Insurance brokers are the only insurance distribution channel which represents the policyholders*
Insurance Brokers are the fastest growing among distribution channels contributing to 23.2% of the non-life insurance premium*
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*Source: IBAI HANDBOOK: GENERAL INSURANCE CLAIM INSIGHTS FOR POLICYHOLDERS, 2017
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Insurance brokers are the only insurance distribution channel which represents the policyholders and are regulated by the IRDAI (Insurance Brokers) Regulations, 2013
As is the case with other countries, the concept of an Insurance Broker was introduced by the Insurance Regulatory & Development Authority of India (IRDAI) through the IRDA (Insurance Brokers) Regulations, 2002 and amended in 2013
Insurances brokers work for policyholders’ interests and are therefore, the fastest growing among distribution channels contributing to 23.2% of the non-life insurance premium
Insurance Broking registered the highest CAGR of 27.7% between FY10 and FY15 among the major channels in non-life insurance
As per the EY Vison 2025, brokers driving customer-centric growth report, it is expected that insurance broking will contribute close to 40% of gross direct premium in non-life insurance in the progressive scenario
As per the report, non-life insurance market in 2025 is expected to be at Rs 4,00,000 Crs and brokers market share is likely to be around Rs 1,60,000 Crs
Source: IBAI HANDBOOK: GENERAL INSURANCE CLAIM INSIGHTS FOR POLICYHOLDERS, 2017Some insurance policies can be complicated, and an insurance broker can help a policyholder understand the details of a policy and also work out what the level of cover needed to ensure that the policyholder’s interest is well-protected
Brokers can find a good deal for the policyholder on insurance and can negotiate premiums on his/her behalf. A broker will explain the insurance policy and advise the policyholder on any special situations that they need to know about
Brokers can prepare a customized insurance and risk management program for a policyholder and his/her business, where they design the policies, negotiate the terms with insurance companies and place the cover with the insurer
By including a risk management program, the policyholder can share the responsibility of loss prevention and loss minimization and thereby reduce premium costs
Using the broker doesn’t cost more than going direct as they are paid the brokerage by the Insurers for selling their products
In case of a claim on the policy, an insurance broker will assist the policyholder through the process and will liaise with the insurer on their behalf.
Source: IBAI HANDBOOK: GENERAL INSURANCE CLAIM INSIGHTS FOR POLICYHOLDERS, 2017Book an appointment with our Policy Expert to get competitive quotes
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IRDAI CoR No: 216 | Broker Code: DB 089/03 | Valid from: 13/10/2015 till: 12/10/2018 | Category: Direct (Life & General) | A member of IBAI
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