Insurance broker is a type of insurance intermediary employed by the insurance company to carry out insurance business in India. There are many advantages of having an insurance broker such as the broker provides multiple quotes, is the best negotiator in the market and provides valuable add-ons which are not provided by any other insurance intermediary. Insurance broker is authorized by the insurance watchdog “Insurance regulatory and development authority of India” to provide insurance broking services in the insurance market. Insurance brokers can be direct, reinsurance or composite brokers, direct brokers deal with insurance business, reinsurance brokers deal with only reinsurance business whereas composite brokers deal with reinsurance business as well insurance business. Let us understand the advantages of having an insurance broker and the reason why big corporate companies prefer working with an insurance broker over other insurance intermediaries. Visit here
- Multiple quotes: Insurance brokers can provide multiple quotes as they have tie ups with many insurance companies unlike the other insurance intermediaries who can only tie up with a few insurance companies. Having an insurance broker as your insurance partner can fetch you multiple quotes from different insurance companies which gives the customers leverage to select the best insurance product from the available options. As insurance brokers work with multiple insurance companies they know in and out of the insurance products and can suggest the insurance product correctly as per the needs and requirements of the customers.
- Best Negotiator: Insurance broker is the best negotiator in the insurance market. Insurance brokers have the best negotiation skills as well as high negotiation power when compared to the other insurance intermediaries. The negotiation skills of an insurance broker can be utilized to reduce the premium to be paid or the required coverage can be obtained. Insurance brokers would negotiate effectively as they have the upper hand among the insurance intermediaries.
- Valued Add-ons: Insurance brokers provide value added services such as Ethika insurance broking’s Employee engagement program, Red carpet claim assistance program, Regular health checkups, Free doctor consultations etc. which would otherwise not be provided by the other insurance intermediaries. The value added services would be provided to the customers at no extra cost and would benefit the customers immensely. Red carpet claim assistance program from Ethika insurance broking provides the end to end claim settlement, all the customer has to do is give the basic information regarding the claim and the rest would be taken care by the insurance broker.
- Legal Liability & Risk management: The other advantage of having an insurance broker is the legal liability of the broker towards their decisions. Insurance brokers are legally liable for the deficiency in services provided by them in addition to the insurance company. This makes the insurance broker to be extra cautious while providing advice to their customers unlike the other insurance intermediaries who may be involved in selling the high commission product to customers irrespective of their needs and requirements. Insurance brokers also provide customized risk management solutions to their customers.
