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Worldwide Environment
In Advanced countries, the Broking channel has a lion’s share of the corporate business with more than 82% of the sales coming in from all intermediaries. Insurance broking came into existence about twelve decades back. From being a matchmaker between insurance companies and business firms earlier, the scope of the broker has greatly expanded to providing multiple value-added services.
Indian Markets
Insurance in India is still highly under held with the statistics showing that just about 6 % of the total Indian population is insured. We have the required expertise and resources to cater to the diverse needs of all people and commercial clients.
Brokers in India
- Direct Brokers. (between end-users and primary insurers)
- Re-insurance Brokers. (between primary insurers and re-insurers)
- Composite Brokers. (both the above)
Brokers Benefit
Since October 2002, IRDA recognized a new breed of Professionals, the Brokers. The period since then, there has been a marked improvement in the way insurance is sold. Last few years saw the consolidation of business coming from insurance brokers and the setting up of international broking houses here in India. That the scope for growth is immense is obvious from the fact that some leading brokers have written business way above the paid-up capital of some non-life insurance companies. Internationally brokers are more profitable than many insurance companies themselves and their stock prices on LSE are more than insurance companies, as well.
Niche Plans
De-tariff will help insurance companies come out with better products and segmentation of customers and that will mean insurers will soon offer more niche products like weather or wedding insurance. We see a lot of enquiries and opportunities coming in a total de-tariff scenario in India.
Surely, Broking is the next big thing in Insurance. |
- Enam Insurance – As a Broker
- Enam Insurance Broker vs. Other Service Providers
Enam Insurance – As a Broker
- Represents the client and not the Insurer.
- Obtains a detailed business risk of the client after understanding the business and subsequently suggests relevant risk management.
- Suggests the optimal insurance covers available based on specifics of wordings.
- Selection of insurer based on their financial, technical and technological strength.
- Maintains detailed knowledge of products available in the market.
- Maintains the data of renewals, claims and risks.
- Claims facilitation and assistance in documentation.
- Insurance consultancy and risk management strategy.
Enam Insurance Broker vs. Other Service Providers
- In the developed world, brokers exist since more than 12 decades; in India since the last few years.
- As a Direct Broker, Enam Insurance Broker is strategically at an advantage to give the client tailor-made solutions as per industry risks.
- Enam Insurance Broker represents the client and not the Insurer, unlike an agent or a bancassurance channel.
- Enam Insurance Broker can place risks and negotiate with any or all Insurers in India for competitive quotes, unlike other intermediaries like an Agent or Corporate agent.
- A TPA (Third Party Administrator) is a service provider for Insurance companies related only to the health insurance claims settlement.
- Brokers are highly regulated as per the IRDA.
- Just over 270 in number, in India and need minimal capital requirements to be established.
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Enam Risk Management Services
1) Risk Assessment and Management
- Identification of Risk
- Analysis and Transfer of Risk to the Insurer
- Advise on Risk retention and transfer strategy
2) Insurance Portfolio Overview
- Optimal suggestions for the risk placement / the cost of risk, at a premium
- Identification of the risk, which is not insured
- Enhancing policy terms and conditions suitable to the client
3) Placement of Risk with Insurer
- Selection of insurer based on financial, technical and technological strength
- Competitive quotes
- Offer customized risk-cover
- Advice on sum insured
4) Claims Facilitation
- Advice on claim documentation, data maintenance, coordination with insurer
- Arranging meetings with surveyor and client and insurer for the claim disputes
5) Help Desk
- At a client’s locations for claims, and management in claims
- Endorsement management
6) Renewal Reminders
Enam Risk Snapshot
- Assistance in determination of the objectives of the client company.
- Advice on specific and detailed risk identification, analysis and assessment.
- Selection of the risk treatment devices or appropriate risk covers from the market.
- Arranging for risk transfer with optimization of risk cover at best possible quotes.
- Prompt claims facilitation, claims cooperation and provision of technical expertise.
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