KEY FUNCTIONS OF THE BROKER

• Understand the client’s business and its risk and insurance needs .
• Design the most appropriate insurance cover, explaining the options and the reasons for their advice.
• Execute the client’s instructions in an efficient manner including the arrangement of insurance, and negotiation with the insurance market.
• Take instructions from their clients.
• Place business with all registered insurers operating in Sri Lanka.
• Explain the needs of and the behaviour of the market to clients.
• Maintain effective relationships with the market – local and international.
• Assist in the negotiation of claims.
• Provide continuous service and advice.

TASKS AND RESPONSIBILITIES

• Obtain a detailed knowledge of the client’s business and philosophy regarding risk.
• Maintaining clear records of the client’s business history so that it can be explained to insurers.
• Explaining the information insurers need to enable them to underwrite a given risk.
• Provision of technical insurance advice and advice on developments in the insurance market.
• Co-ordinate global programmes.
• Maintain records, documents, handle renewals, placement of new business etc.
• Take instructions from their clients.
• Explaining the law as it relates to the client’s risks and insurance programme.
• Maintaining a detailed knowledge of available markets.
• Selection and recommendation of an insurer or group of insurers.
• Advising the client on the most appropriate insurance programme.
• Presenting the client’s risk to the insurance market.
• Negotiating with insures on the client’s behalf.
• Acting promptly on instructions from a client and providing written acknowledgement and progress reports.
• Providing the client with a written record of the insurance programme.
• Checking and issuing policies.
• Collecting and remitting premiums.
• Providing additional Services, such as risk management and uninsured loss recoveries.
• Assisting in the negotiation of claims.
• Maintaining precise records of past claims and maintaining historic records of policies, underwriting submission and other key documents.