An insurance broker’s purpose is to act as your advocate, By knowing the industry and understanding the role players and cover, To find the best insurance policy or product to suit your needs (personal or business) Brokers need to assess risks, compare policies from multiple insurers, and try negotiate the best deal, trying save you time, money, and worry, all whilst making sure the cover is correct and what the client needs, while also assisting with claims and policy management. Brokers are experts who understand complex policies and market options, ensuring you get the right cover/protection, unlike agents who represent a single company.
Key functions of an insurance broker:
- Needs Assessment: Understanding your unique risks and financial situation to determine the right type and level of coverage.
- Market Research: Searching across various insurance companies to find the most suitable policy/s, often at competitive prices.
- Expert Advice: Providing guidance and information on complex insurance matters, risk management, and potentially saving money through package deals or discounts.
- Negotiation: Using their industry knowledge to try negotiate better terms or premiums with insurers.
- Claims Support: Helping you through the claims process, acting as your representative with the insurer.
- Policy Management: Handling policy changes, renewals, and ongoing support.
Why use a broker?
- Personalized Service: One-on-one support and consistent contact, rather than a call center.
- Access to More Options: Can offer better clearer independent advice and provide access to a wider range of insurers than going direct.
- Time & Money Savings: Saves you research time and can find better value policies.
- Advocacy: They work for you, the client, to protect your interests.