Worldwide Insurance Brokers Ltd.

We, Worldwide Insurance Brokers Ltd., is an insurance broking company licensed by Insurance Regulatory and Development Authority (IRDA) (Under Ministry of Finance).
The insurance brokers were introduced in India in 2002, in line with international practice in Insurance Industry.
The insurance broker act as an independent intermediary to both client and insurance companies and override the concept of insurance agent who represent only a single insurance company and as such had limitation to protect the clients interest.
We, Worldwide Insurance Brokers Ltd. have been incorporated by a team of experienced professionals from the field of insurance, projects & finance having vast experience to manage the risk, underwriting & claims.

We have suggested and designed a good number of policies according to the client’s need & risk and saved lot of their Insurance cost. Our team having vast experience in diverse industries brings a complete fresh prospective to Insurance Management.

Insurance Today

  • With the opening of insurance sector as a part of financial Sector reforms, the insurance industry is open to Competition.
  • The developments and regulations of the Industry are entrusted to Insurance Regulatory and Development Authority (IRDA).
  • Broking Regulations has been passed by the Parliament in November 2002 for the purpose of providing services to the hitherto ignored customer.
Until Introduction of Regulations by the IRDA in November 2002
  • The Customer was not represented by any authorized approved organization in the country.
  • Insurance Companies’ Officials and the Insurance Agents are representatives of the Insurance Companies whereas we the Brokers represent the Customer to    provide the hitherto ignored efficient services to the Customers.
  • From 1st January 2007 all the Fire, Engineering and Motor Insurance in India have become de-tariff in terms of rates (now there is no fixed price for such policies)

Now the Brokers are only authorized representatives to represent the Customer to insurance companies.
After years of holding the policy, at the juncture of need, it is found that cover is not enough or has certain fine prints which reduce the claim substantially or it is found that it is not tenable under the policy.
It is also found that certain perils were covered which were not needed or the most needed peril has been omitted.
Therefore it is vital to consider the expertise, the commitments, the worth and the reputation of the Broker

Functions of a Broker:
As per IRDA Regulations, functions of a broker include any one or more of the following

  • Maintaining detailed knowledge of available insurance markets, as may be applicable;
  • Obtaining detailed information of the client's business and risk management philosophy;
  • Familiarizing with the client's business and underwriting information so that this can be explained to an insurer and others;
  • Rendering advice on appropriate insurance cover, value of assets, fixing of sum insured and terms;
  • Providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover;
  • Submitting quotation received from insurer/s for consideration of a client;
  • Assisting clients in paying premium under section 64VB of Insurance Act, 1938 (4 of 1938);
  • Assisting in the Claims, Preparation of claim documents, negotiation of claim amount & followup with the insurance company for faster settlement
 
   
Our Products
Fire and Special Perils
Burglary Insurance
Money Insurance
Fadelity Gurantee Insurance
Machinery Breakdown Policy
Electronics Equipment Insurance
Export Credit Gurantee Policy
  Read More
 
Corporate Office
  Worldwide Insurance Brokers Ltd.
  B-42, Sector-63, Noida - 201307
+91-120-4282539/4258189
bima@wibl.in
www.wibl.in
 
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