Placement:

This is a basic service being provided by a broker since its introduction couple of years back. Placement is further being broken down to the following:

1. Gathering of Underwriting Information from the Client: The basic step which needs to be undertaken by us to understand the client’s risk, his industry dynamics and other material facts.
2. Portfolio Review report: Portfolio review report is a study of the existing policies taken by the client. The analysis would bring forward any gaps (if any) to the notice of the client.
3. Annual Insurance Plan: In addition to preparation of the PRR, we can also work on an annual insurance plan for the client, which would also include industry practices and new trends coming up in the industry worldwide.
4. Internal Discussion and with the client to understand the dynamics.
5. Floating Quote Request: The information collected would be floated to the companies for rates.
6. Negotiation for better rates: We also negotiate better rates from Insurance Companies for our clients.
7. Preparation and Submission of the Quote Comparison Report: A QCR is prepared to bring forward a comparison in front of the client in regards to the coverages, rates and Terms & Conditions.
8. To get clients consent over the company of his choice and premium payable.
9. Placement of the policy with the Insurer of Clients Choice
10. Receiving the Policy, vetting the document and Delivering the policy to the client.

Fees:
For Premium upto Rs. 25 lacs: Rs. 15000/-
Amount additional to Rs 25 Lacs: ½ % of the of the premium.

Portfolio Review Report / Drawing Annual Insurance Plan:

PRR: Analysis of the current policies in the light of coverage available.
Annual Insurance Plan: The Annual Insurance plan is the extended Portfolio report with the addition of best practices in the industry and a plan for insuring to the fullest as per our recommendations.
Evaluation of the policy wording (in Liability policy) : Our team would evaluate various wordings for liability coverage to the clients.

Fees:
For Premium upto Rs. 25 lacs: Rs. 10000/-
Amount additional to Rs 25 Lacs: .25% of the premium.

This is an additional service being provided by us in the light of individual rating has being emphasized by the insurance companies post De-tariff regime. Underwriting Submission is further being broken down to the following:

1. Portfolio Analysis: We study the present policies to analyze the present underwriting scenario and build upon them our submission.
2. Discussion with the client: The discussion is with the client is in line of understanding his risk.
3. Initiating Risk Inspection: Risk inspection is done by a physical inspection of the property to be insured to understand the favorability of the risk.
4. Discussion with the Client: Discussion with client at this time is to bring the points identified by the inspector to his notice which could bring in a lot of improvement in the rating of the risk.
5. Preparation of the report: The preparation of the Risk Inspection Report with the total understanding of the risk in view of the rating that can be levied.
6. Submission to the Insurance Company: The Submissions are basically a customized document for each company whom we approach for quotes.
7. Negotiation for a better rate: After the submission the negotiation for a better rating comes into picture.

Fees:
For Premium upto Rs. 25 lacs: Rs. 25000/-
Amount additional to Rs 25 Lacs: .75% of the premium.

Policy Administration :

This is an additional service being provided by us to provide to assists the client in policy administration. Policy Administration is further being broken down to the following:

1. Routine Review of policies: The review of policy every three months where we report the additions and deletions made. For e.g. in property the additions and deletions are not frequent.
2. Routine Addition and deletion: The frequency of the additions and deletions in certain policy i.e. Medical, Marine and motor is higher than other and needs to be taken care of.
3. Maintenance of Data online and hard copy: Maintenance of ready data available in hard copy and online, which could be of help to him.
4. Maintenance of Detail of CD account: We would also maintain the details of the Cash deposit account of the client which is maintained with the insurance company.
5. Declaration Preparation: We would also assist in facilitating the declaration and keep a track that they are timely sent and properly formalized.

Fees:
For Premium upto Rs. 25 lacs: Rs. 25000/-
Amount additional to Rs 25 Lacs: 1.5% of the premium

Claims Expediting:

This is an additional service that has been emphasized by the IRDA in the regulations for
the brokers. Claims Expediting is further being broken down to the following:

1. Checklist Preparation: The basic service here is basically to prepare a checklist for their ready use in regards to the documents available for claims expedition.
2. Check on adherence to the Checklist: Development of a mechanism for Check on the adherence to the checklist. This mechanism has to be devised along with client so as there is a clarity on the objective and achievement of the check mechanism.
3. Claim analysis: Analysis will be in view of Maximum recoverable Claim; this may involve an external surveyor working for us.
4. Asses the survey done by the insurance company: Our team would assess the Survey done by the insurance company by being physical presence during such survey so as to devise a strategy for the expedition.
5. Assisting and guiding in the preparation of document: The assistance and guidance will be provided in preparation of documentation required by surveyor. Arguing with the surveyor in case of superfluous documentary requirement.
6. Follow up with Surveyor: The follow up with the surveyor for the preparation of the survey report, on account payment, report followed by final survey report.
7. Follow up with the insurance company: The follow up with the insurance company for on account payment, negotiating for final assessment and payment thereof.

Fees:
In case of large claims more than Rs. 50000/-:
Claims upto Rs. 10 lacs 5% and 2.5 % of amounts above 10 lacs provided (only placement done)
Claims upto 10 lac Rs. 5% and 1 % amounts above 10 lacs provided policy submission and policy administration

I n case of routine claims f or less than Rs. 50000/-:
Rs. 500 per file (in this model we take the role of assisting in the documentation, follow and status reporting on a quarterly basis.)

Asset Valuation:

This is an additional service being provided by us to help our clients in ascertaining the values for insurance purpose for the clients by the physical inspection. This service would be undertaken by an outside Valuation Expert.

The value for insurance can be either of three:

1. Reinstatement Value
2. Book Value
3. Depreciated value

Note: The purpose of the valuation is always to look into the possibility of insuring under
which of the three above mentioned values.

Fees:
Asset valuation of Sum insured upto 100 crores at one location: Rs. 25000
For Sum insured in addition to Rs. 100 Crores at one location: .005% of sum insured above 100 Crores

Help Desk:

This is an additional service being provided by us to provide to a help desk at the clients premises for specified hours. Help Desk facility is further being explained in the following points:

1. Helpline number during working hours (or pre decided hours)
2. Visit office premises as per clients convenience
3. Maintenance of data: The data to be maintained by the Help Desk is in regards to insurance policies. For e.g. Addition and deletions in case of Medical Insurance, Marine etc…
4. Routine Claim Expediting for routine transit, medical and motor insurance.
5. Getting cashless facility in Case of Claims under Medical and Motor

Fees :
Rs. 20000 for 8 hours -25 days/month
Rs.10000 for 4 hours -25 days/month
At least Rs 7500 /per month for anything below above.