Role of The Broker

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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

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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)
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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

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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

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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

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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

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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

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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.

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Facing New Risks...