FUNCTION AND ROLE OF INSURANCE BROKERS
Advocating
– Insurance Broker is an agency/company established to provide assistance to the insured party in obtaining their full rights, and working for/and on behalf of the insured.
– Insurance Broker do not charge a fee in providing intermediary services which include consulting services and handling claims from the insured.
Consulting
– Measure the level of risk
– Manage information and documentation
– Design the best terms & condition for the – insured
– Provide active consultation :
- Measure the level of risk
- Explain the terms & condition policy/insurance condition
- Explain the rights and obligations of the insured Answer all questions from the insured
Placement
– Choose an insurance company
– Place risk
– Give the best price
Claims Handling
– Make claim handling procedures
– Completion claims
– Evaluating claims
– Assistance if needed the insured