Don’t get caught up in jargons, just call an insurance brokerage firm!

Don’t get caught up in jargons, just call an insurance brokerage firm!

August 26, 2016: In the scenario where risk persists in everything that you do, you just cannot think of moving ahead in life without the right set of insurance policies as your real time savior.

Graph showing Insurance penetration in India and world. Image source: Swiss Re, Sigma

The table above clearly indicates that insurance penetration in India has not gained much momentum over the last many years. According to the CRISIL's report on Indian insurance industry, India has an average of 3.1 percent in terms of the life insurance penetration in comparison to the global average penetration for life insurance as 3.5 percent. Further, India's share of the global non-life insurance industry is just 0.7 percent.

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A major reason for the lesser penetration is the lack of awareness about the importance of different insurance policies. Insurance brokers in India can play a major role in taking India on the path of greater insurance penetration by making their clients aware of the importance of both – life insurance and non-life insurance. Holding expertise for different insurance policies, insurance brokerage firms assist you in taking the best policies for yourself with clarity about the hidden extra coverage and other insurance jargons.

How an insurance brokerage firm creates a difference for good?

Insurance brokers in India work towards bringing an organized approach towards searching, analyzing and finalizing an insurance policy. The five pillars on which an insurance brokerage firm relies upon while serving its clients are:

Expert advice

Insurance brokerage firms are those licensed setups, which can bring the experience and judgment of its expert brokers in getting the best coverage under any insurance policy. They are your personal advisors who first understand your insurance needs and then start hunting for the best policy that covers your individual requirements.

Trust building

Insurance brokerage firms work on the principle of building a relation of trust with its clients so that they can feel free to discuss their individual and business needs for insurance. A brokerage firm's advice should be free from any biases towards the insurance company and focus completely on the benefits of the policy-holders by getting maximum coverage at best prices.

Representational Image. Image source: Pixabay

Transparency

Employees at a certified brokerage firm can help you in gaining more information about different insurance firms and the policies they provide. Also, when it comes to comparing policies from different insurance firms, insurance brokers can help in making things sorted by bringing more transparency into the process.

Advocacy for quick claim settlement

Disputed claims can prove detrimental for your peace of mind. So, why not leave the worries of claim settlement on your insurance brokerage firm? In most of the cases, its knowledge about different issues helps in prompt claim settlement. Moreover, an insurance brokerage firm gives you the assurance of not missing out on any coverage out of ignorance.

Making choices available

You need an insurance policy but that doesn't necessarily mean that you know about every insurance firm and the options available. Here comes the insurance brokerage firm into the scene to help you in knowing and analyzing the various options available. As per your particular requirements, they bring to your notice the policy that provides optimum coverage.

What to look for in an insurance brokerage firm?

As per an article in The Economic Times, the number of insurance brokers in India has risen above 300 after the implementation of broking regulations in 2002. With so many options to choose from, it's not easy to zero in on one. To make the choice easier, you should look for these two elements in an insurance brokerage firm:

The focus area

If you have individual needs for a policy and your insurance brokerage firm has the experience in dealing majorly with corporate issues, then you are least expected to get the best advice.

Years of experience

More the number of years an insurance brokerage firm has spent in the market, the safer it is to rely upon. Such firms have the experience of dealing with various clients with diverse personal and corporate needs, and their knowledge about different insurance firms is much more extensive.

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It's good to have someone to advise you on insurance matters, and an insurance brokerage firm can best serve this purpose. All you need to do is to zero in on the firm that best fits your needs and is a trustworthy name in the markets.

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