Approach and Process

Broking Service in India :

Unlike in some foreign Countries, Brokers in India are neither allowed to frame their own 'wordings' nor accept 'premium'.Insurers are required to file their respective products with IRDA and use only such products approved by IRDA. There are quite a few Private Insurers along with the four Public Sector Companies in India and these Insurers specialise in certain insurances, though they carry out the insurance business in general.

Our strength lies in our ability to identify the Insurers who are willing to offer the Policies as designed by us for the Customers. Having identified the Insurers, we utilise the strengths of our Customers as well as our own strength in negotiating the best price for the products. We, therefore, neither compromise on the product design nor on the price.

What We Do:

As an Insurance Broker, we represent our customers to the Insurers unlike an Agent who represents the Insurer. The scope of such a representation is enormous since we are more interested in discussing, designing and delivering suitable insurance products for our clients rather than merely displaying the products already developed by Insurers. The difference is huge since the Insurers' "across the shelf" products are designed by them in a 'general' manner.

We have realised that an Insurance Policy is a future promise against premium and unless the Policy wordings are customised, wherever necessary, the general interpretations could be harmful to our customers when the time for the 'promise' to be fulfilled befalls the Customers. This is the reason why we follow the three important steps of discussing, designing and delivering the product.

We can state with reasonable justification that our elaborate discussions, save any trade secrets, have not only put us in an enviable position of designing a perfect match for the requirements of our customers but have given an opportunity to our customers to take conscious and viable decisions on the insurance products.

After all, it is always better to look before you leap

In view of our expertise, we are more interested in "Corporate Customers", though we would take up individual requirements of the personnel of our Customers also for consideration.

Risk Analysis:

The concept of 'Risk Management' consists of:

  • Risk Analysis
  • Risk Evaluation
  • Risk Retention
  • Risk Transfer

Being Insurance Brokers, we specialise in analysing the risks of the activities of our Customers from the view point of 'financial losses' arising out of such activities. For this purpose, we hold elaborate discussions with the competent personnel of our customers and map the exposures. We then display the exposures under two categories 'pure risks' and 'trade risks'. Seeing the spread sheet, our customers clearly understand the 'insurable risks' (pure risks, which are accidental in nature) and 'uninsurable risks' (which are inherent in the conduct of the business or trade). We also explain the parameters for evaluating and retaining the risks.

Having discussed, we design the product that would indemnify our customer against the exposures sought to be insured and explain the 'product design' to our customers. We design the products in such a manner that various components are listed out separately enabling our customers to pick and choose the exposures they would like to transfer to Insurers.

By this elaborate and professional exercise, our customers get to know the available insurance options and their respective prices. While the narrowest option is the cheapest, the widest cover is the costliest, although we ensure that the difference is not very significant. Our customers, therefore, can either save on the premium (by taking an informed decision) or transfer most of the risks, even if it amounts to a marginal increase in the outlay, and rest assured.

"Dealing with Sriyah, the customer always wins"

Policy Audit :

The result of the pudding is in eating.

If discussing with our customers enlightens us on the practice of their business, scrutinising their existing insurance Policies provides food for thought on the theoritical aspects. Our Team consists of people rich in "Theory of Insurance" as well as the relevant enactments. The existing Insurance Policies of our Customers are put to severe scrutiny by these experts to find out if the 'theory of insurance' and 'practice of business' go hand in hand. We realise that unless this amalgamation is ensured, the wordings of the insurance Policies would be debated in the event of an unfortunate event.

If Practice without Theory has no roots, Theory without Practice has no fruits

GAP Analysis:

Scrutiny of the existing insurance Policies with microscopic eye takes us to the next logical step. We prepare a spread sheet clearly showing the business practice as revealed by our customers, the coverage under the existing Policies, the exposures as perceived by us having regard to the discussions on the business practice and the gaps and pitfalls, if any, that exist between the exposures and the existing Policies. More often than not, these gaps would not have been left consciously. Our Reports will not only point out the gaps but also provide fitting solutions to bridge these gaps resulting in seamless insurance programme to be put in place.

Our customers can, thereafter, rest assured and focus on their main business activity. We bridge the gap between the exposures and coverage by bridging the gap between you and the Insurer

Placement:

There are several parameters that would influence the customer to decide upon the insurer:

  • Nature and size of the Business
  • Kind of Exposure (for example property damage or liability or any other specific risk peculiar to the Trade)
  • Financial Stability of the Insurer to commensurate with the volume of risk
  • Claim Settlement in terms of competence and time limit
  • Cost effectiveness
  • Reputation of Insurer's foreign partner, if any
  • Availability of the Product sought

We, as your representatives, send enquiries, in consultation with you, to Insurers considering the above parameters as well as your feedback and display their responses in terms of cover, rates, terms and conditions, benefits, advantages and excess along with our observations and recommendations enabling you to take meaningful decisions on placement of Policies. All our transactions will be transparent and time bound. Once the Policies are placed, we get the Policies issued expeditiously and check if all the requirements embodied in our enquiry are translated in the document in letter and spirit.

Claim Management:

We, at Sriyah, believe strongly that a customer needs the presence of the Broker more at the time of distress than at any other point during the Policy Period. Documentation is the essence of speedy and proper claim settlement. A systematic and scientific mechanism to deal with the claims has been designed and put in place at Sriyah and we, as a team, are committed to follow this system to the best of satisfaction of our customers. We play a major role in providing assistance to our Customers in the event of any unfortunate event happening. Our services include:

  • Informing the Insurer of the incident and getting a competent Surveyor appointed at the earliest;

  • Guiding the Customers on the actions to be taken by them at the affected premises;

  • Visiting the Customers along with Surveyor to carefully understand the requirements;

  • Guiding the Customers in preparing the claim file with documents that are required in an effort to see that the entire documentation is done in a single shot;

  • Verifying the assessment made by the Surveyor and ensure that the assessment is in accordance with Policy terms and Conditions;

  • Liaison with Surveyors, Insurers and any other Agencies involved in the investigation or assessment of claim in order to expedite settlement;

  • Getting "Expert Opinion", wherever necessary, to strengthen the claims of the Customers;

  • Maintaining accurate data of claims.

Portfolio Administration

If only the records could speak……….

These are times when whatever agreed is reduced to writing and produced when required. Efficient administration brings about desired result in quick time. We have installed an ideal system for the maintenance of records as a result of which:

  • We keep tab on the renewals of the Policies. We start our renewal exercise sufficiently well in advance and sit for discussion with our customer for the renewal. We keep records of the future plans or projects of the customer so that we could approach the customer at the right time to close the insurance aspects relating to those plans. This will ensure that the future plans/projects are not left uncovered due to inadvertence.
  • We constantly keep ourselves abreast of innovative covers that are filed by the Insurers from time to time and use this information in obtaining improved covers for our customers during renewal or even during the currency of Policy, where possible.
  • We record our discussions with Insured during our frequent visits to our customers and use the data, if necessary, to project the customers' risks in a manner it ought to be projected on the basis of facts.
  • Wherever the sum insured is adjustable during the currency of the Policy on the basis of declarations, we keep track of the same and bring it to the notice of the customer enabling the customer to replenish the sum insured for the rest of the Policy Period.

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