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

Insurance brokers in India work towards bringing an organized approach towards searching, analyzing and finalizing an insurance policy

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Representational Image. Image source: Pixabay
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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

Source: CRISIL’s latest Report on Indian Insurance Industry (Oct 2015) – Details & Review

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
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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  • Kabir Chaudhary

    When has an insurance firm ever helped an individual ever.

Next Story

What’s Common To Virat Kohli, Sania Mirza, Rajnikanth And Other Celebs?

Virat Kohli getting his beard insured.

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What's Common To Virat Kohli, Sania Mirza, Rajnikanth And Other Celebs?
What's Common To Virat Kohli, Sania Mirza, Rajnikanth And Other Celebs? Flickr

Life insurance is no big deal, but getting your body parts or other attributes insured is quite wacky. For celebrities, their bodily features serve as their means of livelihood and fame. So, it is only natural that they would be protective of their ‘assets’. With the buzz around Indian skipper, Virat Kohli getting his beard insured, the trend is gaining quite a momentum in India. Though, it has already been in practice in the West, with celebrities like Miley Cyrus (she got her tongue insured), Jennifer Lopez (has her voluptuous booty insured), Daniel Craig (got his whole body insured), and many others popularising the latest fad, Indian celebrities are joining their Western counterparts in protecting their features, too.

John Abraham

The handsome hunk, John Abraham, who gave us a tantalizing butt view in Dostana not only had his female friends ogling but also arrested the attention of an international insurer. They offered to ensure the Bollywood star’s derrière for a whopping Rs 10 crore to which he responded positively. Well, it is an ass-et and most expensive butt in Bollywood

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The film is jointly produced by JA Entertainment, Zee Studios and Kyta Productions. Flickr

Sunny Deol

Known for his ‘dhai kilo ka haath’, Sunny Deol got his voice and dialogue style copyrighted instead. Because he was disappointed when his voice and dialogue delivery was adopted for mimicry, which far exceeded permissible levels according to him.

Rajnikanth

There is nothing that Rajnikanth can’t do, especially in his films. Speak of Thalaiva and even the earth stands still (pun intended of course). The actor who, even today, has a crazy fan following, has got his voice insured and patented, followed by a petition he filed against a production house for personality right violation.

 Amitabh Bachchan

The Big B, Amitabh Bachchan, got really upset when he found out that the voice artists were using his baritone without the permission to sell certain products that he didn’t quite approve of. So, it was buzzed that Amitabh wants to get his voice copyrighted. Hence, Mr Bachchan got his voice tone insured and patented.

it was buzzed that Amitabh wants to get his voice copyrighted
it was buzzed that Amitabh wants to get his voice copyrighted. flickr

Priyanka Chopra

Everybody is aware of Priyanka Chopra’s pouty smile on which she has drawn up a copyright. As she seems to be of the opinion that her smile is very much her own, and no one has the right to copy it after she discovered the wrong ways of it getting used by doctors promising young girls to achieve ‘Priyanka Chopra Smile’ after necessary surgical tweaking.

Actress Priyanka Chopra attends the Clive Davis and Recording Academy Pre-GRAMMY Gala and GRAMMY Salute to Industry Icons Honoring Jay-Z on January 27, 2018 in New York City.
Actress Priyanka Chopra attends the Clive Davis and Recording Academy Pre-GRAMMY Gala and GRAMMY Salute to Industry Icons Honoring Jay-Z on January 27, 2018 in New York City.
 Mallika Sherawat

Known for her hourglass figure, Mallika Sherawat went a step ahead of all the other Bollywood divas and got her whole body insured. It is also believed that the actress spends hours on her body to keep it flawless.

Sania Mirza

Ace tennis player, Sania Mirza has reportedly got her hands insured, which are her greatest assets. Because tennis is a tough game and it involves a lot of hand movements and mind presence. Plus, we all have seen her create magic by winning trophies for the country.

Lata Mangeshkar

Known as the second nightingale of India, Lata Mangeshkar has given a number of hits and even lent her voice to generations of actresses since 1940s. While the amount remains unknown, it has been confirmed that she has got her melodic voice insured.

Lata Mangeshkar has got her melodic voice insured
Lata Mangeshkar has got her melodic voice insured. Flickr

Vijender Singh

India’s ace pugilist, Vijender Singh got his power-packed hands insured, as those are his main weapons in the game. The decision came after his medal-winning performance in 2008 Beijing Olympics.

Also read: Important for celebrities to speak up, bring change: Deepika Padukone

Rakhi Sawant

The controversial, outspoken actress, dancer, model and host, Rakhi Sawant loves herself more than anything else and everyone is well aware of it. In order to keep herself sexy always, she has apparently insured her derriere. (IANS)