Jubilee Hills, Hyderabad.
FAQS
? What is Insurance Brokerage?
Insurance Broker represents the customer. For the first time in India such a concept has come into force. Worldwide brokers play an important role on behalf of the customer.
? Who is a Broker? Are they licensed?
IRDA gives licence to a broker company whose paid up capital is 50 lakhs and they are authorised to deal with all the General Insurance Companies.
? Do we have to pay any fees to the Brokers?
No, though the broker represents the customer, broker will be getting the fees from the insurance company where the Insurance business is placed. There is no additional financial burden to the customer.
? What is the advantage of appointing a broker?
Management of Insurance portfolio is cumbersome process for any business organisation. The presence of professional brokers will facilitate the client to utilize the following services. • Free underwriting consultancy services. • Free claims services. • Awareness of the prevailing Insurance market. • Awareness of financial strengths of all Insurance companies. • And other value added services.
? How do we enter into a contract with the broker?
A letter is to be addressed to the Broker to offer the listed services for a specified period.
? Does the Broker's role end once the business is placed?
No, the Broker has to offer the services as long as the policies booked through him are in force.
? What happens when the Broker gives incorrect advice?
As per IRDA rules, the brokers can be sued by the customer for deficiency of services or errors of omission and commission.
? Do we have to place business with particular Insurance Company as per the suggestion of the Broker?
No, the customer is free to take all the decisions. The Broker acts only as an advisory body.
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Hyderabad Office: Plot No.212 E, Road No.76, Jubilee Hills, Hyderabad. 500033
