- Insurance is a global business. In developed countries, the advantage of working through Brokers is well established, so much so that, more than 90% of corporates manage their insurance and risk management through brokers.
- In India, the concept is only a decade old, and is still evolving. Brokers have still not reached the scale to reach out to a vast majority of the commercial world. At the same time, the market is changing and is estimated that about 20-25% of the commercial lines insurances are placed through Brokers and among larger corporates, it is significantly higher.
- Broking will be playing a significant role in the years to come, both in spreading insurance and increasing penetration and in offering significant value to enterprises in managing their risk, effectively.
- Insurance is a contract – Would you be able to navigate the terms and conditions of the policy, correlate them with the accident, handle the documentation and represent to the loss assessor and in many cases to an investigator or arbitrator or stand legal scrutiny in a court of law? Brokers are your Advocates, and assume responsibility for the entire insurance process.
- Brokers are legally liable for their advices and have a statutory requirement to hold adequate professional indemnity cover.
- As a specialized entity, Brokers’ primary role is designing, implementing and ensuring that the ERM program works for you.
Brokers have an active Association (IBAI) and bharat RE is committed to developing the Broking profession in India, with our Director Mr. T.L.Arunchalam on the board of IBAI as its Director and Vice President.
Insurance Brokers Association of India website – ibai.org
Brokers Regulations – http://ibai.org/Brokers_Regulations_2013.pdf
IBAI Newsletter – http://ibai.org/newsletter/newsletter1.pdf
Vision 2025 – http://ibai.org/cir_16/Vision2025.pdf