The Broker by virtue of being a professional is better qualified to provide you with solutions and/or advice on technical insurance matters. He is also liable to you, the client by virtue of an appointment. As such, he would place your interest first instead of that of an insurance company.

A Broker represents their clients whilst an Insurance Agent represents their Insurance Companies.

A Broker can seek quotations from any insurance companies whilst an Insurance Agent can seek quotations from the maximum of only two insurance companies they registered with.

Unlike an Insurance Company and its Agents, Broker is required by law to act in your best interests and to give proper advice and assistance to make sure you are properly protected

No. In fact, insurance company generally provide lower quotation to the broker because the broker does all the ground work for the insurance companies and also because, insurance broker, being professionally trained, can provide advice and assist the clients in risk prevention, advise on adequacy of sum insured and to choose the right policy for their clients thus avoiding customer’s dissatisfaction and therefore resulting in the risk being lower for the insurance company

The Broker usually get paid brokerage/commission by the insurance company because he saves insurance company’s time and administrative and marketing cost. However, where customer require the broker to provide other consultancy services, a pre-agreed fee may be payable.