Role of an Insurance Broker :
Regulation 3 of the IRDA (Insurance Brokers) Regulations, 2002 summarises the functions of a Direct Broker:
(a) Since a Broker represents a client, he is expected to obtain detailed information on client’s business and risk management philosophy and familiarise himself with the client’s business
(b) Render proper advice to the client in selecting the appropriate insurance as well as terms of insurance
(c) Possessing a detailed knowledge of insurance markets to be in a position to advice his client
(d) Submitting quotation received from insurance companies for consideration of a client
(e) Providing the information required about the client or the subject matter to be insured, to enable insurer to properly assess the risk and give a premium quotation
(f) Updating customer about the progress of the proposal submitted and providing written acknowledgements
(g) Assisting clients in paying premiums under Section 64VB of the Insurance Act, 1938
(h) Assisting clients in negotiation of claims and maintenance of claim records