Insurance Types
    Fire Insurance  
    Motor Insurance  
     Health Insurance  
    Overseas Travel Insurance  
   
  FAQ Insurance  
     
  How does insurance work ?  
     
  The principle of insurance is to divide the loss of one among many. If a person loses Rs. 100 it is divided among 100 persons, everybody shares Re. 1 which is not a big burden. Why should 100 persons pay Rs. 1 each? It is because they all run the risk of losing Rs.100 each due to some peril.  
     
  What is a peril ?  
     
  A peril could be fire, storm, earthquake which damages property, life. It is Ďthe dangerí.  
     
  What is risk ?  
     
  Peril may or may not happen. There is an uncertainly about the operation of peril. This uncertainly is called a risk. Because there is risk (uncertainty), you need insurance.  
     
  What does insurance company do ?  
     
  It collects (as in above example) Re. 1 (premium) from each person and pays Rs. 100 (claim) to the one who has lost. It manages the funds. In fact it collects Rs. 1.25 from each person. The excess of Rs. 0.25 goes towards salary of staff, other expenses and profit.  
     
  What does a broker do ?  
     
  There are insurance companies who inspect and suggest improvement in insuredís goods, factory, life and reduce the possibility of loss or paying a claim. They spend less on the management of the company. Overall they spend less and so they are in a position to reduce premium.

Insurance brokers guide persons who want insurance to the insurance companies who charge less premium and pay faster claims. They interpret the policy conditions and match them with need of the client and help the client choose the right policy. To ensure this kind of service they

                           Assess the risk and prescribe improvement.
                           Approach insurance companies to get best rates, terms.
                           Verify policy documents and remove mistakes.
                           Assist at the time of claims.
 
     
  Why seek the help of a broker when an agent is enough ?  
     
  In fact agents have been doing the work of an intermediary for a long time in India. But they are found to be inadequate. Insurance is complicated. It requires experts to handle it. The client needs options and quality service. A broker can provide it. They are a corporate set-up with experts in their offices and can handle both small and mega risks. An agent is a minor entity and he canít provide service at this level.  
     
  Is it the only difference between an agent and a broker ?  
     
  No. There is more. For example, the agent is attached to one insurance company whereas the broker goes to all insurance companies. The agent represents an insurance company whereas a broker represents his client, not an insurance company. Moreover an agent is small, a broker is big. Some brokers abroad are larger then insurance companies.  
     
  Are the brokers accountable to any authority ?  
     
  Yes. They work when licensed by Insurance Regulatory and Development Authority (IRDA). They are constantly supervised, audited by the latter and canít afford to displease the authority.  
     
  Will you tell us something about Blue Crest Insurance Broking Pvt. Ltd.?  
     
  Blue Crest Insurance Broking Pvt. Ltd. was incorporated in 2003 with headquarters in Kolkata. We have been licensed to do both life and non-life insurance business. We work with all the insurance companies. We have a large client base which includes corporate houses as well as retail clients.

We have experienced hands to handle sensitive insurance matters. We have been able to provide quality service in a competitive market till date.