Q. Our insurance portfolio is huge and therefore our insurers take extreme care to render most efﬁcient services. Moreover, we have a full-ﬂedged department which handles insurance portfolio. So, we do not ﬁnd the necessity to engage an intermediary to make sure that insurer rendersefﬁcientservice.
Ans. In practice, Insurance Dept. of a Corporate Ofﬁce calls for quotes for insurance covers from various insurers. These quotes are analysed primarily on the basis of total premium outgo and the portfolio is allotted to a particular Insurer. Efﬁcient and effective management of insurance portfolio requires scrutiny of proposals and continuous monitoring of the portfolio by technical experts. An Insurance Broker being a professional has the capability to weigh the quotes considering the actual requirement, competition in insurance market and cost-effectiveness and guide on suitable insurance cover. Insurance Broker thus possesses the requisite professional expertise to handle client's insurance portfolio efﬁciently.
Q. Weare alreadygetting excellent services from ourinsurers. Whatelse can you do for us?
Ans. "Pursuit of excellence is a never-ending process”. There is still enough scope for improvement.
Q. There has not been any claim. We are getting the insurance documents, etc. in time from Insurers. How else can an Insurance Broker help us?
Ans. Insurance Broker's functions are varied. An Insurance Broker provides valueadded services
including Cost—effective, proper and adequate insurance covers in time and assist in preparation of claim submission and facilitate prompt settlement of claim by insurers.
Q. Our relationship with the present insurer is long standing. Why should we change the insurer without any reason?
Ans. Insurance Broker has no interest in changing the insurer. Broker only strives to obtain forthe client the most competitive rate and terms of insurance cover employing their technical and negotiating skill and taking advantage of the competition in the market. Broker represents the client and works with all Insurerswith the sole objective ofobtaining the best insurance protection fortheirclient.
WHO PAYS FOR SERVICES ?
Insured has not to pay for the services rendered by Insurance Broker. Remuneration (brokerage) for the services will be paid by Insurers. Thus, insured gets all insurance sewices from Brokerfree of cost.
PROCEDURE FOR APPOINTMENT OF BROKER
As per IRDAI (Brokers) Regulations, an Insurance Brokercan represent a client onlyafterobtaining a written mandate from the client. So, the client will have to issue a letter appointing INSUTECH as an Insurance Brokerfor handling their non-life portfolio.
- To provide value-added and quality service to insurance public
- To ﬁnalize proper cost effective insurance covers for client
- To render risk management services
- To act as an effective interface between insurer and insured
- Efﬁcient Claim Management
- To provide total insurance solution to our patrons
- Commitment to quality service and customer delight
- Obtaining detailed information of the client's business and Risk Management techniques
- Familiarising himself with the client's business and underwriting information so that this can be explained to the insurer and others
- Rendering advice on appropriate insurance coverandterms
- Maintaining detailed knowledge of available insurance markets, as may be applicable
- Submitting quotation received from insurerls) for consideration of a client
- Providing requisite undenNriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover
- Acting promptly on instructions from a client and providing him written acknowledgements and progress reports
- Assisting clients in paying premium to take care of Section 64VB of Insurance Act, 1938 (4 of 1938):
- Providing services related to insurance consultancyand risk management
- Assisting in negotiation of claims and maintaining properrecords ofclaims