Are Brokers actually needed in Insurance

Mr. Broker: Are Broker actually needed in Insurance?
Me: Hell Yes Sir!
Me: No Insurance company can grow without the Insurance Brokers in the market. It's because :

1. Insurance companies only need to focus on one dimension i:e Product development and premium charge whereas Insurance Brokers find Business for the Insurance companies.
2. Insurance Brokers nowadays are more Technically skilled. They understand the Customer requirement and suggest the Insurance companies develop a product or customize which sells.
3. Since Insurance Companies sits on lots of cash reserves their main aim is to retain that amount while Insurance Brokers are to serve clients interest. Hence, Brokers are the armour of Customer.
4. This Industry is a purely a service-based industry. Which is challenging as when a claim comes from the client-side and if it is rejected or paid in less than a promise. The client satisfaction towards the Insurance shatters and also the Image of Insurance Brokers and Insurance Companies. Hence, guiding the client through policies terms and conditions, getting their claim settled is a challenging task which requires dedicated and continuous support, Which no insurance companies can provide.
5. Insurance Brokers also reduce the workload of Insurance Companies and Increase in the revenue of Insurance Companies.
6. Once more thing they charge their premium from the Insurance Companies, not from the client.
7. Even Insurance Broker suggest the Client how to reduce the premium.

Origin of Insurance

Mr Broker do you know that the Insurance was prevalent in ancient Babylonia in 2100 BC. They were caravan traders. They developed the code of Hammurabi which guarantee the safe arrival of goods by caravan. 

The contract of Bottomry was developed in Greece after the 3rd Century B.C having a similar provision like that of Hammurabi. The Bottomry was for Ship. In a similar way, The Contract of Respondentia was for cargo and freight of the ship rather than the ship.

During the Roman Empire in addition to Maritime risk, agreements for life also evolved as funeral benefits.

The oldest recorded insurance contract is believed to be a document from 1343 in Genoa ( City in north Italy).

The fire insurance came into effect on 1666 the Great Fire of London caused massive damage to property. By 1681 Mr Nicholas Barbon with other associates formed the first fire insurance company "Insurance Office for Houses".

Modern insurance business started in 1688 at Lloyd's Coffee House in London.

"Sun Fire Office" is still running property insurance company started in 1710 it is now known as "Royal & SUN Alliance".