INTERMEDIARIES IN INSURANCE

abhishreshthaa

New member
INTERMEDIARIES IN INSURANCE AND THEIR ROLE

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
 
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