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Does your insurance broker have what insurance companies are looking for?
Posted on Oct 19, 2017 by Travis Jones
Insurance companies have spoken: Insurance brokers in the UAE have lots of room for improvement. What does a good broker look like, and how does this help you? Find out here.
A lot of people in the UAE are experiencing health insurance for the first time. Thanks to laws put in place in major emirates Dubai and Abu Dhabi, where being covered by private health insurance is now mandatory for all residents and/or visitors, many Emiratis and expatriates alike have opted to find an insurance broker to help them find the best possible health plan. The big problem with this is since these individuals have limited-to-no experience with insurance, insurance companies, or brokers, they either don’t know exactly where to turn, or they don’t know what to look for when it comes to choosing a good insurance provider.
So what makes a good broker? It turns out that UAE insurance companies have some thoughts of their own on what it takes to be one of their preferred insurance brokers. Here, we discuss which qualities insurance companies look for in a good broker, and how this relates to better products and service for you, the policyholder.
Insurers and brokers in the news
As it happens, an article was released by the Middle East Insurance Review in October 2017 that show’s even insurance companies were questioning how to identify the best partners. The article cited the result of an Insurance Monitor survey that sought to help insurers better understand the role of insurance brokers, as well as identify areas for improvement in relationship between insurers and brokers.
Of the 20 insurance companies responding to the survey, there were some key takeaways with regards to their feelings about broker relationships. Among a significant percentage of insurers, it has been found that there is a feeling that more controls are required to address their most pressing issues. These include:
Loading by brokers: This is when a broker will add money onto an insurance company’s stated premium to make additional money off of a sold policy. Generally, this should not happen, as insurance brokers are to be paid by the insurance provider, and not the policyholder.
Poor support in premium collection: Insurance companies would like to see more of an effort put forth by intermediaries when it comes to getting policyholders to pay their premiums in full.
Weak industry and product knowledge: There is concern from insurers that many brokers may be selling products which they are not familiar with the details of. This can create headaches for insurance companies when the policyholder is surprised by an aspect of the policy that was not adequately explained by a broker.
Relationships and trust: This is an area where responding insurers felt the least amount of satisfaction with brokers. This likely stems from a shift in the paradigm that is insurer/broker relations. Rather than insurance brokers merely acting as a ‘middleman’ whose role is to track down the best price for clients, they are now engaging in partnerships and closer relationships in many cases.
The insurance providers surveyed aren’t kidding around when they talk about their concerns with insurance brokers either. Nearly 70% of insurance companies in the UAE have dropped a broker in the past three years. The main reasons for which being poor servicing, followed by unprofessional or unethical practices.
The right broker for you
Here at UAE Medical Insurance, we have been cognizant of the issues outlined above for some time. Thanks to our extensive experience in the global insurance market, we have been able to take steps to create a culture that make us a highly attractive partner for insurers around the world. This, in turn, has allowed us to obtain better plans and superior service for our members.
UAE Medical Insurance’s insurance advisers have gone the extra mile to establish close relationships with major insurers in the UAE, which is something that insurance providers value. Through these bonds, UAE Medical Insurance has a direct line to people that can be integral in making sure that your insurance claim is processed smoothly and efficiently.
When it comes to pricing, UAE Medical Insurance never charges anything more than what the insurer has set as an insurance policy’s price. We always strive to provide the best value to our members, and we would absolutely not hinder this effort by charging our clients a penny more than the insurer. UAE Medical Insurance is paid a commission by insurers for each policy we sell, but we also realize that, at the end of the day, it is our customers who are responsible for our financial wellbeing. As such, our number one focus is always on our members, and not pleasing the insurers.
As far as premium collection is concerned, while some unscrupulous agents at some brokerages may inflate their sales numbers with phantom policies and then fail to collect premiums, UAE Medical Insurance staff are highly trained, and have many systems in place to make sure that we follow up with clients to help them along the sales process. While we may advise our clients on the best ways to keep their premiums low, we also have open lines of communication to remind them that renewals and associated payments are coming up.
The training mentioned in the previous paragraph also does wonders for the industry and product knowledge of our sales staff. Even brand new insurance agents are well versed in the products of all major UAE insurers by the time they complete our training. Each of them receives insurance education from seasoned trainers over the course of multiple months. To ensure product knowledge is obtained, numerous sessions are held explaining the facets of policies from individual insurance companies. This knowledge is then tested, and staff found to be lacking in any area will not be allowed to sell any policies until their knowledge is sufficient.
Do we have what you’re looking for?
While being a good partner for insurance companies is a great thing for any brokerage, at the end of the day what really matters is that our clients think that we’re a good fit for them, too. With UAE Medical Insurance, you can rest assured that you will have an established partner that you can trust. We are a market leader in selling for international health insurance plans in the UAE, and many of our clients have reached out to show their appreciation for the service that we provide them.
If you would like to find out more about UAE Medical Insurance, our plans, the insurers that we work with, or just about insurance in the UAE in general, please contact us today! Our agents will be happy to answer all of your questions, as well as provide you with free price quotes and plan comparisons.