Insurance brokers are the insurance intermediaries authorized by the insurance regulator of India to source insurance on behalf of the insurance companies. Insurance brokers are given license by the Insurance regulatory and development authority of India to source insurance business in India. Insurance brokers act on behalf of their clients to provide advice in the interest of the clients. Insurance brokers is a specialist in both the insurance advice and risk management unlike any other insurance intermediary. Insurance broker is the only intermediary to provide risk management solutions to the customers. Insurance brokers will help you identify your individual as well as business risks and provide comprehensive risk management solutions to those risks and also educate you on how to manage those risks. There are many insurance brokers in India, but the top 5 largest insurance brokers in India are Aon India Insurance Brokers private limited, Marsh India insurance brokers pvt ltd, Mahindra Insurance brokers, India insure risk management and insurance broking services pvt ltd, Ethika insurance broking.
Insurance brokers can work with any number of insurance companies unlike the other insurance intermediaries who can only work with a limited number of insurance companies. Insurance brokers are completely aware of the terms and conditions of all the insurance policies available in the market of all the insurance companies. In short an insurance broker can suggest the best insurance company depending on your risk and other factors. Brokers can help you place your insurance business with your preferred insurance company that can cover your risk perfectly. Insurance brokers are of three types: Direct broker, Composite broker and Reinsurance broker.
Direct broker is the one who would undertake the insurance business only with all the insurance companies. Reinsurance brokers undertake only the reinsurance business and place the reinsurance business with the reinsurance companies. Composite brokers on the other hand can solicit both the insurance and reinsurance business. Composite brokers are allowed to carry out insurance business as well as reinsurance business in India. The direct insurance broker can carry out life insurance or general insurance business in India. Insurance broker is an insurance intermediary, registered with the authority, who for a remuneration and or fee, solicits and arranges insurance business for its clients with insurers located in India and/or provides claim consultancy, risk management or other similar services.
Insurance brokers provide claim consultancy to their customers in which they provide the claim related inputs. The risk management solutions provided by the insurance brokers are customizable in nature as the risks differ from one organization to another. Insurance brokers provide value added services such as the Red carpet claim assistance, Employee assistance program, Employee engagement program, Employee wellness program, Employee happiness program and Employee benefit management software by Ethika insurance broking. Red carpet claim assistance program provides the claim settlement within a few days, the insured member needs to provide the basic details regarding the claim and later on the claim would be followed up by the Ethika insurance broking company with the concerned insurance company for faster settlement.