What Is An Insurance Broker?
Buying an insurance can be a challenging task. There are a large number of insurance companies in India offering a host of plans which, honestly, can be quite overwhelming to understand. In this situation, whether you are an individual or a business, it’s quite important to choose a plan which is best suited to your needs.
Insurance brokers are individuals or companies licensed by Insurance Regulatory and Development Authority of India (IRDAI) to sell policies by any insurance company. It’s important to note that brokers represent you and not any insurer, and provide expert advice on the subject matter.
There are many benefits of buying your insurance plan through a broker and let’s see what they exactly are
Reasons You Need To Use An Insurance Broker
There’s a long list of advantages of buying your policy from an insurance broker and we have outlined thirteen such plus points which will help you make an accurate decision.
Here are benefits of choosing an insurance broker while buying insurance policies:
1. Provide Unmatched Expertise: A broker carefully assesses your case and offers you advice on the best plans available. They have the talent and years of experience in the market to provide what you’re looking for.
2. Make Accurate Risk Assessments: By studying your profile thoroughly, brokers can identify the areas which need the most coverage and give suggestions accordingly.
3. Doesn’t Cost You Extra: Brokers are paid commissions by the insurers and hence you don’t have to worry about shelling out extra cash for availing their services.
4. Save Time And Money: Since they’ve been trained to evaluate various plans and make expert analysis, insurance brokers can save you any additional costs by choosing the right policy for you. Also, brokers do all the hard work on your behalf thus saving a lot of your precious time.
5. Understand The Fine Print: Insurance policies are documents with a lot of technical jargons and small details which can be quite hard to comprehend. A broker comes handy in this case in helping you understand all you need to about your policy.
6. Discount On Premiums: Brokers have a longstanding relationship with multiple insurance companies and can secure you exclusive discounted rates on yearly premiums.
7. Smoother Claim Settlements: Claim settlements can often be a frustrating process. But when you have a broker representing you, they liaise with the insurance companies directly and make your life a lot easier.
8. Industry Training: Brokers are licensed entities who are constantly in touch with the latest happenings and developments in the industry and help you stay updated with new rules and regulation.
9. Help You Understand Special Clauses: When you’re working with a broker, they help you understand any specific points or exclusions so that there are no surprises while making a claim.
10. Regular Policy Reviews: A broker reviews your cover every year to see if they can offer you better deals in terms of premiums or any new offerings.
11. Personalised Service: Through years of close relationship with your broker, you are in the best position to get quick and prompt service.
12. Sense Of Security: With a broker, you have a general peace of mind when it comes to your personal information as you work closely with them through one-on-one interactions.
Insurance brokers are always the best people to do the job as they protect the interests of a client as opposed to agents who represent their employer i.e. the insurance company. Brokers take away all your hassles and handhold you through every step of buying an insurance policy.
Now that you’ve understood the pros of hiring an insurance broker, are you ready to appoint one to guide you? Life & General is an insurance broking company with an experience of 20 years and is completely equipped to take care of all your needs. 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.