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
How does insurance work?
When you buy a policy you make regular payments, known as premiums, to the insurer. If you make a claim your insurer will pay out for the loss that is covered under the policy.If you don’t make a claim, you won’t get your money back; instead it is pooled with the premiums of other policyholders who have taken out insurance with the same insurance company. If you make a claim the money comes from the pool of policyholders’ premiums.
How do insurance companies work?
Insurance companies assess the risk and charge premiums for various types of insurance coverage. If an insured event occurs and you suffer damages, the insurance company pays you up to the agreed amount of the insurance policy. Insurance companies pays you for your losses and still makesa profit.
What are the 5 parts of an insurance policy?
Every insurance policy has five parts: declarations, insuring agreements, definitions, exclusions and conditions.Many policies contain a sixth part: endorsements.
Risk, Peril and Hazard: Are they the same thing or different?
Risk, peril, and hazard are terms used to indicate the possibility of loss, and are often used interchangeably, but the insurance industry distinguishes these terms. A risk is simply the possibility of a loss, but a peril is a cause of loss. A hazard is a condition that increases the possibility of loss. For instance, fire is a peril because it causes losses, while a fireplace is a hazard because it increases the probability of loss from fire. Some things can be both a peril and a hazard. Smoking, for instance, causes cancer and other health ailments, while also increasing the probability of such ailments. Many fundamental risks, such as hurricanes, earthquakes, or unemployment, that affect many people are generally insured by society orby the government, while particular risks that affect individuals or specific organizations, such as losses from fire or vandalism, are considered the particular responsibilities of those affected.
What can be insured?
Insurance can be taken for both...tangible and intangible assets. Tangible assets are those that can be touched and felt, example: car, human being etc.Intangible assets are those which cannot be touched or felt, example: a singer insuring her voice.