FUNCTION AND ROLE OF INSURANCE BROKERS

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