Navigating auto insurance: How HIIB simplifies your insurance process

Where HIIB can help you?

Insurance Brokers are the only intermediaries who represent the policyholders and are regulated by the IRDAI (Insurance Brokers) Regulations, 2018. Insurance brokers are the fastest growing among insurance distribution channels contributing to about INR 42,335 crores of gross direct premium in FY20-21 resulting in around 31% of the non-life insurance premium. As per the EY Vision 2025 report on Insurance Brokers Driving Customer Centric Growth, it is expected that insurance broking will contribute close to 40% of gross direct premium in non-life insurance in the progressive scenario. As per the report, non-life insurance market in 2025 is expected to be at Rs. 4,00,000 Crs and brokers’ market share is likely to be around Rs.1,60,000 Crs.

Insurance Brokers Association of India (IBAI) is the only Insurance Regulatory and Development Authority of India (IRDAI) recognized apex body of licensed Insurance Brokers. As per IRDAI (Insurance Brokers) Regulations, 2018 framed by the IRDA, all licensed Brokers are required to be members of IBAI. As of 15th December 2022, there are 594 insurance brokers in India, including Direct Insurance Brokers, Composite Insurance Brokers and Re-insurance Brokers.

Brokers do play a very important role in advising their clients on risk management/mitigation methods through Insurance as well as helping them in identifying the most appropriate insurance solutions best suited for them as per their requirement. They are tasked with the critical responsibility of securing people's financial safety/security during adverse times. They also have a very important role in advising the client during the entire claims process.

Hyundai India Insurance Broking Private Limited (HIIB) is a wholly owned subsidiary of Hyundai Motor India Limited (HMI). As an insurance broker, we help individuals and businesses find and purchase insurance. We partner with various insurers to find the best policy for your specific needs and financial constraints.

At Hyundai India Insurance Broking, we try to keep things simple and unpretentious. Save time and money by instantly comparing quotes from multiple insurance companies and offering the best deals. We offer advice and assistance at every step of your insured trip, including obtaining a quote and processing your claim. We help our clients navigate the complex world of insurance, ensure they make informed decisions, and get the support they need throughout the process.

As a member of the Insurance Regulatory and Development Authority of India (IRDAI), we believe in ensuring the highest standards of regulation and governance by providing the best possible service to our clients.

Insurance brokers are the only insurance distribution channel which represents the policyholders. As is the case with other countries, the concept of an Insurance Broker was introduced by the Insurance Regulatory & Development Authority of India (IRDAI) through the IRDA (Insurance Brokers) Regulations, 2002 and amended in 2013 and 2018. These regulations define the functions and the code of conduct of an Insurance Broker.

Some insurance policies can be complicated, and an insurance broker can help a policyholder understand the details of a policy and work out what the level of cover needed to ensure that the policyholder’s interest is well-protected.

Brokers can often find you a good deal on insurance because they have a thorough understanding of the insurance market and can negotiate premiums on your behalf.

A broker will explain the insurance policy and advise the policyholder on any special situations that they need to know about.

Brokers can prepare a customized insurance and risk management program for a policyholder and his/her business, where they design the policies, negotiate the terms with insurance companies and place the cover with the insurer.

By including a risk management program, some of the responsibility for risk prevention and loss minimization for the policyholder or their business through reduction of premium costs.

The cost of availing of an insurance broker is not lower than going directly to an insurer since the insurance broker's fees are borne by the insurer.

In case of a claim on the policy, an insurance broker will assist the policyholder through the process and will liaise with the insurer on their behalf.