The Role of Brokers in Risk Management and Insurance ~ Insurance Academy

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Insurance Broker is a legal entity formed in order to meet the needs of the community for an agency that can assist them in purchasing insurance products and assist in the event of a claim.

Insurance brokers or brokers do not only sell insurance products to customers; or simply meeting customers with insurance companies. Brokers have an important role in risk management.

What is the broker’s role in risk management and in insurance?

Arrange insurance

Designing and documenting insurance strategies: as professionals, brokers prepare risk management plans according to the condition of the customer / prospective insured. Composing a Quotation Slip is a part of this role.
Negotiating with underwriters and providing various insurance options/options to the prospective insured
Implementing an insurance policy: after the insurance policy is issued, the broker helps the insured to carry out the existing warranty, terms and conditions.

Provide policy support

Processing if there is a request for a change in policy conditions, changes in business needs, increased risk exposure, etc.
Handle claims. A broker must have a claims division that helps the insured in handling claims to insurance. In many cases, the chances of a claim being paid out are much higher using a broker than without going through a broker.
Conducting meetings between insurance companies and customers. Customer meetings can occur during site surveys, presentations of insurance guarantees, or during claims.

Compliance review

Review and report compliance with the current insurance policy and its terms on a quarterly basis (3 months)
Reviewing and reporting compliance with current insurance policies with Risk Management procedures and ensuring compliance with the provisions of the policy conditions