abhishreshthaa
New member
INTERMEDIARIES IN INSURANCE AND THEIR ROLE
Insurance Agents
Brokers
Surveyors
ROLE OF INTERMEDIARIES
Insurance Agents
- Primacy to insurer’s interest.
- Cannot represent multiple insurers – only one insurer.
- Practical training and passing of examination is mandatory and sponsored by one insurer.
- Discourages switching of Insurers.
Brokers
- Primacy to insured’s interest.
- Can represent multiple insurers to provide suitable products to the insured.
- IRDA has formulated regulations governing insurance brokers (to be passed).
Surveyors
- To examine the claim and assess the actual loss suffered.
- To submit a report for the consideration of the insurance company.
ROLE OF INTERMEDIARIES
- Industry evolution through direct and agency model
- Rendered yeoman’s service
- 4000 physical offices
- Insurance available in every nook and corner
- Insurance growth at more than twice the GDP growth rate
- Private sector entered market in Yr 2000 with similar strategy
- Brokers beginning to substitute direct marketing