INSURANCE BROKER

Written By

Shoaib shah Al Asadi

Initially,

              Insurance brokers were a very rare group of people who only advised people or insurance companies who could hire them.  

All the individual and companies hire insurance brokers to manage their insurance departments . Today, yet, every single insurance company uses these insurance brokers for insured customers. actually they use a big team of people who can take care of their client needs.

However, what is the bottom line for an individual or a insurance business. what a insurance broker mean to them. and how does it will add a value to their insurance portfolios.

                            In a general point of view we can say this that a broker manage the clients department to release the work load. also he help them to understand the daily work proses and act as a communication promoter in the company. 

                           In order to understand the general role of an insurance broker it must distinguish it from its various component . When a person first seeks insurance for example, the seller plays a role. the trader looks at an individual's needs and the nature of the insurance.

                            And according to that he can give the advice on how much insurance is appropriate for that person. how much the person have to pay and what part he have to cover his expenses. the seller informs the potential insurer of his premiums they are paying ,in case of a claim and how much the he will be insured.   

                           Once a person has taken out insurance they will usually only be in contact with the same broker, because the seller is assigned that client to manage his or her portfolio.

                           The insurance broker then plays a role in providing the client with any additional information if they need it, but in particular they will deal with the insurance claim, therefore, contacting clients seeking business and ensuring that clients are paid fairly. 

                           It may be up to the seller to decide whether the client is financially compensated or whether the loss should be compensated for the same amount of property by the lost or injured person.

                          Depending on the company's policy, the seller may be authorized to investigate the authenticity of the claim by asking for the breach if the injury is of the nature of the claim, or by seeking the advice of an inspector.

                         Sometimes it may be necessary for an insurance agent to update their portfolio and make changes to it. whether these changes are small personal changes such as a new address or phone number or major changes made to the portfolio, they are also subject to the duties of an insurance broker.

                         One of the biggest changes retailers have to make in client portfolios is when clients guarantee price increases or decreases. Insured people buy new items for example and those items need to be specified in insurance policies. All of this is passed on to the seller. In some cases it may be preferred or required that the seller move the insured party to a completely new policy with appropriate terms and conditions.