Insurance broking is a form of insurance intermediary which acts as a mediator between the insurance company and the customer. Insurance broking companies can tie up with more than one insurance company to provide insurance broking services to customers. Insurance broking companies are of three types: Direct broking, Reinsurance broking & Composite broker.
Below are the secrets of insurance brokers that every customer should know and extract juicy deals from them.
- Negotiation: Insurance broking companies as mentioned earlier have tie up with multiple insurance companies and can provide insurance quotes to the customers from different insurers. Dealing with an insurance broker provides the customer with a strong possibility of negotiation, the insurance broker in turn would negotiate with the insurance company on the premium as well as the terms and conditions. Insurance broking companies have the higher negotiation power when compared to the other insurance intermediaries. This is due to the fact that the insurance brokers are very capable and at the same time legally liable for the deficiency in the services provided by them.
- Legally liable: Insurance broking companies not only provide quotations to customers but also advise the customers on the risk management practices that are to be adopted to reduce the risk faced by the organizations. Ethika insurance broking provides risk management services to the organization which helps the organizations to analyze the risk and adopt measures to reduce the risk.
Insurance brokers are the only type of insurance intermediaries which are legally liable for the deficiency in the services provided by them whereas the other insurance intermediaries are not liable. This secret of an insurance broker should be taken advantage of by the customers by placing the business with insurance broking companies.
- More options: Insurance broking companies as explained earlier deal with multiple insurance companies and this provides the customer with an option to have quotations for the same risk from more than one insurer. This way the customer can have more than one option and select the best quote from the available options. Insurance brokers would know in and out of the insurance industry and can get the best quote for any risk. Insurance brokers would be aware of which insurer would cover what kind of risk and proceed accordingly. It is advisable to have more than one option at the time of taking an insurance policy as the competition and having multiple options increases the chance of getting maximum benefits.
- Value addition: Insurance broking companies provide value addition services in addition to the basic services such as endorsements, claim settlement The value addition services provided by the insurance broking companies include health check-ups which can be utilized by all the members of the group health insurance. Ethika insurance broking provides red carpet claim assistance service to the customers in which the members of the group health insurance policy get super fast claim assistance.
These value additions are not provided by any other intermediary in the market and therefore it is advisable to take the insurance from an insurance broker to avail the maximum benefits which are mentioned above.
The post Insurance Broking Secrets Exposed! Here are the Juicy Details. first appeared on Mind My Business.