Generally speaking, the term broker translates to a person or an entity that acts on behalf of the buyer or client known as the principle. However, the broker is the intermediary who has the power, knowledge and expertise to make things happen - or in other words give the clients all the information they need to make a safe decision which usually pertains to purchasing or trading.
So, what does an insurance broker do?
The role of a typical broker is most known for risk management and insurance placement. People understand they have risk but place insurance through the knowledge and advice of brokers, who have more insights and expertise to act on their behalf instead of making their own decision. Handling the claims, legislative and transactions are also things included in the portfolio of an insurance broker, who is the person that essentially acts as an intermediary when communicating the interests to the potential insurers with the ones of the insurance company.
In the end, the existence of insurance brokers is definitely something that is necessary to both the insurance companies and the individuals looking for the best insurance options. An insurance broker acts as the bridge to all of the opportunities covered in insurance and the person looking for coverage. A broker should know how to provide and present consumers in the best manner, making it easier for every insured individual to communicate their interests and be protected when they need to be.
What do you think?
The Base Team
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