Did you Know: Top 10 Insurance Brokers are Fortune 500 Companies !!!!
And Many Broking Houses worldwide are even larger than the Insurance Companies!!!
Who is an Insurance Broker ?
Insurance Brokers are Intermediaries who work on behalf of the clients and not the Insurance Cos. They are like Knowledge Processing Organizations. They Manage the Insurance Portfolio on behalf of their clients and provide them end to end Insurance Based Risk Management Services
BROKER NORMALLY PROVIDE THE FOLLOWING SERVICES
- Pre sales and after sales service to the clients
- Assess the risk of the client and decide the appropriate premium
- Recommend risk improvement and loss minimization measures
- Collection of premiums
- Claims assistance
Can we shift our Insurance Policies to Ideal Insurance ?
Yes, you can shift your policies to Ideal Insurance at the time of your policy’s annual renewal. You will continue to enjoy the same or better benefits at lower cost.
What is Detariffing?
Previously the Premium rates and policy terms and conditions were fixed by Tariff Advisory Committee. Tariff stands in the way of brokers giving lower rates, wider choice of product and choice of insurers to their clients. But as of January, 2007 all such pricing controls have been removed and your premiums now depend on the risk that needs to be covered.
In this scenario, brokers become important as they evaluate your risks, take quotations from various insurance companies and negotiate on your behalf to get you the best deal and take complete claims responsibility.
With how many Insurance Companies can broker work with?
Insurance Brokers can work with all Life and Non-Life Insurance companies operating in the country. That is why it can provide you with the lowest premiums for any policy.
What is IRDA ?
IRDA is Insurance Regulatory Development Authority, that has been set up to protect the interests of the policy holders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. [This definition has been taken from the IRDA website]
What is a Claim ?
A claim is the payment made by the insurer to the insured or claimant on the occurrence of the event specified in the contract, in return for the premiums paid for the insurance.
Who Does the Broker represent ?
A Broker represents the clients and not the Insurance Company like the agent. Client satisfaction is of utmost importance to the Brokers.
Do Brokers Charge any fees for the services rendered ?
No Brokers do not charge any fees to the clients. Our services comes to you at ZERO cost and we also provide you claims assistance
Do all Brokers have competent people in their Marketing Team ?
Brokers are bound by IRDA to have technically qualified personnel on their team. In Ideal Insurance, as per IRDA guidelines and our company’s training policy we have well qualified people to cater to all insurance needs of our clients.
Who takes care of Renewals?
Yes timely renewals of our clients insurance policy is our responsibility. For which we provide reminders to all our client’s at least 1 month before their due date by sending them Renewal notice and then again making a reminder call every week. We send our representatives to collect the requisite cheque and also review your cover every year
How many Insurance Companies are currently operating in the Country?
Currently there are 21 Life Insurance Companies and 20 General Insurance Companies operating in India. The choice of products today can confound the best of professionals and hence you need experts like us to choose the best product as per your needs