Insurance Brokers
What is the role of the insurance broker today?
The role of the insurance broker today is not only to sell insurance policies. It should also encompass the role of risk manager. The insurance broker provides protection, support and advice his/her client and does not limits his/her services to managing the cost of insurance.
The premium is not the cost of the risk, but the cost to avoid the risk. The total cost of each risk includes:
- The insurance premiums
- The fees and commissions
- The cost risk audit
- The excess clause of the insurance policy
- The exclusions of the insurance policy
- Un-insured and/or self-insured losses and
- The part of the losses that cannot be compensated due to underinsurance.
An important goal of the insurance broker is not only to provide his/her client with a more affordable insurance premium but also to protect him from all of the above and to help him recover quickly and effectively in the event of a loss. This require preparation before the damage occurs, ensuring a proper and comprehensive coverage for the client and using expert technical partners in case of loss.
Why does the insurance broker need FAIR Consulting as a loss assesor and claim handler?
The true value of insurance and protection provided by the insurance broker to his client is revealed at the time of the loss. It is at that time that using an expert, such as a loss assessor and claims handler can prove to be the great advantage for his/her client. FAIR Consulting, as a technical consultant, specialised in claims management, can assess the losses and provide crucial technical arguments. In this way, it reinforces the crisis management team and strengthens its bargaining power.
Working with specialised technical consultants and loss assessors assists the insurance industry in gaining more trust from policyholders during the compensation process.
When working in collaboration with the insurance broker, FAIR Consulting's goal s to offer its support, expertise and assistance in managing and negotiating complex insurance claims. Thus, FAIR Consulting enhances the services offered by the insurance broker to his/her client, in pursuit of their common goal of maximising the compensation amount and achieving its prompt disbursement.
What does FAIR Consulting offers as a loss assessor?
FAIR Consulting undertakes on behalf of your damaged client, to handle the whole process, so that he may be compensated quickly and adequately.
More specifically:
- Investigates the scope of the coverage provided by the insurance policy.
- Simulates the operation of the insurance policy in case of loss and explains whatever is unfamiliar or difficult to understand.
- Compiles quickly and accurately all the documents and supporting evidence necessary to document the loss of their client.
- Informs comprehensively and accurately on the procedure required until the expert report is drawn up.
- Coordinates and ensures the proper compliance to the procedures for meetings and the autopsies with all parties involved.
- Establishes and safeguards balance and trust in the cooperation between the parties, aiming at the fast processing and the best possible compensation for its client.
- Clarifies technical issues of the compensation claim and mitigates points that require further analysis.
- Prepares the broker and his/her client for the settlement meetings with the insurance company, the loss adjusters and anyone else involved in the process (letters of objection, technical analysis, streak analysis, etc.).
What other services can FAIR Consulting offer?
- Consulting / Recommendations regarding the proper insurance coverage (Healthcheck ασφαλιστικών συμβολαίων) and protection against other risks.
- Valuations and pre-insurance chexk-up to avoid instances of underinsurance or overinsurance.
- Preparation of independent technical reports investigating the causation of losses.
- Executives' training
- Apart from the cases of compensations related to insured risks, FAIR Consulting also provides support in cases where your clients claim compensation from other institutions or entities (eg State compensations).