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Role and Function of Insurance Brokers

Swift changes in the business world have transformed the role and function of insurance brokers to act more than just a negotiator of insurance policy. Nowadays insurance brokers are required to work closely with the clients to better understand client’s business needs, to recognize the risks faced by the clients and to come up with the best insurance solutions.

Our approach is based on continuos implementation of the four-step process described below:

Execute

 

Design
Analyse

  • Profile the Business and the industry

  • Meeting with key executives (site visits)

  • Review current approach to risk management and risk transfer

  • Analyse loss statistics and total cost of risk

  • Examine options for optimum levels of risk transfer

  • Review alternatives for managing and financing retained risk

  • Determine most efficient mix of risk retention & risk transfer

  • Draft insurance coverage terms and conditions

  • Agree on marketing strategy and prepare underwriting submissions

  • Agree acceptabe insurers based on service and ratings

  • Undertake marketing campaign and refine alternatives

  • Negotiate most effective program and execute coverage

Manage

 

  • Implement the agreed service plan activities

  • Monitor changes in business profile and activities

  • Monitor changes in insurance and regulatory environment

  • Proactively manage claim and risk retention issues

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