Insurance brokers are a type of insurance intermediaries authorized by the insurance companies to source and solicit the insurance from the market. Insurance brokers negotiate the business on behalf of the customers and help get the client the best insurance policy in the market. In addition to this the insurance brokers also provide risk management solutions to help the businesses maintain their lisk at a lower levels by suggesting practices to adopt thereby mitigating the risk.
- Multiple Options: Insurance brokers are the only insurance intermediaries in the insurance market who can provide the customer with multiple quotes. Insurance brokers offer a wide range of insurance policies such as Property insurance, Liability insurance, Group health insurance for employee and more importantly Workmen’s compensation insurance and the Workmen’s compensation insurance premium calculator can be found here. Multiple options means customers can get the best insurance policy from the market. The more the number of options, the more the chance of picking the best. No other insurance intermediary can provide such multiple insurance quotes as brokers do. The best insurance broker is the one which understands the requirements of the client and provides multiple quotes from different insurance companies and suggests the best to the customers.
- Reputation in the market: The reputation in the market is an important factor people consider at the time of selecting the best insurance broker. For example, Ethika insurance broking has a renewal retention ratio of 90% which means that 9 out of 10 customers renew their policies with Ethika insurance. The market average for renewal retention is around 60% which means that Ethika insurance is the best in terms of renewal retention. The reputation in the market allows people to choose the best insurance broker. Word of mouth is the best publicity any company can get the reputation in the market increases with word of mouth from satisfied customers.
- Add-on services: Insurance broking companies provide add-on services in addition to their basic duties. The basic duties of an insurance broker include advising clients on the insurance policies, negotiating with insurance companies, closing the business and after sales service or claim service. For instance Ethika insurance broking provides add-ons services such as Red carpet claim assistance, Employee happiness program, Employee assistance program, employee engagement program, employee wellness programs etc. Ethika insurance broking believes that it is important to provide add-on benefits to the customer which can enable them to improve their lifestyle and health thereby reducing the chance of falling sick. These add-on services are offered to all the customers. Ethika insurance provides wellness sessions with the help of industry experts who can even provide one to one sessions to the customers.
- Basic research: Basic research on the insurance broker can be done from the website of the broker. For example, the website of Ethika insurance claims that almost 90% of its workforce are into servicing roles whereas the remaining 10% are into sales and marketing roles. This means that the company is heavily focused on the servicing part which is an important element in the insurance industry.