ROLES/ DUTIES OF INSURANCE BROKERS

 

  • An Insurance Broker will evaluate client’s risk exposure and structure/tailor insurance cover/s according to the anticipated risks and ensure proper and professional transfer of such risks to the Insurance Company.
  • A broker will ensure the client understand what is insured and what is not insured under the insurance policy/cover before payment is made for the policy
  • An Insurance broker has a wide knowledge of Insurance products/industry, and will select the most ideal Insurance policy/package and the insurance company to underwrite the policy/cover
  • An Insurance broker can spread/share risk among many insurance companies especially when the risk is big, in order to avoid concentrating the risk with one insurance company for proper risk mitigation.
  • An insurance broker will advise clients on the most suited insurance company to underwrite a risk in terms of underwriting capacity and appetite for that kind of risk.
  • An insurance broker will therefore negotiate for comprehensive policies with wide coverage and extensions at very competitive insurance rates/premiums.
  • An Insurance broker will assist clients to procure insurance quotations from various insurance companies for tender purposes and analyze such quotations to ensure a client make informed decisions when choosing covers and insurer.
  • An Insurance Broker will guide a client through Insurance claims requirements and procedures to ensure the loss/damage/injury/ and or death claims are not only promptly paid but paid to claimant’s satisfaction.
  • Insurance brokers do not charge their clients for services provided, because they earn brokerage commission incomes from insurance companies in accordance with Insurance Act.

 

 

WHY USE AN INSURANCE BROKER

 

  • An insurance broker is a professional adviser who is an expert in insurance and risk management. They work on behalf of the client.
  • An insurance broker can save you time, money and worry;
  • Assist clients to assess level of risk and how best to manage it;
  • Insurance can be complicated so an insurance broker can help clients understand the details of a policy and also help work out what level of cover needed;
  • Provide advice and guidance on the purchase of the right insurance products and can organise covers that are tailored to individual client/ business requirements;
  • They are claims advocate, there when clients need them the most;
  • Assist clients with the preparation and settlement of claims;
  • Liaise with the insurance company to negotiate the best possible claims outcome for clients

IMPORTANT:  

Insurance brokers work on behalf of clients and can be relied on to provide professional advice in your best interest. An insurance broker will help clients identify which risks they face and then tap into their extensive relationships with insurers to obtain a number of options for review against respective business needs and budget. Brokers explain the terms and conditions, benefits, exclusions and costs of a wide range of insurance policies.