OTP Bank

Insurance Broker

"OTP Bank Albania" was licensed by the Financial Supervision Authority on date 28.07.2023 to accomplish the activity of insurance intercession.
OTP Bank as an Insurance broker conducts negotiations with insurance companies with which there is an agreement in force, on behalf of the Client, to enable him to sign an insurance contract, according to his requirements and needs, for risks certain.

The Bank's activities in the framework of brokerage

  • Brokerage includes the activities of presenting insurance products, negotiating with insurance companies for insurance conditions in the name and on behalf of the client, as well as the assistance that the client may need to claim compensation in the event of the insured event occurring.
  • The services offered by the Broker are very important for any individual who is planning to buy an insurance policy as the broker serves as a personal consultant to the client for the right selection of the insurance product.
  • The broker first listens to the client's needs and, based on his needs, starts negotiations with insurance companies for the most suitable insurance conditions and the cheapest insurance policy price. At the end of this negotiation process, the broker suggests to the client the insurance product to choose.
  • Informs the client about the typology of the insurance product, insurance conditions, terms, limitations, exceptions and costs (insurance premiums) defined in that contract. Presents to the client his opinion regarding possible risks from specific elements of the contract.
  • Insurance contracts are often difficult for consumers to understand; it is the duty of the broker to clarify their content to the client in clear and understandable language. So, the broker's consultancy serves the consumer to select the most suitable insurance product for his needs and requirements.
  • It also provides consultancy in the process of submitting claims for compensation, in cases of damages covered by contracts mediated by the Broker.
  • The broker, for each insurance policy he mediates, has the right to benefit from a brokerage commission. The commission is paid by the insurance company that issued the insurance policy chosen by the client following the negotiation made by the broker and not by the client himself. So, despite the fact that the broker serves the client with his consultancy, he is not paid by the client but by the insurance company that the client chooses.