Agent changing insurer can leave you in the lurch

Insurance companies are trying to ensure that they do follow-ups to retain customers, but you need to be alert as well

For decades, policyholders have been dependent on their local insurance agents to pay premiums. Usually, this agent would be like a family friend who would come every year, dutifully collect the premium and even resolve problems with the insurance company, often over a cup of tea and snacks. While this still happens in many cases, things are changing fast. 

With more insurance companies — over 20 in the private sector — entering the fray, the churn in the insurance industry has been massive. According to industry estimates, 20-25 per cent of agents shift jobs every year. Data from the Life