Title: Role of The Broker
1Role of The Broker
- The Professional Insurance Broker is a new
concept in the Indian market - Hitherto the retail market has been populated by
insurance agents and/or consultants, whose level
of expertise and responsibility to the client has
been limited
2Brokers pre-notification
Facultative Reinsurance
Assured
Aon Global
LocalInsurance Company
Intl. Markets
Aon
3Brokers pre-notification
Proportional / Non-proportional Reinsurance
Aon Global
LocalInsurance Company
Intl. Markets
Aon
4Brokers post-notification
Facultative Reinsurance
Assured
LocalInsurance Company
Intl. Markets
Aon Global
Aon
National Re (GIC)
5Brokers post-notification
Proportional / Non-proportional Reinsurance
Aon Global
Intl. Markets
LocalInsurance Company
Aon
National Re (GIC)
6Retail / Direct Broking
Brokers post-notification
Assured
Markets (Local insurers)
Aon Global
7Brokers post-notification
Direct Facultative Reinsurance
Assured
Aon Global
Intl. Markets
LocalInsurance Company
Aon
National Re (GIC)
8Main Functions of The Professional Broker
- Always act for the client
- Assist the client in identifying and evaluating
risk - Determine with the client all insurance needs and
requirements - Acquire an intimate understanding of the clients
business and philosophy - Customise integrated risk solutions to suit the
clients needs
9Main Functions of The Professional Broker
- Prepare on behalf of the client presentations,
underwriting slips and all necessary documents
for insurance underwriting purposes that, whilst
observing all critical matters of disclosure,
presents the clients business in a positive
light - Select the right insurer for the client depending
on the security, reinsurance capabilities, level
of professionalism, and claims service of the
insurer - So far, the lack of professional advice in the
documentation process has led to non-admittance
of claims. Going forward, the broker will take
care of this
10Main Functions of The Professional Broker
- Leverage buying power on behalf of clients
- Negotiate with underwriters, best terms taking
into account price, coverage scope, insurer
security and service standards - Recommend an appropriate insurance programme to
the client - Prepare/agree policies, that reflect accurately
the agreed terms of insurance - Collect and disburse premiums in a timely manner
11Main Functions of The Professional Broker
- Providing additional services such as consulting,
risk management, risk modelling and uninsured
loss recovery - Complete all necessary documentation and maintain
accurate records of past claims - When claims occur, act as advocate for the
client, negotiate best equitable settlement in
terms of the policy and expedite timely payment
of claims
12Main Functions of The Professional Broker
- Keep the client informed regarding the insurance
market, technical, statutory or other relevant
matters - Treat all client data with utmost confidentiality
- In India, be a catalyst in the development and
introduction of new innovative products and
services
13What the Broker does
- Professional brokers offer a full array of
risk management products, services and solutions
that can be integrated, custom-designed and
delivered through a seamless distribution network
to meet marketplace challenges.
14Facing New Risks...