Insurance Broker in Dubai

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  | Published: 18 May 2021

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We always like to conduct a thorough research on things we want to buy with our hard earned money. We go through the variety of products to find the one that has best features and offers maximum benefits. The same applies to insurance policies. We need to find the best insurance plans that seamlessly fit our budgets and requirement. Insurance brokers help people make this choice easier.

There are various commercial insurance brokers in UAE that help people explore different options that are available to them and help them buy one that’s most suitable. Insurance brokers can be individuals or establishments, both aimed at assisting in your pursuit to buy a right plan. These individuals/organisations are trained and equipped to advise you to make all the right choices when it comes to buying insurance.

Here we will take you through the qualities of an insurance brokerage firm and what it takes to launch one in the UAE. Let us begin with learning what an insurance broker is.

Insurance Broker

An Insurance broker is a person or identity that works with different insurance companies offering a wide range of products to the customers. An insurance broker helps customers compare different plans and find one that best fits their needs. They analyse a customer’s needs and list down all the customer-friendly options provided by different insurance companies.

The insurance brokers are typically rewarded by providing some commission on the sales.

Qualities of an Insurance Broker

Here are some qualities that every good insurance brokerage firm must exhibit

Customer Service

An insurance brokerage company has a lot to do with the ideas and options that they deliver. The company must know the requirements of the target audience. And to get that done, the company needs to interact with the customers and learn their behaviour.

To become one of the top insurance brokers in the UAE, you must deliver excellent customer service. This improves customer engagement and strengthens trust. An insurance brokerage firm must know how to establish trustworthy connections with potential clients and how to convert them into regular customers. The firm must deliver quality customer service and deliver the best-ever experience.

Make sure if a customer calls in for assistance, he/she must be given priority to get the queries resolved at the earliest. Good customer service is known to increase positive testimonials for the company, which in turn results in an improved and trustworthy reputation for the company.

Financial Stability

You must have a reliable market image to become the best insurance broker in Dubai. This helps retain customers for the long term as people tend to incline more towards stability. Not all insurance brokerage companies are able to manage their finances effectively. Although the brokerage firm is not the one that is going to pay the claims, it is the face of the insurance company to the customers. The customers trust the brokerage firm when they buy an insurance policy and expect a better experience in return. So, to attract more and more customers the company must be financially stable.

Honesty and Transparency

An insurance brokerage firm is although not allowed to make all the disclosures related to the insurance policies and the insurance company deals with the potential clients, still, honesty and transparency are appreciated. The insurance broking companies must have this sense of understanding the needs of the customer and offer them plans accordingly. A customer approaches a brokerage firm to get more suitable options and the firm must provide them with the same honestly.

Whether you are a car insurance broker, health insurance broker, or life insurance broker, you must explain all the terms and conditions of different insurance policies to the customers. This helps them choose the best plan based on their needs.

Experience

The experience matters a lot when you need to analyze the needs of the target audience. The best insurance brokers in the UAE take no time in understanding what the customer needs. If you have experience in the industry, you will be able to learn customer behavior in a single conversation and crack the deals in no time. Your experience reflects in the way you deal with your customers. You mind the fact that customers also get in touch with multiple insurance brokers and companies before they buy any insurance plan. It’s human behavior that we do our homework before we finalize the deal. So, if you want your customers to buy an insurance policy, you must first gain their trust with your experience and tenure in the industry.

Reputation

This is one of the qualities that can’t be over-emphasized. The best insurance aggregator must have a good reputation in the market then only the customers will be able to trust it. The brokerage firm must have a license to rightfully transact insurance business in the country. The customers also tend to deal with a company that is licensed and has been around for a long time. This helps them assess their reputation, their financial condition, and other factors that affect the business.

Suitability

All insurance aggregators don’t provide the same services. Some of them deal in car insurance, some in health insurance, and some in life insurance policies. The best insurance brokers in the UAE deal in all kinds of insurance policies and have a tie-up with best insurance companies based in the country. Such insurance brokerage firms can help you with both your present and future insurance needs. For example, you have bought car insurance for now and after a few years, if you want to buy health insurance, you can get in touch with the same insurance aggregator.

Now that you know what qualities you must have if you want to become one of the top insurance brokers in the UAE, let us go ahead and check out the eligibility criteria and the requirements you need to fulfill to get the license and start your insurance brokerage business.

What is the Eligibility Criteria to Obtain a License for Insurance Brokers in the UAE?

When want to become an insurance broker in Dubai, the company must have the solvency and the capacity to stay in the market and sustain its operations for a long time. The requirements for a foreign company are greater than that of an onshore company.

When it comes to starting an insurance brokerage business, both Dubai companies and individuals can apply for the license. To get the license issued by the Insurance Authority and become one of the top insurance brokers in Dubai, the company must fulfill these requirements.

  1. Registered under the Commercial Companies Law
  2. The share capital of at least AED 3 million
  3. The share capital of at least AED 10 million in case of a foreign entity
  4. A professional indemnity insurance policy in favor of the Issuance Authority
  5. A guarantee letter from the bank
  6. Technical systems, software, headquarters to carry out the company activities
  7. Appointment of the relevant administrative and technical staff
  8. An agreement between a UAE bank and license applicant with the details of the bank account designated to carry out the insurance brokerage practices
  9. A system in place to ensure proper application of rules and regulations, circulars, laws, resolution, and instructions issued by the Issuance Authority
  10. Full payment of the prescribed fees and meeting with any additional conditions made by the Issuance Authority

Employment Staff for the Commercial Insurance Brokers in Dubai

Based on the UAE Insurance Authority Broker Regulations, an insurance brokerage firm must have the following members in the staff.

  • Internal Auditor
  • Operations Manager
  • General Manager/CEO
  • One employee for each said requirements

The positions can’t be combined in a single role and must have a separate individual for each designation on a full-time basis. The insurance aggregator issuance authority also regulates specific requirements for each staff and the person responsible for the branch.

All the members of the staff must meet with said educational requirements. They must also have a minimum said experience. The educational and professional requirements may vary based on the designation offered to the individual or if he/she is a UAE resident.

Final Thoughts

So, this was a brief guide on how you can become the best insurance broker in the UAE. Being a broker, you can help people make the best insurance choices that could benefit them in the future. If you too want to buy an insurance plan from a reliable source, then you can easily opt for commercial insurance brokerage firm in the UAE.