Role of The Broker - PowerPoint PPT Presentation

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Role of The Broker

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Hitherto the retail market has been populated by insurance agents and/or ... integrated, custom-designed and delivered through a seamless distribution ... – PowerPoint PPT presentation

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Title: Role of The Broker


1
Role 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

2
Brokers pre-notification
Facultative Reinsurance
Assured
Aon Global
LocalInsurance Company
Intl. Markets
Aon
3
Brokers pre-notification
Proportional / Non-proportional Reinsurance
Aon Global
LocalInsurance Company
Intl. Markets
Aon
4
Brokers post-notification
Facultative Reinsurance
Assured
LocalInsurance Company
Intl. Markets
Aon Global
Aon
National Re (GIC)
5
Brokers post-notification
Proportional / Non-proportional Reinsurance
Aon Global
Intl. Markets
LocalInsurance Company
Aon
National Re (GIC)
6
Retail / Direct Broking
Brokers post-notification
Assured
Markets (Local insurers)
Aon Global
7
Brokers post-notification
Direct Facultative Reinsurance
Assured
Aon Global
Intl. Markets
LocalInsurance Company
Aon
National Re (GIC)
8
Main 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

9
Main 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

10
Main 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

11
Main 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

12
Main 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

13
What 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.

14
Facing New Risks...
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