BANKING AFFAIRS

Detailed explanation-1: -Insurance Brokers Association of India (IBAI) is the sole representative body of licenesed insurance brokers recognised by the Insurance Regulatory and Development Authority of India (IRDAI).

Detailed explanation-2: -An insurance broker is a specialist in insurance and risk management. Brokers act on behalf of their clients and provide advice in the interests of their clients. A broker will help you identify your individual and/or business risks to help you decide what to insure, and how to manage those risks in other ways.

Detailed explanation-3: -They are broadly of three kinds – composite broker, direct broker, and insurance broker. Over time, the role of the brokers has evolved. They now offer services such as the evaluation and implementation of risk management strategies as well as claims management.

Detailed explanation-4: -How Are They Different? The biggest difference between an Insurance Broker and an Insurance Agent is the people/organization they represent respectively. An insurance broker represents you as the client whereas an Insurance Agent represents the company they are employed by as their client, and you become the customer.

Detailed explanation-5: -Advocating on your behalf to resolve claims and coverage conflicts. Assistance in obtaining settlements from insurers for losses that penetrate excess insurance layers. Liaising with insurance companies, claims and risk data information systems. Risk control and claims advocacy services, as requested.