Functions of a direct broker -
The functions of a direct broker shall include any one or more of the following:
- Obtaining detailed information of the client's business and risk management philosophy
- Familiarising himself 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 and terms
- Maintaining detailed knowledge of available insurance markets, as may be applicable
- Submitting quotation received from insurer/s for consideration of a client
- Providing requisite underwriting information as required by an insurer in assessing the risk to decide pricing terms and conditions for cover
- Acting promptly on instructions from a client and providing him written acknowledgements and progress reports
- Assisting clients in paying premium under section 64VB of Insurance Act, 1938 (4 of 1938)
- Providing services related to insurance consultancy and risk management
- Assisting in the negotiation of the claims and
- Maintaining proper records of claims
