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Insurance Broking

Way2Wealth Insurance Brokers(W2WIB) is a leading Insurance Broker in India for individuals and businesses. We are licensed by the IRDA to advise customers on their domestic life and non-life insurance requirements. We are currently a trusted insurance advisor for SMEs, businesses and well as individual customers.

What is an Insurance Broker?
An insurance broker is a qualified and licensed intermediary who represents the client and acts in the client's best interests. Unlike an agent who represents the company, an insurance broker is independent and can place business with any insurer who is suitable for particular requirement after taking into account its underwriting and financial ability, expertise and claim settlement capabilities and track record.

Globally, insurance broking is the most important intermediation channel accounting for close to 80% of the general insurance placement.

In India direct broking was introduced in the year 2002. In the short span of slightly over a decade brokers already account for more than 25% of the general insurance business. In fact, in some specialized lines of businesses, their share is close to 70%.
What services do insurance brokers provide?
The services provided by insurance brokers to their clients include:
  1. Obtaining detailed information and understanding the client's business and related risks
  2. Advise on suitable coverages and policy conditions
  3. Obtaining multiple quotations from insurance companies based on coverages
  4. Assisting n the settlement of claims as and when required
  5. Regular updates and relevant market information
Why Partner with an Insurance Broker?
  • Client Representative
    broker represents the client and works in the client's best interests unlike an agent who represents a single insurance company
  • Access to Multiple Products
    An insurance broker can offer a choice of multiple products from all life and general insurance companies to the client resulting in much better choice and optimal selection
  • Reduction of Administrative Work
    A broker handles several functions that would otherwise require efforts of the finance, HR, and administrative divisions like price negotiation, policy administration etc.
  • Technical Expertise
    1. Employees of insurance broking firms have to undergo rigorous training & examinations before they are granted permission to service clients
    2. Brokers are qualified in specialized technical fields of insurance giving them considerable leeway while handling tasks like portfolio audit, policy structuring and post sale issues like claim settlements
  • Strict Regulatory Monitoring & Selection norms
    1. The insurance regulator IRDA has only issued licenses to ~450 entities for insurance broking. The licensing process for a broker takes almost 3 years. Compare to this to millions of insurance agents!
    2. An insurance broker has a legal duty to its clients and can be held liable for service deficiencies and professional negligence
Our Approach
Our approach to insurance broking is advisory based. We strongly believe in providing a comprehensive solution to our customers instead of treating the interaction as a mere transaction. We are involved in the complete policy life cycle.
Pre - Placement
Audit of Current Insurance portfolio based on interaction with:
  1. Decision makers for understanding risk profile
  2. Operating managers for physical inspection of facilities to suggest risk improvements

Restructuring of current insurance portfolio

  1. Check adequacy of existing insurance coverage & suggest appropriate coverages
  2. Examine scope for self insurance
  3. Suggest employee related coverages as an attrition reduction tool
  4. Substitute multiple policies with a comprehensive policy to simplify insurance conditions

Valuation

  1. Advise on basis of valuation for insurance of assets
  2. Arrange valuation at cost through recognized valuers if required
During Placement
Quote generation
  1. Use firsthand knowledge of insurer's capabilities & capacity to shortlist them
  2. Obtain competitive quotes from relevant insurers based on client requirement
  3. Evaluate and negotiate quotes for better coverage and pricing
  4. Finalize placement based on pricing , coverage & service levels

Policy Terms

  1. Ensure complete understanding of policy inclusions & exclusions by client
  2. Examine insurance documents to ensure that agreed terms are reflected

Placement

  1. Complete placement in time to ensure continuity of coverage
  2. Ensure payment of premium in compliance with regulations
After Placement
Claims
  1. Standardization & simplification of documents for routine claims
  2. Improve process of recovery
  3. Coordinate with surveyors for documentation of major claims
  4. Analyze claim patterns to suggest remedial measures for risk improvement

Others

  1. Submitting periodic declarations to insurers as per terms of policy
  2. Suggest modification of existing terms via endorsements where required
  3. Follow up for payment of premium if any to ensure continuance of regulatory compliance
  4. Advise latest developments in the industry
Our Expertise

We have expertise across various lines of business and industry segments. Our strong technical team has the relevant domain experience across the entire policy cycle from product development to underwriting and handling complex claims. We have placed polices ranging from standard property to specialized policies like marine hull, trade credit, clinical trials liability etc. Our team has worked with and successfully placed business with a variety of industries and services ranging from manufacturing, logistics, SMEs, construction, educational institutions, NGOs, legal firms etc. This experience has provided us with a unique perspective on operating and risk management issues across various sectors. This is turn allows us to offer realistic solutions in line with the actual business requirements of the customer.

Our placements and interactions have helped us develop a very good understanding of the capacity, technical and service capabilities of various insurers and other service providers like TPAs. Our string relationship with several of them helps obtaining competitive quotes and favourable policy terms.

Portfolio Audit

Claims Management

E Insurance Account

Way2Wealth Insurance Brokers Private Limited (A Shriram Group Company)
Insurance Broking [Direct (Life & General)]: IRDA License No – 222 valid upto 21.10.2024 | CIN: U66010KA2003PTC032003

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