Wednesday, August 24, 2022

5 reasons why you must choose an insurance broker

Insurance broker is the one who advises the customer on what kind of insurance is required to manage their risk. Insurance brokers are authorised by the insurance regulatory and development authority of India to sell insurance on behalf of the insurance companies.
Here are the top 5 reasons why one must choose an insurance broker in delhi as their insurance partner:-

1) Risk management:- The main thing which differentiates an insurance broker from other insurance intermediaries is the ability to provide risk management solutions to their customers. Insurance brokers are the only intermediaries who can provide risk management solutions after clearly analysing the needs and requirements of their customers.

Risk management solutions are designed in such a way that the risk is mitigated for the organizations. Each organizations needs a tailor made or customized risk management solution which can only be provided by an insurance broker.

2) Legally liable:- The other reason to choose Insurance broker as your insurance partner is that they are legally liable for the deficiency in Services provided to their customers. For instance the other insurance intermediaries such as Agents who act on behalf of an insurance company cannot be held legally liable for deficiency in services whereas insurance brokers would be held legally liable and equally responsible as an insurance company when it comes to deficiency in services.

This gives an advantage to the customers who deal with insurance brokers. They can expect the services to be top notch and suitable to their needs and requirements. Insurance brokers would not be selling anything and everything to the customers, they sell only after analysing the needs and requirements of the customer.

3) Multiple options:- The another advantage of dealing with an insurance broker in delhi is they provide multiple options to their customers. Since the insurance brokers have tie-ups with most of the insurance companies they can provide multiple quotes to customers as per the needs and requirements of the customer. For instance if you take the other insurance intermediaries such as Agents or Banks, the number of insurance companies they can tie-up is limited to 3 in most cases whereas there is no limit for insurance brokers.

This is a benefit customers can enjoy when they require a specific policy from a specific company.

4) Negotiation skills:- The negotiation skills of an insurance broker are excellent which would directly benefit the customer. For example, insurance brokers can negotiate the premium as well as the terms and conditions of the policy.

These negotiation skills benefit the customer as the other insurance intermediaries do not have such skills and resources to negotiate.

5) Service & Add-ons:- The other advantage of having an insurance broker as your insurance partner is that they provide superior after sales service. They have many employees who can serve their customers, even if an employee assigned to a customer leaves the organization they can assign another employee immediately which would not be possible with other insurance intermediaries.

In addition to this they provide add-ons such as health camps, eye checkup camps etc.

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