We are already getting excellent services from our insurers. What else can you do for us?
"Pursuit of excellence is a never-ending process". There is still enough scope for improvement.
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?
Insurance Broker's functions are varied. An Insurance Broker provides value-added services like they arrange for a cost-effective and proper insurance cover, ensure renewal of insurance covers in time and assist in preparation of claim file and facilitate prompt settlement of claim by insurers.
Our relationship with the present insurer is long standing. Why should we change the insurer without any reason?
Insurance Broker has no interest in changing the insurer. Broker only strives to obtain for the 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 Insurers with the sole objective of obtaining the best insurance protection for their client.
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 renders efficient service.
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.
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 services from Broker free of cost.
Procedure for Appointment of Broker
As per IRDA (Brokers) Regulations, an Insurance Broker can represent a client only after obtaining a written mandate from the client. So, the client will have to issue a letter appointing INSUTECH as an Insurance Broker for handling their non-life portfolio.