With help of Insurance Broker, A customer can visualize entire insurance market in direction of its insurance needs. Customers do not need to run from one insurance company to another, to seek what is best available. Insurance Brokers understands a customer insurance requirement & objectives and thereafter approach insurance market in direction to what is best available. Such job is usually more easier & qualitative for an insurance broker since they consistent operate day in & day out in market therefore they are best updated of what is occurring in insurance market.
Knowing a risk is also a way of reducing loss. Insurance broker understands importance of Customer Risk Profile.
Professional insurance brokers, quite often, conduct Risk Audit/Inspection of their customers thus making them aware of probable cause of loss/damages to them, followed by further advising them to mitigate risk by either insurance or some non-insurance measures or both.
The big picture
Insurance Policy works in accurate efficiency when it is correctly designed & underwritten, which differs for every customer since their aspect of insurance could be different.
A retail customer needs insurance for his personal financial goals and his/her nature of profession/occupation makes it entirely unique.
Whereas A corporate customer needs insurance for his financial stability & growth of organization which depends on Corporate Industry, mode of business operation, products, risk control measures etc.
Therefore, Professional Insurance Brokers designs & underwrites insurance policy in such a manner that it is effective & appropriate to customer needs. It also ensures that there is no gap in customer expectation & insurance policy outcome. For an example, A Corporate Customer may not be following policy warranties in its business operation standard operating procedures which may result into claim dispute if cause of loss is restricted under policy warranties.
Therefore proper design & thus policy underwriting is utmost important part in insurance procurement.
We often come across myths that insurance company charges for insurance policy through insurance brokers or insurance broker charges extra for insurance services. However, these myths are misperception. In Insurance, Addition of insurance broker in procurement does not put an extra cost. In fact, Cost is often much better than direct purchase of insurance. This is because, Insurance premium does not have any maximum price tag except in retail health & Life Insurance.
We often come across myths that insurance company charges for insurance policy through insurance brokers or insurance broker charges extra for insurance services. However, these myths are misperception. In Insurance, Addition of insurance broker in procurement does not put an extra cost. In fact, Cost is often much better than direct purchase of insurance. This is because, Insurance premium does not have any maximum price tag except in retail health & Life Insurance.
