Impact Of A Broker In Insurance Procurement | #IBNInsights

Insurance Broker has the same technical knowledge and standards with the underwriters. A broker is therefore in a strong position to represent your interest with insurance companies concerning your risk exposures and needs. 

Broker Helps You Understand Policy Provisions and Seeks Best Protection For You:

An Insurance policy is a legal document stating the terms, conditions, and warranties of your insurance coverage. It is the duty of your broker, being your agent, to take the heat of reading through these contractual provisions off your neck and ensure that you procure a ‘water-tight’ coverage, based on the adequate sum insured, with a clear goal of efficient claim recovery should any accident occur. A broker will help to review your already existing policies to ensure their adequacies for your peculiar need

Your Broker as Your Secretariat, Risk Watcher And Industry Watch-Dog:

A Broker doubles as your Risk Advisory agent, notifying you of any possible red flags or high-risk areas ‘All Year Round’, and guides you on the best form of insurance protection at any given time based on the dynamics of your personal and/or business endeavors.

Broker also constantly engages with your underwriters, Loss Adjusters, Surveyors and Allied Professionals on your behalf, to deal with all technical and administrative tasks towards ensuring that your coverage justifies and guarantees the intended value-added.

Insurance Industry is an ever dynamic one with constant changes and developments on the practice of the insurance profession. A Broker keeps you abreast of new trends and regulatory changes in the industry, and also offers technical training for your better appreciation of the insurance.

Your Broker as a Claim Expert:

Claim is the reason you buy insurance and an ‘unclaimable losses’ are akin to ‘Aborted Pregnancy’. Your broker therefore ensures that your insurance delivers not only the baby, but a ‘bouncing baby’ for that matter. Do not touch Insurance without your broker.

Broker has the influence in the insurance market and will therefore put a smile on your face when there are losses to recover without unwarranted repudiation of liability by the underwriters.

What is the Cost of Using A Broker:

Good News……You pay no more than your actual premium for using a broker. In fact, you pay less through the negotiating capability and influence of your broker. A broker earns his commission from the insurance company out of your premium and broker who is worth his salt will continually help you drive down your insurance costs so as to continue enjoying your loyalty as his clients.

Good broker thrives under a consistent business retention of his clients, rather than the costlier premium the clients pay.

The best Insurance is your Insurance Broker so, make it a point of duty to partner with an Insurance Broker in your insurance purchases.

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