At end of FY 2019-20, There are 34 Non Life Insurance companies and 24 Life insurance companies operating in India. One of every these insurance companies, at minimum, has over 10 nature of products in every insurance category.
As Insurance industry itself often says “ Insurance is subject matter of solicitation”. Solicitation for what is best available in such a wide & complex industry is not an easy task where ultimate goal is not purchase but in order to receive financial support if any claim arises.
This is what broadly underlines, necessity & importance of insurance broker.
Insurance industry in India was made open for private sector by Government through Insurance Regulator named as “Insurance Regulatory Development and Authority of India(IRDAI) in year 2000. Thereafter Insurance Broker concept was in year 2002 through Insurance Brokers Regulation 2002 and further amended in 2003. These regulations clearly define function and code of conduct of an insurance broker.
The power of insurance broking services
Using a insurance broking services costs you less compared to that of going for a face to face meeting. As they are being managed by the insurance companies, initially there won’t be any charges that you might want to suffer.
A broker will be responsible for making sure any optional extras or cover not included within your policy are transparently disclosed to give you a clear cut idea for the level of cover that is expected to offer.
Your broker will always assist you in obtaining the best deals available on the market. Also all related claims are dealt by the broker to save you the inconvenience caused which can a difficult and frustrating process. So why wait! Go and grab one of the handpicked insurance brokers that a re available in the market right now.