, a customer has the power to decide who is going to help them with their insurance needs. An agent of record is the process that the insurance industry has adopted to be able to honor the requests of a customer and provide an agent or agency the legal right to service or maintain a policy.

Sometimes a customer becomes unhappy with the service they are receiving from their agent, but like the company the policy is placed with. The customer can complete a form listing the new agents name and that they wish to have their policies transferred into the name of the new agent.

The agent of records process accomplishes several things:

  1. It gives all of the power to the customer (where it should be).
  2. The agent always knows that the client at any time can request and agent of record change so they better give the customer the best service possible.

Another area that customers frequently process agent of records changes, is when the buy insurance online without an agent. Many times client want the experience and service that an agent or agency can provide especially when they realize that there is no cost. Those customers can fill out a form and have their inline policy transfer to an agent. Many times the agent can review the policy, make some recommendations and be able to provide a better coverage earn da better price.

Formal Documents for Authorization

Relevant documents can be executed via hard copy documents or electronically in jurisdictions where electronic execution is recognized as legal. There are two forms of documentation:

  • Agent of Record Form/Application
  • Agent of Record Letter
    • These are written by the underwriter to ensure that accounts are preserved by the insurance company and give the client the ability to switch services.
  • Once the letter is received there is a waiting period to ensure that the client verifies this is something they want to have done, and that they are committed to a new agent.

Other Information Regarding Agent of Record Changes

It is important to note that all types of insurance can make agent of record changes such as health, life, home, auto, and business insurance. For example: if a policyholder has purchased health insurance and no longer know whom their agent is and/or the agent has extricated themselves from the business, the policyholder is eligible to keep their current plan while moving that account to a new agent. This allows for the policyholder to receive all of the services they need without having to call the automated health care system or go to the healthcare website. Even if the policyholder’s health insurance is purchased online, an agent can review the same plan for free and can potentially lower the cost of their coverage.

Looking for Answers?

At Compass Insurance Agency, we have live insurance agents that work for you regarding any agent of record changes and will guide you through this process painlessly. Just click or call below and we’ll get started.