Insurance
So why should I use an insurance broker ? Do Brokers charge a fee ? And how do they get paid? Sure , you could do all sorts of research and interview scores of different companies , but why? This is what the insurance broker is for . We do the shopping for you. We work for you the client not a particular insurance company. Another issue, is the complexity of insurance products, clauses and exceptions, for example the deductible or excess in a policy when there is a claim. The broker is there to help you avoid all the pitfalls and hurdles that so many others have fallen prey to. With an insurance broker at your side, You will be able to feel secure in the knowledge that you are receiving the best possible policy at the lowest possible rates. To answer your second question. Do brokers charge a fee for they service? We don't charge a fee. We get paid on commissions which are factored into the premium. So for instance . If you call the insurers directly you will be quoted the same premiums. Depending on a Broker's relationship with an insurance company ,some Bonus commissions are paid in addition to regular commissions. This is usually based on the profitability of the broker's book of business. Some companies call such bonus commissions "persistency bonus".The business that
stays is the business that pays. What are some of the things that make I&IS INC stand out from the pack? We help individuals and business owners consider risks that they would not normally consider and help them foresee problems that could jeopardise the family or company in the future. We establish our practice like an attorney, a banker or another trusted adviser rather than simply a salesperson. We have seven young vibrant staff who go above and beyond the call of duty and surpass customers expectations on a constant basis. We are very involved in advising clients on the ever -changing landscape of insurance trends, policy and coverage changes. We also make sure that clients are in compliance with ever changing laws and regulations. What you think of Grenada’s new insurance Act 2010? I welcome it. Its all about compliance and enforcement. As you know Garfin Is Vested with the Authority by the state to ensure compliance under a regulated framework of the Insurance Industry. Insurers , intermediaries , agents, Brokers and
sub- agent are all regulated and monitored by Garfin .In the final analysis,the insuring public are more protected against loss exposures .The statutory fund , deposits, license to operate , Penalties etc are in place to protect the clients. What’s the future for I&IS inc ? I’m very optimistic about the continued growth and development of the brokerage firm. Good leadership, vision, customer and employee satisfaction continue to boost productivity and profitably. Our next move is what I like to term "Taking the quantum leap" , expansion into other locations locally and