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How to choose a best insurance agent or insurance broker in Chennai

If you are planning to buy an insurance policy, insurance agent or broker can be of immense help to you. An insurance broker is one who specializes in insurance and risk management. Insurance brokers work with their clients to identify their individual and/or business risks, and to discuss how to avail insurance to protect their businesses and assets. Brokers provide advice on the management and reduction of risk, and on the range of insurance policies that are available.

Insurance brokers generally act on behalf of their clients and provide advice on how to make the most of your insurance budget. In many instances they act as agent of an Insurance company.  In these cases they should explain the situation to their clients. The insurance brokers help their clients identify their individual and/or business risks to help them choose what to insure, and how to manage those risks in other ways.

An insurance broker might be a specialist in one specific type of insurance or industry, or they might handle several different types. Insurance brokers can give you technical advice that can stand you in good stead when you are going to make a claim. With their extensive knowledge of risk and the insurance market, they are in a good position to help you understand the cover you need. They know the benefits, exclusions, terms and conditions and costs of a wide array of competing insurance policies available in the market.

Brokers can help you place the cover with the chosen insurance company and provide advice suited to the interests of their clients. Insurance brokers deal with several different insurance policies and have direct access to a range of insurance companies. In some instances brokers have access to those insurance policies that are not known to the consumers. As insurance industry in Chennai offers so many options, it can be quite tough to select the right policy.

Today, insurance brokers are in demand more than ever. This is so because in some cases, insurance policies can be complex.  Here an insurance broker can come to your rescue by helping you understand the intricacies of a policy. He/she will explain your policy to you and can plan what level of cover you need, so that you can make sure you are appropriately protected.

Since insurance brokers are well aware of the insurance market, they are in a right position to negotiate deals on their clients’ behalf. In the event of making a claim on your policy, your insurance broker will assist you through the process and will liaise with the insurance company on your behalf.

In some cases insurance brokers generally charge their clients a fee for their services. They might get paid a commission from the insurance companies. It is incumbent on them to explain you of the fees that they charge or the commission they receive. It is necessary to choose the right insurance broker who will help you in your particular situation.  When you choose an insurance broker, you must keep in your mind that apart from being a person with a proven expertise, an insurance consultant must be reputed in the insurance industry.

Brokers have an in-depth knowledge of the range of insurance products available in the market. A network of industry contacts allows them to negotiate the best terms for their client’s needs. They use same skills and networks to help you resolve claims when they arise. When hiring the services of the insurance brokers, you should have complete information of the broker’s history so that you should be able to evaluate his/her performance in their field of operation.

Why use a Insurance Broker in Chennai?

An insurance broker can save you money, time and worry. A broker can help to help you choose the level of cover most suitable for your own circumstances and can arrange that cover for you from the insurance market. In most cases it is seen that businesses and consumers have the propensity to plan the cover based entirely on the lowest price. You will do well to remember that price is not the only thing to consider. Hence if the situation arises when you have to make a claim, you may find out you’re not adequately covered, or even not covered at all if something went wrong. Whether it’s home, motor or business insurance, insurance brokers offer expert advice and assistance suited to your needs to make sure you are properly protected.

Does it cost more to use a broker?

Contrary to popular perception using a broker can cost less because they have in-depth knowledge of the insurance market and can negotiate the best terms on your behalf. Because it is incumbent on a broker to advise you of the fees charged for the services provided to you, the question of hidden costs does not arise. It is pertinent to note that not all insurance policies are the same. You might be able to purchase a cheaper policy elsewhere, but it may not provide the cover for the loss that occurred.

What’s the difference between Insurance agents and Insurance brokers?

Typically agents represent a particular insurance company in Chennai and provide guidance on that company’s insurance products. A broker, on the other hand, represents every insurance company and every insurance product. Since brokers generally don’t work on behalf of one insurance company, they are in a better place to explore a range of products and services available on the market and provide you expert advice tailored to your needs. Some brokers are aligned to a particular insurer. In that case, they are obliged to inform you about such a scenario.


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