What is Insurance Broker? [Complete]

Understanding Insurance Broker
Insurance broker is a legal entity formed in order to meet the needs of the community will be an agency that can assist them in purchasing insurance products and assist in the event of a claim, which the society insured very layman with the conditions and requirements of the insurance policy and insurance company party on the other hand is very familiar.

Difference Insurance Broker, Insurance Broker, and Insurance Agent
Insurance broker is a popular term for an Insurance Brokerage in which its existence is both help the insured in selecting insurance companies including the management of the process his claim and not bound or not under the control of a company insurance.  While the insurance agent is an extension of the hand from an insurance company that its function is to market products from the insurance company.  This means that the dealer is bound with one insurance company.

What is Insurance Broker? [Complete]

How can individual shaped broker? It is not permissible, because of the Insurance Broker must be established within the legal entity and should have a permit from the Ministry of finance with the terms quite strict and clearly regulated in the law No. 2 of the year 1992, Government Regulation No. 73 year 1992 and Decision Minister of finance Safety No. 226/KMK. 017/1993.

The Role Of The Insurance Broker
The task is not completed Insurance Broker at the time of the closure of an insurance contract has been made between the insured and the insurer, but continued to run his task during the insurance contract runs and even after the insurance contract expires in case of arising claims that have not been completed. It can be seen from the tasks of the Agency against the insured who, among others, as follows:
  1. Do identify the risk and effort – effort reduction, removal and penghindaraan risks.
  2. Make the design of the most suitable Insurance contracts and most competitive in accordance with the needs of the insured.
  3. The selection of the insurer.
  4. Negotiating the level of insurance premium by the insured.
  5. Do claim management services, program administration and risk inspection as long as the policy is running.
  6. Negotiating claims on behalf of the insured.
  7. Research and administration of Insurance
  8. Insurance broker does not charge for her services but earn income brokerage or Commission from the insurer who accepted the risks that they are placed.

Using The Services Of Insurance Broker
  • The insured can save time and concentrate on business development business activities, continuation & because it has got a package of Insurance Broker services free of charge.
  • The insured provide enough information on the required information without filling out the Application form, since Placing Slips prepared by the broker based on data obtained from the survey results.
  • The insured can obtain services free of charge (free) in the event such as: risk analysis, prevention of losses, making the proposal about the insurance program wrote accordingly, the inspection policy and others.

The Task Of Insurance Broker
  • Create insurance programs thoroughly and complete as well as give advice either requested or required by the insured that it represents the letter designation of unsubstantiated (letter of appointment).
  • Create a report and survey records any information that is important to the insured in order the placement of the risk to the insurance or reinsurance.
  • As a representative of the insured on the basis of what is expressed and implied in the law on insurance, reinsurance/insurance broker is obligated to disclose all the required data are often poured in slip (Slip and Placing Reinsurance or Slip).

Insurance Broker Authority
  • Reserves the right to charge a premium for the benefit of the insurer.
  • Eligible/authorities provide advice either requested or not.
  • Has the right to sue a third party for and on behalf of the insured based on the letter of appointment/power.
  • Entitled to suggest compensation settlement is rejected and the accompanying lawyers insured when must be resolved through the courts/legal channels.
  • Authorities recommend the use of Loss or Average Adjuster in the event of large claims and/or General Average.
  • Based on the approval of the insurer of the party claims are approved, Insurance Broker can make a payment claim in advance to the Insured.

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