Page 43 - Insurance Times July 2016

Interview

with

MR.RAHUL MOHATA

COO, Ideal Insurance Brokers Pvt Ltd.

1. How are Insurance Brokers different from Tra- regards to the rate aspect in general insurance, it does
ditional Sales Channel? matter a lot in current market scenario. Most of the In-
surance companies are making underwriting losses due to
Ans. A Traditional Sales Channel namely "Insurance Agents" the severe cut throat unrealistic competitions. Neverthe-
works for one company. They represent the Insurance less, General Insurance is gradually moving towards a
Company in front of the customers. However, an Insurance knowledge driven business from a relationship driven busi-
Broker is licensed by the IRDAI (Insurance Regulatory and ness of the past.
Development Authority of India) to work with multiple

Insurance Companies. Now there are a lot of variations in products and

The Insurance Brokers represents the Insurance Company customization is possible as per the specific needs of the
in front of the customers and suggests the best suitable customer. This is where the service offered by us matters
product as per the customer need. over the price. It's prudent to buy a relevant product
compared to buying a cheap product with less features.
Unlike traditional sales channel, a Broker works like a Brokers like us have the knowledge about the subject matter
corporate establishment with an in-house team to help which helps the customer to buy the right product with
the customer for various services required and especially right features.
in time of claims.

2. What are the specialised services you provide 4. Why do brokers focus more on General Insur-
to your customers? ance?

Ans. We offer professional and customized services like Ans. If you see the General Insurance space, it's very knowl-
Risk Management and develop appropriate insurance cov- edge driven. The products are very varied in nature and a
erage at correct premium rates for our customers. We customer requires it based on needs, impulsiveness or statu-
assist our customers in choosing the right product, policy tory requirements. There is a lot of opportunity to cross
servicing and timely renewal of polices. Last but most sell, up sell and sell of references. Every customer has a
importantly, we assist clients actively in times of claims. particular need and the products are suggested based on
We have a dedicated team which deals in claim settle- it. A very important reason for Brokers to focus on General
ment. There are lot of do's and don'ts which we take care Insurance is scalability of business; the same can easily be
so that the whole process is on time, efficient and smooth. driven through knowledgeable workforce (when I say 'Easy’.
I am comparing it with selling Life Insurance through

workforce). A Broker can offer a bouquet of product to the

3. Recently, there is severe competition and dras- same client which makes the proposition profitable. Say, a

“tic rate cut in General in- The Insurance Brokers represents the Insurance Company in“
front of the customers and suggests the best suitable
surance sector. Do you
think rate matters most product as per the customer need.
rather than the services?

Ans. I think to an extent with

The Insurance Times, July 2016 43