Insurance broker represents the insurance buyer, and not the insurance company (insurance seller), though the remuneration of insurance broker is paid and borne by the insurance companies. There is no additional cost to the insurance buyer for placing business through insurance broker.

Insurance brokers have been introduced into the indian market by insurance regulatory and development authority (i.r.d.a.) as professionals, who will truly represent and service the interests of insurance buyers.

Insurance brokers have qualified and experienced insurance experts and can buy insurance for their clients at the most competitive premium rate and terms. Insurance brokers provide a package of services to the insurance buyer, including post-insurance services as well as assisting in submission of claim documents to insurance company. Please see annexure for functions of insurnce brokers.

Insurance brokers are different from insurance agents. Insurance agents represent a given insurance company, and not the insurance buyer.

Thus, insurance agents sell the insurance policies of a given insurance company, taking care of the interests of the insurance company (insurance seller), and not of the insurance buyers.

Thus, the insurance broker is a single window solution for all insurance problems of the insurance buyer with all insurance companies.

To understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need. Or you can directly call them on +91-22-30503050

InsuranceMall is the leading and first online insurance broker in India. With the motto to make our customer delighted and proud about their decisions, we’re always there to help them with best possible policy