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Most Trusted Insurance Broking Companies Of India-2022

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By Author: Insights success
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In India as well as globally, insurance is amongst one of the fastest-growing industries. Primary insurance products and services like Life, Health, Travel, etc. have continuous upward growth and their recent industry figures show their immense potential in the market.

The Indian Insurance industry saw a surged gross premium earning in recent years, especially during and post the pandemic. However, according to IRDA, the insurance penetration across the country is a meagre 3.7% of the gross domestic product (GDP) of the economy.

In India, the product distribution of insurance occurs through various direct and intermediary channels. Intermediary channels consist of agents, bancassurance, brokers, retailers, and many more. Amongst these, all the other channels except Insurance Broking represent the insurance company or the insurance.

That means the only channel which represents the consumer or customer is the insurance broker. They provide expert guidance to the customer on the most suitable insurance policies. In return, the insurance company whose policy is chosen by the customer on the advice of the ...
... insurance broker pays them brokerage. This channel is fast evolving to meet the customers’ risk and protection cover management requirements comprehensively.

As an insurance broker acts on behalf of a client by buying, soliciting, and negotiating for compensation becoming an intermediary. However, on behalf of the insurer, brokers cannot bind coverage to the customer. Simply, unlike other intermediaries, an insurance broker only works for the customer’s benefit.

Insurance brokers can aid individual clients to get better rates on insurance policies instead of them buying insurance policies directly from the insurance company. Insurance companies also know that insurance broking companies have the expertise and experience in guiding their clients to go for the better policies that give the best rates and protection coverage.

To make you more aware of these ‘Most Trusted Insurance Broking Companies of India -2022’, this exclusive edition of Insights Success’ has brought their incredible stories for you. Also included for your reference are two trendy articles crafted by our in-house editorial team.

Continue Reading!

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