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We are pleased to introduce ourselves as an insurance broker licensed by Insurance Regulatory and Development Authority (IRDA) (Under Ministry of Finance).
The insurance brokers were introduced in India in 2002, in line with international practice in Insurance Industry.
The insurance broker act as an independent intermediary to both client and insurance companies (both in private and public sectors) and override the concept of insurance agent who represent only a single insurance company and as such had limitation to protect the clients interest.
We, Worldwide Insurance Brokers Ltd. have been incorporated by a team of experienced professionals from the field of insurance, projects & finance etc. having vast experience to manage the risk, underwriting & claims.
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We service over 50 customers with premium over INR 100 Million. We have suggested and designed a good number of policies according to their risk and also have saved lot of their Insurance cost. Our team of 20 people having vast experience in diverse industries brings a complete fresh perspective to Insurance Management.
Insurance Today
• With the opening of Insurance Sector as a part of Financial Sector Reforms, the Insurance Industry is open to Competition.
• The Development and Regulation of the Industry are entrusted to Insurance Regulatory and Development Authority (IRDA).
• Broking System has been passed by the Parliament in November 2002 for the purpose of providing Service to the hitherto ignored Customer.
Until Introduction of Regulations by the IRDA in November 2002
• The Customer was not represented by any authorized approved organization in the country.
• Insurance Companies’ Officials and the Insurance Agents are representatives of the Insurance Companies whereas we the Brokers represent the Customer to provide the hitherto ignored efficient services to the Customers.
• From 1st January 2007 all the Fire, Engineering and Motor Insurance in India have become de-tariff in terms of rates (now there is no fixed price for such policies)
• Further form 1st January 2009, the coverage, exclusions, terms and conditions of all the policies under general insurance business will become de-tariff i. e. all the insurance companies will have their own separate definitions for the purpose of underwriting a risk.
Thus today Brokers are the only authorized representatives to represent the Customer to insurance companies.
After years of holding the policy, at the juncture of need, it is found that cover is not enough or has certain fine prints which reduce the claim substantially or it is found that it is not tenable under the policy.
It is also found that certain perils were covered which were not needed or the most needed peril has been omitted.
Therefore it is vital to consider the expertise, the commitments, the worth and the reputation of the Broker
Functions of a Broker:
As per IRDA Regulations Functions of a broker include any one or more of the following
• Maintaining detailed knowledge of available insurance markets, as may be applicable;
• Obtaining detailed information of the client's business and risk management philosophy;
• Familiarizing with the client's business and underwriting information so that this can be explained to an insurer and others;
• Rendering advice on appropriate insurance cover and terms;
• Providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover;
• Submitting quotation received from insurer/s for consideration of a client;
• Assisting clients in paying premium under section 64VB of Insurance Act, 1938 (4 of 1938);
• Providing services related to insurance consultancy and risk management;
• Assisting in the Negotiation of the Claims. |
