INSURANCE BROKERS ASSOCIATION OF INDIA ( IBAI)
  • Vision 2025
  • Contact us
  • Why Insurance Broker

    • Mumbai

    Mahalaxmi Industrial Estate, Unit No 319, David S Barretto Rd, Gandhi Nagar, Lower Parel, Mumbai, Maharashtra 400013

    9619794915
     [email protected]

    Why Insurance Broker

    Why you need Insurance Broker?

    General

    Like other countries, an Insurance Broker concept was introduced by the Regulator known as Insurance Regulatory & Development Authority of India (IRDAI) through Insurance Brokers Regulation 2002 and amendments in years 2013 and 2018 The Regulations clearly defines the functions and code of conduct of an Insurance Broker.

    Who is Insurance Broker?

    • An insurance broker is a specialist in insurance and risk management.
    • Brokers act on behalf of their clients and provide advice in the interests of their clients.
    • A broker will help you identify your individual and/or business risks to help you decide what to insure, and how to manage those risks in other ways.
    • Insurance brokers can give you technical advice that can be very useful if you need to make a claim.
    • Brokers are aware of the terms and conditions, coverage’s and exclusions and costs of a wide range of competing insurance policies, so they can help you find the most appropriate cover for your own circumstances.
    • Brokers can help arrange and place the cover with the chosen insurer.

    Why use a broker?

    • Some insurance policies can be complicated, and an insurance broker can help you understand the details of a policy and also work out what level of cover you need, so that you can make sure you are properly protected.
    • Brokers can often find you a good deal on insurance because they have a thorough understanding of the insurance market and can negotiate premiums on your behalf.
    • A broker will explain your policy to you and advise you if there are any special situations you need to know about.
    • Brokers can prepare a customised insurance and risk management program for you or your business, where they design the policies, negotiate the terms with insurance companies and place the cover with the insurer.
    • By including a risk management program, which puts some of the responsibility for risk prevention and loss minimisation on you or your business, you can reduce premium costs.
    • Using the broker doesn’t cost more than going direct as they are paid the brokerage by the Insurers for selling their products.
    • If you need to make a claim on your policy, your broker will assist you through the process and will liaise with the insurer on your behalf.

    Can your broker help you make a claim?

    Yes, it is one of the functions of the broker without charging any fees. In case the business is placed directly and you need the broker assistance to negotiate and preparation of documents , he is entitled to charge fees.

    What sort of questions should you ask your broker?

    “Consensus ad item” of any business partnership is success key of for both the parties. It is advised that the following questions may be asked before entering into any partnership:

    • The broker’s qualifications
    • The range of services
    • Who would service your account
    • Experience with your type of business
    • The size of the broker’s typical client
    • References from satisfied clients
    • Level of commitment
    • How the brokerage proposes to solve your insurance problems

    Locate the broker

    On this website “Tab” locate the broker is available click it and fill the name of the city where you need broker. The list of brokers in that city will appear.

    About IBAI

    Insurance Brokers Association of India (IBAI) was incorporated as a Company under Section 25 of the Companies Act, 1956 vide Certificate of Incorporation No. U 67120 MH 2001 NPL 132860 dated 25th July 2001. IBAI has a Memorandum of Association as well as an Articles of Association, as required under the Companies Act, 1956. IBAI is run by a Board of Directors who are elected by the members.

    Corporate Office

    INSURANCE BROKERS ASSOCIATION OF INDIA ( IBAI)

    Mahalaxmi Industrial Estate , Unit No 319, David S Barretto Rd, Gandhi Nagar, Lower Parel, Mumbai, Maharashtra 400013

    Quick Links
    Copyright © 2024 IBAI Ltd. All rights reserved.
    Disclamer : Disputes do arises under the insurance policies either due to repudiation of claims or payment of claim amount not as per the claim bill filed. To resolve these issues, many options are available to the policyholders as under: Complaint may be filed with the Insurer – Integrated Grievance management System (IGMS) – File a Complaint with Ombudsman – File a legal case under Consumer protection Act 1986 1 . Complaint may be filed with the Insurer: Approach the Grievance Redressal Officer of its branch or any other office that you deal with. -Give your complaint in writing along with the necessary support documents – Take a written acknowledgement of your complaint with the date. The insurance company should deal with your complaint within 15 days. – If that does not happen or if you are unhappy with their solution you can: Approach the Grievance Redressal Cell of the Consumer Affairs Department of IRDA: Call Toll Free Number 155255 (or) 1800 4254 732 or Send an e-mail to [email protected] 2. Integrated Grievance management System (IGMS) – Make use of the Integrated Grievance Management System – Register and monitor your complaint at https://igms.irda.gov.in/ or compliant form may also be to IRDAI at Hyderabad – TAT for resolving the complaints is 3 days to 6 months in life insurance and 3 days to 30 days in General Insurance. 3. File a Complaint with Ombudsman Any individual (not any business entity) and claim amount not exceeding Rs 30 lakhs including interest may file a complaint in the prescribed form an Insurance Ombudsman in the respective State of the Policyholder. The decision of the Insurance Ombudsman is binding on the Insurer while the Policyholder has the option to file a complaint under Consumer Protection Act 1986. There is no fee to file a complaint application. The time limit of decision is 30 days from the date of filing the complaint. The legal Advisor is not permitted to present at the time of hearing. 4. File a legal case under Consumer protection Act 1986: Any Individual or Business Entity can file a complaint with the following consumer courts: District Forum if the premium amount ,in particular policy, is not more than Rs 100 lakhs – State Commission if the premium amount, in particular policy, is more than 100 lakhs but nor more than 1000 lakhs – National Commission, if the premium amount , in particular policy, is more than Rs 1000 lakhs. – Though there is no Stamp duty to file a complaint but nominal amount of Court fees is to be deposited while filing a complaint. The appeal can be filed with the State Commission for the decision of the District forum and National Commission for the decision of the State Commission. The appeal against the decision of the National Commission lies with the Hon’ble Supreme Court.