Choosing An Insurance Broker: Are You Confused?
Insurance broking is a fairly new concept in India. Since the introduction of the new regulations, there has been a steep rise in the number of broking firms. In this case, choosing the right consultant can be pretty confusing. But you need not worry, as we have narrowed down a few parameters which can guide you in your quest.
7 Tips For Choosing An Insurance Broker In India
Whenever you’re meeting the prospective broking companies, it is important to bear in mind the following points before appointing them as your official representative.
1. Broker’s adherence to the regulations:
It’s important to see that your broker works in accordance with the code of conduct and keeps you updated about the various compliances.
The qualification of your advisory team matters a lot too and it’s in your best interest to see that they fulfil all the necessary criteria and are affiliated to major bodies such as National Insurance Academy, Insurance Institute of India and so on.
3. Industry exposure:
The kind of industry experience a broker has under their belt can also serve as a benchmark when it comes to making a decision.
4. Broker’s organisational structure:
It also serves you to pay attention to the kind of organisational structure your broker belongs too. If it’s a sales-driven company, then the focus in more on completing targets than offering valuable advice to the client.
5. Claim settlement abilities:
The claim-settlement track record of your broker must be properly evaluated to gauge their technical expertise and acumen.
Insurance and risk management is a sensitive subject and hence it is important to make sure that there’s utmost transparency before initiating any business relationship.
7. Response time and escalation procedures:
The time taken to settle grievances and the protocols a broker follows in case of escalations is also a good yardstick when it comes to commissioning someone.
In conclusion, choosing the right broker is paramount as they help you assess the risks and plan accordingly. It’s always advised to hire a professional for the job after carefully studying the above benchmarks so that you are safeguarded from all the contingencies that may arise in the future.
Are you an individual or a corporate enterprise looking to hire an insurance broking company? Look no further as we, at Life & General, are a team of qualified professionals with a combined experience of 20 years who will guide you through every step. For an appointment with us, Just Call us on +91 20 25551000-23 or fill this form and one of our dedicated team members will contact you at the earliest.
Life & General commenced its operations in 2001 and became one of the first brokers to be licensed and regulated by the Insurance Regulatory & Development Authority of India (IRDAI). The company primarily operates in the State of Maharashtra with offices in Mumbai and Pune. L&G has developed a portfolio across various classes including life, health, marine, property, engineering, general aviation, liability, motor and reinsurance.