2. TEAM MEMBERS
SRINIVAS M
MANOJ PENDHARKAR
THAKUR R C
DILSHAD HUSAIN KHAN
SUMNESH RAJ KUMBHAT
SANJEEV KUMAR
KRISHNAJI G V
MADHAVA RAO M R
PARTHA PRATIM DATTA
KOUL R J
RAM RUP MEHRA
3. CONCEPT OF BROKERCHANNEL
The concept of Broker was introduced in IRDA (Insurance
Brokers) Regulations, 2002.
Broker means an insurance broker who for the time-being
licensed by the Authority to act as such, for a remuneration
carries out the functions as specified under regulation 4
either in the field of life
insurance or general insurance or both on behalf of its
clients.
4. FUNCTIONS OF A DIRECT BROKER
Obtaining detailed information of the client's business.
Familiarizing himself with the client's business and
underwriting information.
Rendering advice on appropriate insurance cover and
terms.
Maintaining detailed knowledge of available insurance
markets.
Providing requisite underwriting information as required by
an insurer in assessing the risk to decide pricing, terms
and conditions for cover.
5. PERFORMANCE OF BROKERCHANNEL
27% of Indian General Insurance industry business is
procured through Brokers.
About 23% of UIIC ltd business is procured through Broker
Channel
Whereas, in global markets 90% of General Insurance
industry business is procured through Brokers.
6. Current Scenario
Many insurance brokers hardly handle their accounts
professionally
Are acting mostly like agents with no value addition
Some of them do provide professional services, many are
only renewal chasers
The brokers probably work solely to offer a lower premium
to retain a customer
.
7.
Brokers are fighting with agents for small renewal retail
business.
Brokers are not working closely with Insurers for exploring
untapped markets
8. Improvement Measures
Hug e im pro ve m e nt sco pe
Brokers need to move attention from already existing
small and micro business to new untapped macro
business.
Brokers and insurers to work in tandem to explore new
untapped markets.
Brokers need to evolve in their function from mere
business procurement to service providers.
9. Improvement Measures
Brokers need to be in sync with insurers to provide best
industry services to customers, especially at the time of
claim settlement.
We need to provide dedicated officers/cells at each office
for Broker Channel servicing.
Special Drive/Incentive schemes to be introduced.
Portals to be provided.
