Home CATEGORIES Business Ethics & Philanthropy What are the qualities that make an insurance broker great?

What are the qualities that make an insurance broker great?

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Knowledge

The first and foremost quality that makes an insurance broker great is the product knowledge. Insurance brokers deal with multiple insurance companies and multiple insurance policies and are expected to have a high level of understanding of all the insurance products. Most of the insurance brokers deal with MNC companies which have a certain level of understanding of insurance products. An insurance broker is expected to have an in-depth understanding of the insurance products to discuss and suggest the best insurance product. The understanding of an insurance broker plays an important role in closing the insurance deal as the insurance broker is expected to provide risk management solutions to their customers as a part of their services.
Insurance brokers analyse the risk profile of the customer and provide risk management solutions accordingly. The risk management solutions are designed in such a way that they are best suited to the requirements of the customer. Risk management solutions are customized as per the needs and requirements of the customer. Insurance brokers are one of the few insurance intermediaries who deal with a wide variety of insurance products such as liability insurance, engineering insurance, Marine insurance and other specialized insurance such as Aviation insurance, Cyber insurance etc. Which requires good technical knowledge of the product. The great insurance broker is the one who understands the needs of the customer and presents the best insurance product in a knowledgeable manner.

Claim Service

The other quality that makes an insurance broker great is the claim settlement service. Insurance brokers are expected to provide highly sophisticated claim settlement Services to their customers. The level of service decides the name and fame of the broker. Customers who are satisfied with the service of the insurance broker would come for renewal. The claim settlement service is the most important thing for every customer as the claim settlement is the major requirement for taking insurance. In case of cashless claim settlement service the response of the broker in getting the cashless approved from the insurance company plays an important role as the insured members would be waiting at the hospital for treatment in case of emergencies. If the insurance broker is able to get the approval within an hour or so then the claim settlement satisfaction would be highest among the insured members. The other thing where the claim settlement satisfaction is higher is when the customer gets the complete claim amount. If the claim amount is paid in full without major deductions then the insured member would be satisfied.

Value Added Services & Additions & Deletions

The other important factor is the response to the additions and deletions of insured members in the group health insurance policy. The addition and deletions is a continuous process and requires high response from the insurance broker to maintain a good relationship with the customer. The other important thing is to provide value added services such as the Red carpet claim assistance service, Employee engagement program etc from Ethika insurance broking.