Health insurance broker is a type of insurance intermediary authorized by the Insurance regulatory and development authority of India to carry out insurance broking operations in India. Health insurance brokers solicit health insurance business on behalf of the insurance companies while providing health insurance services to their customers. Insurance brokers are classified into three types; Direct insurance broker who carries out life, general and health insurance broking business, Reinsurance broker who carries out reinsurance business and Composite broker who carries out both insurance and reinsurance business. Insurance brokers also provide risk assessment services to their customers. Risk assessment services would be provided after assessing the risk of the customers and the risk management solutions are customizable as the risk profile would vary from one customer to another.
There are many factors which are to be considered before choosing the best health insurance broker for small businesses which are mentioned below:
- Reputation of the broker: The main important thing to consider at the time of taking a health insurance policy is the reputation of the broker. There are more than 500 brokers in the Indian insurance market and most of them do not have a good reputation. The reputation of the insurance broker can be found from the market and also some insurance brokers such as Ethika insurance have a good reputation in the market, and it can also be found from their website. Almost 90% of their customers renew their business with them which means that 9 out of 10 customers trust the broker and are happy with the services of the company and are renewing the business with them. Visit Here for more information.
- Response of the broker:The response of the insurance broker should also be taken into consideration. If you feel that the broker is not responding properly to your queries then it is better to avoid the broker as there would be many duties to be performed by the broker even after sourcing the business from you.
- Availability of broker: The other thing to consider is the best insurance broker to check the availability of the broker. The insurance broker https://www.ethika.co.in/why-insurance-broker should be available in your city or online and should be prompt with their services. Availability plays an important role at the time of claim settlement or any other service as the distance between you and the broker can be a major huddle at the time of claim settlement.
- Premium charged: The most important thing to consider while choosing the best health insurance broker is the premium that the broker is charging. Insurance brokers are known as the best negotiators in the market and the least premium can be offered by an insurance broker when compared with other insurance intermediaries. So, it is important to check the premium charged by the insurance broker and the same can be compared with the premium of another insurance broker and deciding on going with the insurance broker.