Open Hours: Mon - Sat 9.00 - 18.00

Insurance Broking

Insurance Broking & Placement

BOur Insurance Broking Services help the Client in shortlisting insurers and getting competitive quotes after rigorous negotiations and evaluation of the most value-based coverage. We design an RFQ and submit it for quote comparisons. We help the Client in finalising the insurer and thereafter ensure that the policy has correct terms and conditions. Our range of services for insurance broking and placement include the following:

Placement strategy

  • Analyzing the various products available in the market , best suited to the Client's requirement.

  • Helping the Client in settling the risk covers required including add on covers, excess/deductible, exclusion and providing a draft Request for Quote (RFQ) to the Client for approval prior to approaching various insurers.

  • Assisting the Client in evolving evaluation criteria for selection of Insurer/s, among others, considering client's past experience and settling the list of insurers to be approached

  • Assessing Client's requirement of services and capabilities of insurers/likely TPAs (in case of GMC) and share draft Service Level Agreement ('SLA')

  • Submitting RFQs to agreed insurers as an exclusive broker or otherwise.

Quotation analysis & negotiation

  • Evaluate quotes received and present a comparison

  • Facilitate meetings of insurers to ensure complete transparency

  • Assist in Negotiating the best coverage as well price from the preferred/final Insurer/s

Recommendation & placement confirmation

  • Recommend the best insurer/s for the Client's given situation

  • Actual Placement as per agreed terms and conditions by submitting the duly filled in proposal form as well ensuring the remittance/deposit of the premium as per the terms of the business.

Policy Drafting and Review

  • In case of complex nature of policy, securing a draft policy and submit to the client for review.

  • To ensure that the policy has been issued as per the agreed terms & conditions and if necessary, settle the difference by immediate endorsement.

  • To provide online access to the Insurance Portal for the Client to view their policy details, know the contact details of Team SPA and also to see renewal due dates by a calendar format.

  • Signing of SLA

Continued Coverage

For every policy be it Mediclaim or Marine, we ensure that the client always has adequate premium paid by way of Cash Deposit (CD) or otherwise, sum insured is never inadequate and every required declaration (whether for employees' entry/exit in the organisation or for dispatches of goods made) is submitted well in time.

Assistance in Claim Settlement

Should a claim arise, we do complete handholding of our clients till it is logically settled.