Hi All, What checks are to be done while doing the insurance renewal or comparing the benefits of different insurance companies? Need guidance.

@Rohan @Karthik I from our team can help

Thank you Abhash.

Thank you Abhash. Hey @Shilpi Minocha thank you for asking this question here are a couple of things to keep in mind while choosing the insurance companies • Your premium for the current year will be determined by your current claims dump - ask the insurance company for the claims dump & analysis to see how the policy has been performing, this is vital as insurers will need this to source quotes. • There are many companies out there providing integrations and lot of other benefits but a couple of things you should check. Choose a few insurance vendors who are good based on market analysis and feedback and they will help you with the quotes. ◦ When deciding the insurer also look at how good as a company they like details of claim settlements, their capital etc. in larger cases PSU is not a problem, however in the recent years there have been a few PSU who have been bleeding too. The insurance vendor should be able to help you with the details as well. negotiate for other add on benefits for all employees. ◦ Survey of how the current insurer / TPA has helped you service the claims can either do a poll with the employees or if you break down the claims dump it will have the details there from the time the claim was initiated to settlement the time it took. ◦ Master policy in companies name - This is very important that the master policy comes in companies name and not under a group. • Study of how your company insurance policy is placed in terms of SI and other coverages, the insurer should be able to help you with the details. • When you are going out to the market most of the insurance brokers will ask for an exclusive mandate do not do that just say we cant do exclusive rights as other vendors will also participate. • Make a choice of insurer PSU or private again based on feedback and analysis. • Compare quotes and bargain to get the best quote. Insurers will come down on the pricing push the insurance brokers to negotiate harder or give them a range that you are looking at.

Wow.. This is so useful. Thanks, @Abhash @Rohan & @Karthik I.👍