Why the insurance broker's role is so vital today
Economic activity in India, according to surveys and expert opinion, is on a growth path that should see the simultaneous development of the industrial and financial sectors.
The insurance sector is also in a state of flux. Changes have been wrought by IRDA with the introduction of the insurance broker who is to act as the representative of the client and as an intermediary, perform all necessary services to help the insured.
The benefits from utilizing an insurance broker are manifold-He can obtain the most competitive rates, help in negotiating reduction in premiums, offer expert advice on the creation of tailor-made covers and assist in the settlement of claims.
The broker, therefore, performs a versatile role while acting as the official intermediary between insurer and insured.
This is the era of product differentiation. Insurance firms have the liberty, now that they have been freed from the shackles of the tariff era, to effectively design insurance products specifically for a customer, the insured.
It is here that the role of the insurance broker becomes absolutely vital. His intervention based on a bedrock of insurance knowledge and insight into economic trends will help the client to obtain what he requires, the perfect fit for his needs-the insurance cover that has been specifically tailored for him.
