An insurance firm's purpose should not be only focused on selling policies. More than that, an insurance company also gives promises or provides commitments to their customers and they have to remain committed to their commitments, experts say.
And the brokers play a key role in shaping a company's market presence. After all it is the broker who knows insurance companies well.
"Consumers are always looking for value for money and the best way to find that is to look for a competent broker, which can find exact match for their clients," says Gregory of Holborn Assets.
However, when it comes to choosing an insurance broker, many people often fall short of giving adequate importance to the insurance broker they're approaching.
"Choosing a right insurance broker is something akin to choosing a right property broker. A good broker should be having good relationships with insurance companies, who can offer right products according to the customer's needs," says Sanjana of Nexus Insurance.
The role of insurance brokers is constantly changing in the current times, he says.
"A broker has to keep himself updated with new insurance products, new insurance policies etc, so he can advise his clients properly. Broker should be on his toes if he wants to give the best to his customer," he adds.
The biggest myth is that people think they are better off buying an insurance cover directly from an insurance company than going to independent insurance brokers. They believe they can save money if they approach the company directly. But actually they can't because the contract cost is the same whether they go to a broker or not, says Gregory.
He adds that the role of insurance brokers is changing. It is becoming much more professional and the demand for skilled and qualified staff by insurance brokerage firms is on the rise, he says.
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