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Why Should You Buy Health Insurance From a Licensed Broker?

Gone are the days when the agents used to frequent our homes guiding us to choose the health insurance plan from the insurer he represents.

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With the convenience of online platforms provided by IRDA licensed brokers like Coverfox.com, buying insurance has never been so stress-free. We have noticed people standing at the hospital billing desk and staring at those huge bills that would dig bigger holes in the pockets than the emotional distress they are already going through. Each time, why does it take a disastrous incident to realise the significance of having a right health cover for self and all those loved ones in our lives? Are the premiums greater than the financial mess such casualties bring in our lives? What else could be more consoling than a fine, comfy cover of a financial assurance, in those tragic times?

Now that we accept as true that nothing can be more calming than having a protective cover of insurance above you whenever needed, let’s explore where you can actually scout it for. There are various channels that can provide the health insurance policy on your request.

  • Directly from the insurance company

  • Individual agent, a corporate agent or a broker

  • Banks

  • Web aggregators

With the boom in the online business, a recent study has shown that the insurance sales through online channels to grow 20 times by 2020. With Rs 300-400 crore influenced by internet sales is a huge number and convenience clubbed with transparency and varied choices for selection play major role in this success story. So, the million dollar question – why should I buy my health insurance plan from an online broker like Coverfox.com. Let’s find out.

  • Wide choice - An agent is the representative of one insurance company while the broker represents multiple companies. While your agent will be well-equipped to highlight the details of the plans sold by the company he represents, the broker will give you a wide variety of choice when it comes to buying a health plan.

  • Facility of comparison - With wide choice on offer, comparison comes by default. Only through comparison can we rate the best plan and find out what features one plan promises which the other does not. Even if the features are similar, the rate of premium varies and comparison makes us aware of the fact. Moreover, a good broker can also help us rate the company whose plan we are considering through the company’s history of claim settlement and trustworthiness.

  • Expert technical advice - Brokers not only have the benefit of representing multiple companies, they also are technically equipped to do so. Because, they are licensed with IRDA, they are authorized to provide technical assistance. Insurance can, sometimes, be boring and hence having a trustworthy assistance at hand makes a lot of difference especially in understanding the know-hows.

  • Providing the right solution - As brokers deal with multiple insurance companies and are knowledgeable to handle all your queries and concerns, they are the right people to offer you the right guidance based on your requirements. Be assured, basis your needs, you’ll be offered the right solution.

  • Convenience of purchase - It is imperative that the proposal form you fill state all the accurate and relevant information. Sometimes, understanding the proposal form and filling it accurately could be a bit tiresome and the broker can help by guiding us through the process.

  • After-sales service - One of the greatest advantages of buying the health policy through a broker is the spectacular after sales services. For anything and everything related to your policy, right from any changes to be done to registering the claim, you can contact the broker. They have all your data including policy documents and that eases the entire process. As they also manage your account, you can be assured of the times reminders related to renewals and all other services. If for any reason, you wish to port your current policy to another insurer/plan, the broker can assist you with that as well ensuring a hassle free transaction.

Claim Assistance

The most trying part of a health insurance plan is settlement of claims. For claims to be settled, proper documentation is required and the broker helps you in that as well. From registering the claim on your behalf to assisting you with the paper work and subsequent follow ups with the insurance company, the broker stands with you all through the way. Moreover, due to their expertise, even in case of a dispute over claims, the brokers like Coverfox is well-equipped to fight for the settlement of your claims.

Although your agent might be your family agent, trusted by your father and his father before him, his usefulness is limited. . A licensed broker is well equipped to offer you multiple plan choices and in helping you buy and renew the plan. With the development of online portals, brokers have also developed specialized websites which can be accessed from the comfort of your own home or office. You simply need to visit the broker’s website and you can view and compare various health insurance plans, generate premium quotes, get the correct plan matched to your requirement and even buy the plans online. With so many facilities coupled with their numerous advantages, health insurance brokers are here to stay. You might as well enjoy the benefit of their expertise and land yourself the best health plan.

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Aniket Thakker
Written by Aniket Thakker
He lives off TV shows, movies, junk food, comics and sarcasm. When he is not working as a freelance imaginary friend to other beings like him, he works as VP of Marketing at Coverfox.

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