Our wide and growing customer network provides an excellent platform to sell all kinds of policies under one roof
In the developed world, Insurance broking comes into existence about twelve decades back. From being a matchmaker between insurance companies and business firms earlier, the scope of the broker has expanded to providing various value-added services. Apart from structuring and placement of insurance cover, these includes claims management, risk management, alternative risk transfer mechanisms, employee-benefit solutions, captive management, actuarial services, HR outsourcing, political and environment risk advice, pre-emergency planning and evacuation, business continuity planning etc. The Broking concept is so well established in the Western markets that close to 80-90% of all corporate/commercial insurance business is transacted through Brokers and not directly between Insurer and Clients.
India has been rather late starter. The IRDA brought out its first set of regulations, permitting brokers to operate, as recently as October 2002. The first set of Licenses was issued only in January 2003 and Zoom Insurance Brokers have been granted the License in January,2009
Brokers are highly regulated. Apart from a minimum paid-up capital of Rs.50 Lacs – Rs.250 Lacs (based on the type of License), Brokers need to be have fully trained staff and proper infrastructure.
IRDA has licensed more than 250 brokers over the last few years. While most are regional players with either a local or regional presence only, there are some who have a national footprint.
An excellent broker is a valuable asset.
A qualified brokerage team supplements your own abilities.
The team handling your account are key and can add value.
Exposure Analysis – Based upon client’s business operations we identify the risk exposures.
We work on behalf of clients, collate the risk data, submit it in the required format to the insurance companies to quote their terms, guide client to understand the coverage. - We identify the risks associated with client’s operations.
Evaluating the effects of these exposures & identifying the insurable risks.
Evaluating the effects of exposures - We assess and evaluate the possible effects of such risks on client’s operations.
Cost & Coverage Analysis- Structuring an adequate Insurance program at an optimal cost.
Insurance programme and optimization of cost - We design the insurance programme for our clients to ensure that maximum possible risks could be covered at a reasonable price, further top this Our team comprises of professionals with rich work experience in various industries which provide insight while assessing the risk exposures of a client.
Placement and servicing – Selecting a suitable insurance carrier and settlement of claims.
We have enough experience and information which guides us in selecting a suitable insurance carrier for a particular requirement both in terms of its ability to accept our requirements and service the portfolio. We work on behalf of clients, collate the risk data, submit it in the required format to the insurance companies to quote their terms of settlement.
Our team has the necessary wherewithal to handle your all types of insurance requirements be it pertaining to property, projects, transits, liability exposures, employee benefit insurance schemes and other miscellaneous requirements. We have a systematic approach of understanding the needs of our customers, designing a holistic insurance program for them and provide them with the complete service support infrastructure. We follow the following process for major policies:-
Visit the facility with a quality risk engineer for identification of the risk exposures and thereafter suggest various measures for improving the overall physical health of the plant. Based upon the risk engineer’s assessment draft the policy coverage requirement and invite proposals from the shortlisted insurance companies. Analyze the proposals received and present a comparative summary with merits and demerits of each to you. Finalize the placement with mutual consent. Servicing all post placement requirements. Claims service agreement which includes pre-designated surveyors, documents required and turnaround times. This is agreed at the quote stage itself. Servicing of claims from intimation to disbursement & includes submission of monthly MIS.
Employee Benefit Policies:
Analyze the current arrangement for policy coverage, insurance company and TPA. Float quote requests, present comparative summary and finalize the placement including servicing all post placement requirements. Organize workshops at all key locations for awareness of the coverage, exclusion and claims process. Finalize a process for reimbursement claims depending upon your requirement. Free health camps and other wellness initiatives on periodic basis at key locations. Provide a dedicated resource to address various queries of your employees pertaining to coverage, exclusions and claims. This resource shall be available on phone and mails 24x7. Monthly MIS is provided in the agreed format. Reconciliation of advance premium/CD account on monthly basis.
Liability ProgramAnalyze the current arrangement i.e. policy coverage, exclusions, deductibles, extensions etc Advise improvements in terms of wordings, limits of indemnity, deductibles etc for comprehensive coverage of all liability exposures. Facilitate all claims under your liability policies.
We first understand the entire logistics system and obtain other relevant details including the current policy arrangements for transit covers. Finalize the policy structure and the coverage requirements and invite proposals from the shortlisted insurance companies. Analyze the proposals received and present a comparative summary with merits and demerits of each to you. Finalize the placement with mutual consent. Take care of all post placement requirements. Claims service agreement which will include pre-designated surveyors, documents required and turnaround times is agreed at the quote stage itself Servicing of claims from intimation to disbursement including submission of monthly MIS.