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What exactly do Insurance Brokers in Dubai do?

Written by Umair

Insurance Brokers

Insurance brokers in Dubai have come under the regulations that are fast changing the way UAE policy providers operate. Earlier on, there weren’t many regulations due to which smaller insurance brokers could easily function. Fortunately or unfortunately, the Insurance Authority has published a circular that lays down certain terms for an insurance broker to operate in the UAE. There are different reasons being stated for this shift for the insurance brokers in Dubai.

In fact, increasing interest has been seen towards insurance brokers in Dubai careers department. Perhaps, people have seen increased opportunities in this sector due to the changing landscape or simply wish to work there. We don’t blame them as we have seen many vacancies for the insurance brokers in Dubai jobs market ourselves!

So, If you are an insurance broker or if you ever wish to buy from an insurance broker soon, you might benefit from this article.

What’s more?

While the governing body states that it is a part of the greater plan to revive the insurance sector in the UAE, it certainly affects the smaller insurance brokers in Dubai in one way or the other.

This is because of some capital requirements. Basically, it allows the Insurance Authority to intervene if the paid-up capital falls below a certain limit. Nevertheless, it is believed that such a decision will help revive the insurance sector in the long run. Generally, if you are residing in the UAE, you might have noticed some changes.These changes have had both positive and negative effects. If we talk about positive effects, it has made things secure for the vehicle owners.

However, if we talk about the negative ones, it has pushed the smaller UAE coverage providers out of the market. Below, we take a look at some quick questions that will help you better understand insurance brokers in Dubai list.

UAE Coverage Providers FAQs

What is an insurance broker?


Usually, an insurance broker is someone who specializes in insurance and risk management. They act on behalf of their clients and help you identify risks against which you should be insured. Additionally, you can expect useful technical advice from them if you need to file a claim. Also, insurance brokers in Dubai are well acquainted with various terms and conditions, benefits and exclusions which is good news for you! Usually, UAE policy providers know a great deal about a wide range of competing insurance policies. Therefore, it can provide you the best advice for your own circumstances within your budget.

How can I find insurance brokers in Dubai?


UAE coverage providers can be found in a number of ways. Firstly, you can find them by referring to the Insurance Authority’s Annual Report. It usually has the names of all local as well as foreign insurance brokers along with other data. Secondly, you can visit their physical offices to arrange an in-person meeting. Through this, you can get an insurance representative to answer all your questions too. Finally, you can even find insurance brokers online! Perhaps, this is the easiest for you, but you should see it for yourself! Eventually, all these ways have their own pros and cons. As a result, you should evaluate your own situation before determining how to find the respective UAE policy providers.

What types of insurance do brokers offer?


Insurance brokers deal in a variety of services For instance, there are medical insurance brokers in Dubai who provide expert advice for your health.

Take A Break!

Additionally, common types of packages offered by UAE policy providers are the commercial motor, business packages, and professional indemnity.

However, despite a number of insurance types available, health insurance brokers in Dubai are one of the most sought after policy types.

While writing this piece for you today, we found out that there was not much information regarding insurance brokers in Dubai – particularly about questions that most of you have. As a result, we thought to solve this problem for you – yet again!If you have been following this blog section, you might have realized that a lot has been written on the ease with which these services are available. So, we won’t be repeating it. Nevertheless, to read up more on it, take a look at the following articles: Motor Insurance Quotes To Get A Lot Easier and Motor Insurance Online: Renewal, Payment & Statistics

We know that you are dying to know about all the top insurance brokers in Dubai.

And… that is exactly why we are here! As you can see, the above-linked articles talk about car insurance brokers in Dubai. So, anyone remotely interested in it should consider giving it a read.

After you give them a read, you can continue reading further!

More On Brokers…

Here are answers to some other questions usually asked by buyers

  1. How do I pay for the services of an insurance broker?


    Well, it varies. Basically, most of the insurance brokers in Dubai get paid a commission by the insurance companies when their policies are purchased. Others take fees for their service and may even negotiate the charges with their clients. However, it is always a good idea to check with your broker who can accurately explain the way they want to be paid.

  2. What is the difference between an insurance broker and an insurance company advisor?


    We are glad that you asked this question. Generally, insurance company advisors provide guidance on that specific company’s insurance products. But, an insurance broker usually does not represent a single insurance company. In fact, due to this non-alignment, they can provide a better service. Also, they usually offer a wider range of insurance products and services available on the market. This also enables them to provide tailored advice to their clients. With that said, some insurance brokers do work on behalf of a company. However, they are obliged to tell you this beforehand.

  3. What sort of questions should you ask your broker?


    Relying on your broker is a big deal as they are responsible for a number of things. Therefore, you should always ask the following questions from your insurance broker: The broker’s qualifications, the range of services, experience with your business. The way they bill for their work, size of its clients, and who would service your account. Finally, you should always look out for references from satisfied clients. Answer to these questions will help you determine whether a particular insurance broker will work for you.

  4. What should you do if your circumstances change?


    UAE coverage providers take your changing circumstances into account while calculating your premium. As a result, you should let your broker know IMMEDIATELY if there is any change in your circumstances. This is because changing circumstances are likely to affect the risk level which has to be taken into account. In fact, not informing your broker could lead to your insurer decreasing or even rejecting the claim right away! Additionally, it is advisable for you to ask your broker to provide written confirmation that the changes have been passed on to your insurer.

  5. How can a broker help you make a claim?


    More often than, a broker can make things quite easy for you! This is because of several reasons. Your insurance broker can negotiate a better deal on your behalf. They can also get the best deal for you – and that too swiftly. Therefore, your life can get back to normal much sooner. On the other hand, if you make a claim yourself, you will face some issues like: Delayed claims processing, lack of knowledge about the procedures, a poorer deal, and wastage of time.

  6. Will it cost more to use a broker?

    Well, it varies. In fact, it may cost even less. This is because: Brokers have knowledge of the insurance market which helps them negotiate better on your behalf! Also, there are no hidden costs. Nevertheless, remember some things: All UAE coverage providers are not the same. You might be able to get a better policy elsewhere. But, it will not provide the same amount of coverage if something goes wrong. As a result, make a decision that works for you!

  7. How can you be sure that the broker will pass your insurance premium?


    In short, you can be sure. This is because of some checks. There are mechanisms in place which facilitate this step. Also, there is good news for you! You will never be adversely affected anytime! More often than not, this is true for almost all cases.

Conclusion

Whew! That was quite a long list! As you saw above, UAE policy providers should consider getting some brokers on board.

In fact, it is advisable to bring the best insurance brokers in Dubai on board! This will result in some benefits too! One. It will give more mileage to insurance firms. Two. It will be useful for the clients too. Therefore, it is a good idea to take a quick look at insurance brokers companies in Dubai! This is likely to result in positive effects for the insurance sector at large. And on that note… we end the article for today! As always, we invite any feedback, comment or interesting observation from our dear readers on our articles. Also, if you learned something new, please share it away so that others benefit too! We wonder if you did know these things before you visited us. If you already did, congratulations! Because you know it in a better way now! If you did not, you have just been enlightened, my friends! Okay, then. See you soon!


Originally published Oct 01, 2019 12:10:44 PM, updated May 15, 2021

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