Insurance Agents vs Insurance Brokers

Insurance Brokers are licensed and regulated directly by the Insurance Regulatory and Development Authority (IRDA), Govt. of India, as per stringent guide lines requiring a high capital investment, just like any Insurance company. 

Insurance Broker is not tied to any insurance company and legally represents the interest of the client, just like your Statutory Auditor or Legal Advisor. 

The brokers’ independence and vast in house resources and subject expertise, allow them to do a detailed risk management analysis and fight your case with the insurance company underwriters. Insurance policies being highly technical, legal and intricate in nature, you require the expertise of an Insurance Broker to comprehend and interpret the same. In short, you not only get the best deals but also peace of mind during the claim settlement. 

The fear of receiving a biased review or opinion of a particular insurance company or product is greatly reduced when you work with an insurance broker. Since the majority of insurance companies pay the same commission which is regulated by IRDA, there is no advantage to the broker to steer you toward one particular company or policy. 

Should you need to make a claim, for a policy solicited from any other distribution channel (e.g. Agents, banks etc), Insurance Broker is authorized to legally represent you in the claim settlement process with an insurance company for a mutually agreed fee.