Who is a health insurance broker?

The right way to buy health insurance is to speak to a health insurance agent or a broker. Who is a health insurance broker? A broker is a person who is well-versed with the various policies available from the top health insurance companies and advises the buyer about each policy's pros and cons. The purpose is to facilitate the buyer in making a well-informed and conscious decision to go ahead with the one that is best suited to his needs. Remember, the broker represents you and not any company.

 

It is important for insurance buyers to first research the healthinsurance broker before hiring his services. An insurance broker needs to be licensed. The license in India is granted by the IRDA or the Insurance Regulatory Development Authority. There are certain specific requirements that the individual needs to exhibit to get the permit. These are:

• The company should be registered as per the Companies Act, 2013.
• The company can also be registered as a co-operative society under the Co-operative Societies Act, 1912.
• It can be an LLP registered under the LLP Act, 2008.

 

Insurance brokers need to have a bachelor's or a master's degree or, they can be an associate of certain prestigious insurance institutes of the country.

 

It is also mandatory for the broker to have undergone the required hours of training from an IRDA-recognized institute. The National Insurance Academy conducts an exam – candidates need the pass the same to work as brokers. The broker's license is valid for three years, post which needs to be renewed regularly. It is after such a long-drawn journey that one becomes a broker.

 

If you are keen to become an insurance agent, consider associating with SafeTree. It does not take much to become SafeTree general insurance agent – all that you need is the desire to help people.