CHOOSING A BETTER COMPANION

Why
Insurance Broker

Professional Insurance Brokers designs & underwrites insurance policy in such a manner that it is effective & appropriate to customer needs.

General

Insurance industry in India was made open for private sector by Government through Insurance Regulator named as the “Insurance Regulatory Development and Authority of India (IRDAI) in the year 2000. Thereafter the Insurance Broker concept was in year 2002 through Insurance Brokers Regulation 2002 and further amended in 2003. These regulations clearly define the function and code of conduct of an insurance broker.

Statistics

Insurance Broking Industry in India Contributes 30% of market share in Non-Life Insurance (also known as General Insurance) and less than 1% in Life Insurance Industry which is more than 70% of total insurance market share in developed nations.

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Why one should choose an insurance broker?

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.
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Advantages Of Keeping An Insurance Broker

With help of an 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.

Check out some of the advantages that you can possess if you have the support of a qualified insurance broker.
Customer Risk Profiling Through Risk Management Services

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.

Well Designed Policy Underwriting

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.

Costs Saving

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.

Insurance brokers consistently understand & follow insurance market price behavior which helps their customer rather save cost than incurring more(which is a myth).

Claims Management & Advocacy

Customers often realize important of assistance of insurance professional whenever claim occurs. Claim realization is ultimate objective of an insurance policy. It hurts customer sentiments & financial stability if claim does not get settled appropriately. In our experience, Claim gets rejected/deducted more often due to in appropriate handling of claims when it occurs.

Insurance broker keep best knowledge domain of season professional and robust system in order to get claim settled right quality & quantum  for their customer. They accompany their customer right from start of claim intimation until it gets settled. If needed, Insurance brokers help in legal recourse as well.

Legal Recourse

One of the main & conclusive object to insurance broking partner is that claim which is the ultimate outcome of insurance policy, shall conclude amicably, reasonably & to its best interpretation as per policy terms & condition. Therefore, We do not leave our customer hand even in circumstances where insurer does not process claim as per policy terms & condition. We do take legal opinion & suggest, advise & walk along with our customers during legal recourse of an disputed or improper settled claim.

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ORANGE CAPITALConnect with us
Principal Officer : Deepak.Arora@orangecapital.in
Sales & Support : Deepak.Chauhan@orangecapital.in
Media/ Grievance/Enquiry : Nandita.Kapoor@orangecapital.in
OUR LOCATIONSWhere to find us
Registered Office
Orange Capital Insurance Broking Private Limited,
Ground Floor, S-145, Uppal South End
Sohna Road, Sector-49, Gurugram, Haryana-122001

Corporate Office
Second Floor, K-5A/9, DLF Phase-II,
Near Vatika City Point, MG Road,
Gurugram, Haryana-122008
GET IN TOUCHOrange Capital Social Links
Feel our social presence that seamlessly covers key insurance indicators.
ORANGE CAPITALConnect with us
Let’s grow together with the warmth of mutual trust and support for a better future.
OUR LOCATIONSWhere to find us
GET IN TOUCHOrange Capital Social Links
Feel our social presence that seamlessly covers key insurance indicators.

IRDA Registration Number : 704 | CIN : U66000HR2019PTC082383 | Category : Direct Broker (Life & General including Health) | License Period : 17-04-2020 to 16-04-2023

IRDA Registration Number : 704
CIN : U66000HR2019PTC082383
Category : Direct Broker (Life, General, Health)
License Period : 17-04-2020 to 16-04-2023

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