Previously the Premium rates and policy terms and conditions were fixed by Tariff Advisory Committee. Tariff stands in the way of brokers giving lower rates, wider choice of product and choice of insurers to their clients. But as of January, 2007 all such pricing controls have been removed and your premiums now depend on the risk that needs to be covered.
In this scenario, brokers become important as they evaluate your risks, take quotations from various insurance companies and negotiate on your behalf to get you the best deal and take complete claims responsibility.
With how many Insurance Companies can broker work with?
Insurance Brokers can work with all Life and Non-Life Insurance companies operating in the country. That is why it can provide you with the lowest premiums for any policy.