A health insurance broker deals with the health insurance requirements of customers and sells the health insurance policies. Health insurance brokers sell both individual health insurance and group health insurance. A health insurance broker should be authorized by the insurance regulatory and development authority of India to carry out broking business in India. There are three types of broking license that are available in India, they are: Direct broking in which the insurance broker can carry out life, general and health insurance business; Reinsurance broker who carries out reinsurance business and Composite broker who carries out both the direct as well as reinsurance business.
A direct broker is authorized to carry out life, health and general insurance business. A health insurance broker would sell the health insurance policies of different insurance companies to its customers. A health insurance broker can tie up with any number of insurance companies to provide health insurance services to its customers. A health insurance broker would have a good understanding of the health insurance policies of different insurance companies as they would be dealing with multiple insurance companies and their products. For the best health insurance broker please contact Ethika insurance broking and book a call with their health insurance expert.
Let us understand the roles and responsibilities of an insurance broker in India:
- Risk Assessment: Insurance brokers would carry out the risk assessment for the customer to decide the requirements of the health insurance. They help the customers to identify the different types of risks they might face in the future and suggest the health insurance policy accordingly. For example, if a customer is going for a group health insurance policy and has a considerable women workforce then the health insurance broker would advise to go for maternity cover which covers the hospitalization expenses in case of maternity and childbirth. Visit Now to get more information.
- Negotiation: The other role of a health insurance broker is to negotiate with the insurance company on behalf of the customer. The negotiations can be done to reduce the premium or increase the coverage. There might be certain requirements from the customer which needs to be incorporated in the policy and this requirement would be negotiated by the insurance broker with the insurance company.
- Selling health insurance: Registered Insurance brokers would indulge in selling the health insurance policies to its customers depending on their risk profile and requirements. There are different health insurance products in the market and the insurance broker would help the customer choose the health insurance product that suits the requirement of the customer.
- After Sales service: There other role of an insurance broker is to provide after sales service such as the claim settlement service, endorsements which are most common in the group health insurance policies. The reputation of a health insurance broker would depend on the level of after sales service they provide to their customers. The better the after sales service the better would be the chance of renewal for the health insurance broker.