After the opening up of Insurance market in India, the Insurance Regulatory and Development Authority (IRDA) felt the need for professional intermediaries like Insurance Brokerage Firms, which are very common in other countries. Accordingly, IRDA gazetted Brokers Regulations - 2002 on 16.10.02. As per Brokers Regulation, there are two main types of Brokers, viz. Direct Insurance Brokers and Re-insurance Brokers. The Broker who is authorised to do both the businesses, i.e. Re-insurance and Direct is known as Composite Insurance Broker. Once the services of an Insurance Broker is mandated, he is required to render varied insurance related services to his clients throughout the period. Insurance Broker is professionally responsible to the Policy holder whose interest he represents.
Effective from January, 2007, the Non-life insurance industry is in tariff-free domain and as a result, the insurers are free to quote the rates of premium for insurance covers on the basis of their own underwriting experience. After de-tariffication, the insurance market has seen that the premium for some sections of covers such as Fire & Engineering has considerably reduced. Some insurers have come out with add on covers to the existing standard Fire and Motor Insurance Policies. Insurers have also introduced various Health Insurance covers with varied benefits and premium rates. It is expected that, insurers will introduce more and more innovative and/or customer-centric policies with different terms and conditions, diverse risk coverage and rating patterns. Needless to say, all these developments will ultimately prove beneficial to the insuring public in the manner that they get need-based comprehensive insurance covers at cheaper rates. But, to avail of the real benefits of market competition, the insured should have to maintain an effective system whereby he is kept informed of day-to-day developments in the market. Hardly any insured can afford to maintain such a system in place as effectively as required because of the multiplicity of players involved and the wide range of products and complexity of covers offered by them. Therefore, as is the practice in any other industry, the ideal alternative would be sourcing the services of professionals in the field. Insurance Brokers are such professionals licensed by IRDA, who have the capability to manage the insurance portfolio effectively and to the optimum advantage of the insured. Insurance Brokers also render value-added services such as Risk Inspection and Risk Exposure Assessment, Insurance Consultancy services, Proper Documentation, Efficient Claims Management, etc. The interesting aspect of Insurance Broking is that the Insurance Broker renders such quality services to the insured free of charge as the Broker’s remuneration is paid by the insurer.
INSUTECH is a Direct Broking Company licensed by Appropriate Authority under Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002. The Company with Registered Office at Ahmedabad, commenced its operations as a Direct Insurance Broker in the year 2003. Our Licence No. is 183. We started our activities with a clear objective of setting a tradition of true dedication to the cause of service to insuring public by rendering value added, professionally competent and technical services.