Comparison of Services/Obligations between Broker & Insurance Agent/Employee
S. No. Description of Services Insurance Agent or Insurance Employee of Company Insurance Broker
1. Representative He represents only a particular insurance company He represents only a particular insurance company
2. Working Area He works for a particular branch of an insurance company. Broker is allowed by IRDA to deal with all the Insurance companies in public sector or private sector in India.
3. Technical Qualification Not required. Mandatory as notified by IRDA.
4. Experience in
Insurance field.
Not required. Mandatory as notified by IRDA.
5. Staff Investment Not required. Minimum Six Technically qualified persons with requisite experience is compulsory.
6. Investment No investment. Minimum Capital invested is Rs. 50.00 lacs.
7. Security Deposit Nil FDR of Rs. 10 lacs lien marked to IRDA and Professional Indemnity Insurance.
8. Insurance Products Knowledge Knows insurance products of his insurance company only. Broker is aware of all type of insurance products available from public sector and private sector insurance companies. At present 20 General Insurance companies, 3 Health Insurance companies and 23 Life Insurance companies are working in India.
9. Availability of Best Insurance Product. Not Aware Broker always advise best product available in the market.
10. Designing of Insurance Policy Designing is restricted within the limitations of the insurance company. Broker designs the insurance policy as per client's requirement and negotiate with the different companies.
11. Fixing of Adequate Sum Insured as per policy Terms. He accepts the sum insured as declared by the client. Broker advice and workout the correct sum insured of the assets that are to be insured.
12. Policy Auditing /
Examination
They don't audit
the policy.
Broker audits and examines the policy and
ask the insurance company to rectify the
errors/deficiencies immediately.
13. Preparation of
Claim Documents.
They don't prepare
claim documents
Broker is bound by IRDA to advise / help the
client to prepare claim document as per
surveyor / insurance company requirements.
14. Liaison / Negotiation &
follow up with surveyor.
They do not play
any role for Negotiation
Broker is bound by IRDA to liaise / negotiate with surveyor
and follow up with him on behalf of client for speedy
submission of surveyor report to insurance company.
15. Follow up with
Insurance Company.
Yes Broker is bound by IRDA to negotiate with
Insurance Company and follow up with him on
behalf of client for speedy settlement.
16. Deficiency in Service No accountability Broker is accountable to the client.
 
   
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