TOP TEN REASONS WHY CONSUMER SHOULD CHOOSE AN INSURANCE BROKER
Whether you need car insurance, home insurance, business
insurance, travel insurance or some combination of coverage, you’re going to
need a professional to put it all together for you. In most instances, your
choice is between using an insurance agency, your bank, a direct insurance
provider or an independent insurance broker.
These days there are many different ways to buy insurance, but
there are good reasons to consider using an insurance broker’s expertise to
help you make the best-informed decisions. Brokers can help arrange and place
the cover with the chosen insurer and can often provide advice on how to make
the most of your insurance budget. They are aware of the terms and conditions,
benefits and exclusions and costs of a
wide range of competing insurance policies available & offered by insurers
in the market, so they are the best solution for the most appropriate cover of your
circumstances.
Insurance brokers act as your personal advisor on insurance
matters. They work for you, not the insurance
company, to make sure your family; your possessions and your business are
properly protected. Broking communities are licensed by the insurance regulator
in any market and they can work with any insurance companies as a
representative of the customers.
What brokers do?
- Evaluating your individual needs
and obtaining quotes depending on the property, vehicle or business being
insured.
- Comparing
the coverage of different insurers to get you the best rates in an
unbiased manner.
- Searching
for opportunities to reduce overall premiums by combining different types
of discounts.
- Explaining premiums, terms, conditions or
any term that you don’t apprehend.
- Providing
administrative follow-up, alongwith loan adjustments, certificate of insurance.
- Providing advice and revisions
during policy renewal/at the time of moving or the sale of an asset.
- They help you
with the process and make
sure a fair and fast agreement.
- Identify your individual and/or
business risks thereafter, help you decide what to insure, and how to
manage those risks
- To help and guide the customer at the time of claim(s) to get appropriate compensation.
TOP TEN REASONS WHY CONSUMER SHOULD CHOOSEAN INSURANCE BROKER
Naturally, we believe that an insurance broker is your best bet for insurance, and here are to ten significant reasons why.
Get the best
Brokers have access to a wide selection of some of the best insurers in the
country, most of whom do not sell directly to the public. Once a broker
has properly assessed your insurance needs they do the shopping for you, to
find you the right coverage at a competitive price. They can shop you around to
different providers until the very best product for your specific situation comes
up. This is why using insurance brokers is usually more cost-effective.
Always there for you.
An insurance broker works on behalf of the client, which is you. An
insurance agent or bank, are working for the insurance company, which means
they always have the best interests of the company in their mind. At some
point, depending on the circumstances, Insurance company can takes over your
claim and there is no one working on your behalf. With insurance brokers, there
is always someone in your corner, offering peace of mind and great service
every step of the way
Professional Advice
Brokers are licensed professionals. They bring their experience and
judgment to their role as your personal insurance advisor. Most
important, they are free to make impartial recommendations. They are professionally
& technically trained to choose the right policy for their customers and avoiding
unnecessary claims while maintaining the correct premium income. The first and
only responsibility is to serve your interests, so it’s advice you can trust.
Manage risks on your behalf
Brokers can prepare a
customized insurance and risk management program for you or your
business, where they design the policies, negotiate the terms with insurance
companies and place the cover with the insurer. They will explain your policy
to you and advise you if there are any special situations you need to know
about. By including a risk management program, which puts some of the
responsibility for risk prevention and loss minimization on you or your
business, you can reduce premium costs.
Let’s claim together.
If something happens where an insurance claim must be filed, an insurance
broker works closely with the client and ensures the process is as simple as
possible. Your broker is there to ensure that you receive fair and prompt payment,
to get you back to normal. In the event of a dispute, your broker will act as
your advocate with the insurance company. Experience has shown that a broker’s
knowledge and contacts can often help you to settle a disputed claim within a
reasonable time.
Flexible timing
The majority opt
to have a face-to-face communication with a broker to speak about coverage, at least at
the beginning. For maximum of your dealings with a broker you could talk in whatever way you're most at
ease with, or that fits into your busy life, such as telephone or email.
Security of personal data
Insurance brokers thrive on a principle
of utmost faith. Your insurance broker places your benefits first, than those
of the coverage organizations they deal with. Buying insurance from a broker
means you can buy with confidence knowing that the advocated coverage is well suited
for your particular needs or goals. A broker’s advice is independent of any
insurance company, so their suggestions are constantly in your best interests.
Knowledge
Brokers are a wealth of
knowledge on all aspects of coverage and other attentiveness. They understand
how to ensure that you get all applicable discounts on the insurance you
purchase. They’re specialists at risk evaluation and how to correctly protect
you and your family. Professionals are always with you, so you can rest with
confidence that the insurance you get is the insurance you want.
A strategic approach to renewals
A broker will be able to analyse your
existing policies and claims where data is available and show you what’s
driving your insurance costs so you can make changes to address the causes. If
you’re struggling with escalating premiums, they may be able to propose
strategies to bring them down. For example they might suggest making certain
aspects of health insurance optional and inviting employees to pay a little
extra if they want to take advantage of them.
Transparency is the key.
It doesn’t cost you any extra to use the services of a broker. Brokers
are paid a commission by any insurance company they place your business with,
there is no financial incentive for them to pick one over another. What’s
more, they are completely open about their transactions and encourage you to
ask them about their remuneration.
When you’re choosing
an insurance broker, check the rules in your country to see if there’s a body
that registers, licenses or regulates brokers, then make sure you choose one
who complies. In the end, you are always aiming to get the best.
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