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5 things to know when your Insurance Agent is unable to help you enough

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The concept of insurance brokers or agents has been introduced in India by the IRDAI through the Insurance Brokers Regulation 2002 that was again amended in 2013. Certain functions and code of conduct of a broker are stated in these regulations.

An insurance broker is someone who specializes in insurance and risk management and they provide advice on insurance to the clients. They also help individuals or business in risk identification and suggest suitable insurance to cover the risks. They also provide technical advice on making an insurance claim and help you understand the terms and conditions regarding coverage and exclusions so that you may make an informed decision about the right insurance product. The insurance agents also help in arranging and placing insurance cover with the chosen insurance company.

However, there are certain cases in which an insurance broker might not be able to help you enough:

  1. Insurance policies are a complex set of documents and one needs a thorough understanding of the products. You need to know whether your insurance broker is well qualified enough and is an expert on the subject matter to help you choose a policy most beneficial to you.
  2. Your insurance broker should also be able to negotiate the premium on your behalf and help you acquire the best insurance plan, depending on your requirement.
  3. You should choose an insurance broker who will be able to advise you about any special situation that you should be aware of and that will include risk management as well.
  4. In case of businesses, your broker should be able to tell you whether you should take some risks or not and whether you are adequately covered to take those risks.
  5. The insurance broker should also be able to help you make a claim and should have the technical know- how of the entire process to help you make the claim and get your money.
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Shailesh Kumar

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