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J. B. BODA Insurance Brokers Pvt. Ltd. - FAQS

Why should we buy insurance?
The purpose of insurance is to identify significant risks that your business faces and to determine whether these exposures can affect your balance sheet. Hence, it is for you to decide whether to buy insurance and what limit of indemnity is appropriate.
How is an insurer selected?
Premium rating should not be the only consideration when choosing an insurer. The pivotal service from your insurer will be the prompt payment of due claim when a loss occurs. Therefore, you need to look at issues such as financial strength, track record, etc. of the insurer.
What is insurance broking?
Insurance broking typically involves the arrangement of appropriate insurance covers for a wide range of risks with insurers at competitive premiums. A broker assists in the evaluation and selection of the optimal cover, provides a range of other services including managing claims, ensuring timely remittance of premiums, management of insurance records etc.
What is the specialty of an Insurance Broker?
An Insurance Broker acts on behalf of its client, is not tied to any particular insurer and can arrange the best insurance protection for the client, at a competitive price, with any insurer of client's choice. A combination of different insurers may be used by the client for addressing the insurance requirements based on the expertise and experience of the various insurers.
Why do you need Insurance Broker?
  • Brokers represent the client, not the insurer
  • Brokers have expertise, knowledge of market and negotiating skills
  • Brokers are technically competent to evaluate insurers on the basis of coverage, services and price
  • Brokers can structure specialized insurance programmes' Policy limits, Minimising deductibles and optimising coverage terms
  • Brokers provide several other services like Policy Audit, improvement in coverage, expert handing of claims, policy administration, etc
  • Outsourcing to Brokers makes your professional team available for their core faculties
  • Brokers can be utilized in the same mannerism, as you would avail services of chartered accountants, doctors, lawyers for specialist advice
  • A Broker is a single window solution for insurance matters of the insurance buyers with insurance companies.
How is a Broker selected?
Choosing an insurance broker is one of the most important decisions. It is based on the following criteria:
  • A broker should be of a long and trustworthy reputation in the insurance market
  • The broker should possess a reasonable understanding of the client's business
  • The expertise of its generalists and specialists is a very important consideration in dealing with a broker. Ideally, the interaction among the broker, the insured and the insurer should result in a synergy, whereby their combined results are better than that which any one of them could have achieved singly
  • The crucial quality in a broker is their ability to syndicate the capacity of numerous insurers to achieve desired goals. The Broker should be able to communicate proposals and recommendations clearly and precisely
  • The Broker should possess negotiation leverage-clout. The Broker should be able to negotiate good coverage and also help in settling claims.
Why should you choose JBBIBPL as your Broker?
  • First on Protection.
  • Revered Hand Holding among Insurers and Insureds.
  • Clear perception of value in service.
  • Market experience in addressing needs of risk exposures and optimal solutions.
  • Escalated attention to efficient purchase of adequate insurance.
  • Understand clients' requirements well. Deliver on their needs on a pre-agreed basis within well – defined time lines and quality benchmarks.
  • Pan-India presence providing focused expertise to insurance buyers
  • A growing arm of J.B.BODA Group – providing multifarious and multifaceted range of risk and insurance related professional services over seven decades.
  • Central Claims Cell in Head Office, Mumbai to monitor All India critical and high value claims.