Code of Conduct for POS at Probus
Code of Conduct: Matters related to client’s relationship
- Conduct your dealings with clients with utmost good faith and integrity at all times.
- Act with care and diligence when talking to your clients.
- Make sure that the client understands their relationship with us, an insurance broker and on whose behalf the broker is acting.
- Keep all the information received from the prospective clients completely confidential. Keep information only for one or more specified and explicit lawful purposes.
- Ensure to take appropriate measures as necessary to maintain the security of confidential documents, which is in your possession.
- Understand the type of client and the extent of the client’s awareness of risk and insurance. Ensure to clear all the doubts related to insurance.
- Obtain written mandate from the client to represent the client to the insurer, and communicate the grant of a cover to the client after effecting insurance. The written mandate obtained from the client shall be valid for a period of one year unless mentioned otherwise.
- Avoid any conflict of interest with clients.
Code of Conduct: Matters related to sales practices
- Identify the list of products offered by the company and explain the degree of choice in the products that we offer.
- Make sure that the client understands the type of service you can offer. Do not promise over and above the service that we don’t offer.
- Make sure that the proposed policy is as per the prospective client’s needs.
- Give advice only on those matters in which you are knowledgeable. In those matters where you are not sure, seek or recommend another specialist for advice.
- Do not make inaccurate or unfair criticisms towards any insurance company or any member of the Insurance Brokers Association of India.
- State the policy issuance date, expiry date, and the date from which the risk will be covered and for which the quotation remains valid.
- Explain the claim procedures and documents that may be required in the event of a loss.
- Do not get involved in any sort of money laundering activities.
- Do not get involved in any misleading or spurious calls.
Code of Conduct: Matters related to furnishing of information
- Make sure that the prospective client’s information is accurate and explain to them the consequences of non-disclosure and inaccuracies.
- Avoid influencing the prospective client. Make it clear to the prospective client that all the answers or statements given are their own responsibility.
- Make it clear to the prospective client that the pieces of information provided by them, on the basis of which the risk is accepted by the insurance company, is part of the proposal form, which is shared with the client and the insurance company. Any wrongful submission, misleading or inaccurate information may be dealt as per the terms and conditions of the insurance contract.
- Ask the client to make true, fair and complete disclosure, and review all the submitted information before processing further.
- Explain to the client the importance of disclosing all subsequent changes that might affect the insurance throughout the duration of the policy.
- Disclose all material facts on behalf of the client within its knowledge and provide fair presentation of the risk.
Code of Conduct: Matters related to policy renewals
- You have to inform the client about the expiry date of the policy even if you choose not to renew it.
- Make sure renewal notices contain a requirement for keeping a record (including copies of letters) of all information supplied to the insurer for the purpose of renewal of the contract.
- Make sure that the client renews the policy before the expiry date and receives the insurer’s renewal notice well before the expiry date.
Code of Conduct: Matters related to claims by client
- Explain to your clients, their obligation to notify claims promptly when necessary.
- Explain to your clients how the claim process works.
- Explain to your clients that at the time of claims, they are required to disclose all material facts and documents as required without any delay.
- Always request the client to make disclosures in all honesty and fairness.
- Give prompt advice to the client of any requirements concerning the claim.
- Quickly forward any piece of information received from the client regarding a claim or an incident that may give rise to a claim without delay.
- It is your duty to provide all reasonable assistance to the client without any delay.
- Ensure that you advise the client about the insurance company’s decision of claim.
Code of Conduct: Matters related to receipt of complaints
- Make sure that instruction letters, policies and renewal documents contain information on complaints handling procedure.
- Accept and acknowledge complaints either on phone or in writing, including through electronic mode within 14 days from the receipt of correspondence.
- Ensure that complaints are dealt with immediately and at a suitably senior level.
- Maintain records and have a system for recording and monitoring complaints.
Code of Conduct: Matters related to training
- Make sure that your staff, particularly broker qualified persons, have been provided with adequate training and adhere to this code of conduct.
- Make sure that there is a system to monitor the quality of advice given to the prospective client by broker qualified persons.
- Make sure that members of staff, particularly broker qualified persons, are aware of legal requirements affecting their activities; and handle only classes of business in which they are competent.
- We don’t offer any additional discounts / vouchers apart from what’s offered by the Insurance Company. As per Section 41 of the Act, rebating / sharing of commission is prohibited.