Insurance Broking Companies play an important role in helping the customer to understand and identify actual needs to make an informed choice. Insurance Agents or Agencies including banks usually represent one or two Insurance companies in selling Insurance Policies, where the choices available to the customer are limited.
Since insurance is a sale of promise and a case of solicitation by the customer, there is a need for an intermediary who represents the customer. Insurance Broking Companies represent the customers and seek to understand the coverage requirements of customers and assist them to compare Premiums against insurance covers of multiple insurance companies before choosing. In the process, a broking company ensures that the customer makes an informed purchase.
Insurance Broking Companies also provide claim coordination support to their customers in case of claim instances like accidental repairs in motor insurance or hospitalisation under health insurance. It gives a great relief to the policy holders when they have an insurance expert on their side to assist in claims process and ensure early settlement from Insurance companies.