Health Insurance Policy

What is the role of an insurance broker in choosing a successful Health insurance plan?

An insurance broker is a person who deals with customers on behalf of insurance companies. They are well aware of every term, benefits, exceptions, discounts, and advantages of insurance companies. They can guide you well with the insurance plans and their premiums.

In health insurance policy a broker plays an important role because health is an essential part to insure and any misconception in health insurance plan can put you in a problem. The broker will give you clarity about the pros and cons of an insurance plan. They can suggest a plan with a low premium and maximum advantage. An insurance broker will also help you in hassle-free claim settling. Brokers are the subject matter experts and support you in selecting relevant insurance solutions. They can help you to purchase insurance plans with a particular company.

If you will ever go for taking an insurance plan in any insurance company then you get to know that there are multiple brokers. These brokers roam around the entire day for selling insurance plans. They are not aligned with any single company. So, it is also compulsory to get a broker whom you can trust. So, he can’t mislead you.

An Introduction to Insurance Broker:

An insurance broker is a person who specializes in providing information about all types of insurance and helps you to manage the risk related to that insurance plan. He has a vast knowledge of every feature and terms related to insurance. An insurance broker works on behalf of their clients and provides advice to the customers. They will help you to choose the best policy available in the market. They have immense knowledge of this business as they have to deal with clients on a daily basis.

Qualities to be a good insurance broker:

  • Impactable knowledge of all insurance companies, their policies, plans, premiums, features and benefits.
  • He should have the ability to understand the requirements of customers.
  • He should have contact with multiple companies so that he can provide you alternates if you do not like the plan of any particular company.
  • He must have good convincing power so that he can convince the customers and make them understand the benefits of insurance.
  • He should have proper time schedules to take follow-ups.
  • He should be able to provide comparisons of different companies so that customers can understand the variance between policies.
  • He should be committed toward work
  • Can think on a long-term perspective and profits of a particular insurance plan.
  • He must be able to answer all queries of the customers.
  • He must work to provide insurance on low premiums by providing the utmost satisfaction to the clients.
  • He should provide clarifications about every term related to insurance.

Advantages of choosing an Insurance Broker:

  • Insurance policies have complex procedures, so we all should need a person who has better clarity like a subject matter expert and can provide the suggestion for our goodwill.
  • The broker will also provide advice on taking a risk management program to reduce the overall premium.
  • They will also aid you in a stress-free claim settlement process.
  • They will make sure that you get a suitable insurance plan as per your family needs.
  • For joint families, they can customize insurance plans that will cut-off the premium prices.
  • An insurance broker can negotiate with the company for the premium amount on your behalf.
  • He will also provide information about any special discount that you can avail optionally.
  • He must know about the current market situation and can also be aware of any risk that may arise in the future.
  • A good broker doesn’t hesitate to provide any type of personal or professional information.
  • These days customers are smart and will not trust anybody. So, the broker must carry a valid id proof with them for confirmation and authenticity so that they can show that whenever required.
  • He must know to prioritize among the vivid interests of customers.

What queries can you ask from an insurance broker?

  • An insurance broker will answer all the queries related to insurance. These are some questions that you can ask your insurance broker if you are going to buy any insurance plan for you and your family:
  • Whether they are providing family floater plans or not.
  • Will they help you in claiming the settlement after purchasing the policy?
  • In the future if you need any modification in the policy, will it be possible or not.
  • Can you contact them if you will face any problem in the future?
  • The companies for which the broker is providing services have how many years of experience.
  • What are the sub-limits they are providing on expenses?
  • Is there any capping in the policy or not. Go for the insurance company that has no capping on taking any facilities?
  • What are the charges they are taking for the purchase?
  • Does the insurance company they are suggesting provide online facilities for paying a premium and checking sum insured or not?
  • What is the average business turnover for the company?
  • Whether they have any references of satisfied customers.

Do insurance brokers take charges for providing service?

The charges for insurance brokers depends on person to person. It is not compulsory that every broker will take charge for service. Most insurance brokers are on a commission basis and will get their commission for every insurance that was purchased by clients through them.  Others are on a service basis and they will charge a reasonable amount for providing service. These charges can be compensated because they will negotiate with the company on your behalf to lower down the premium to some extent.

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