Frequently Asked Questions
Below are frequently asked questions and answers about insurance from Havmore.
Q: Who is an insurance broker?
An independent broker represents you and does business with many insurance companies compared to an agent who represents only one particular insurance company. An independent broker is able to offer a wide range of services and products from many insurance companies to make sure that your insurance needs are met precisely at the most competitive price. We work on your behalf and without any additional cost to insurance premium.
Q: What does an insurance broker do?
Havmore’s job is to look after your interests. We will:
- Study at your current insurance portfolio and make recommendations on any changes or additions necessary.
- Identify a range of products suitable for your needs.
- Contact insurers with appropriate products and get the best deal for you.
When selecting a product for you, we take into account:
- The quality and extent of the cover.
- The reputation of the insurer for paying claims properly. The service standards of the insurer.
- Whether the premium represents good value for the cover given.
Q: Can Havmore deal with my existing insurer?
You may be perfectly happy with your existing insurer at present. You can appoint Havmore as your broker and still remain with the same insurer. Each year, we will check to ensure that it is still the best cover for you, and if appropriate, offer you alternative products.
It's still your decision, but we are giving you additional choices and expert advice, so you can't lose.
Q: Do I have pay extra premium to avail insurance broking services?
The amount of premium is determined by the insurance companies, the client will be paying that prefixed amount only. Our brokerage is paid by the insurance companies so our clients don’t have to pay for our services. The cheque that the client issues will be in favor of the insurance companies, as per to IRDA rule client cannot give the cheque of premium in the name of broking firm.
Q: How is a broker different from an agent?
|Particular||Insurance Broker||Insurance Agent|
|Risk Management and Audit|
|Assistance in premium payment|
|Claim handling and management|
|Option of buying from different companies|
|Designing of Insurance Products|
|Insurance Portfolio Management|