The broker, by virtue of being a professional, is better qualified to provide you with solutions and/or advice on technical insurance matters. They are also liable to you, the client, by virtue of an appointment. As such, they would prioritize your interests over those of an insurance company.
A broker represents their clients, while an insurance agent represents their insurance companies.
A broker can seek quotations from any insurance companies, while an insurance agent can seek quotations from a maximum of only two insurance companies they are registered with.
Unlike an insurance company and its agents, a broker is required by law to act in your best interests and to provide proper advice and assistance to ensure you are adequately protected.
No. In fact, insurance companies generally provide lower quotations to brokers because brokers handle all the groundwork for the insurance companies. Additionally, because insurance brokers are professionally trained, they can offer advice and assist clients in risk prevention, advise on the adequacy of the sum insured, and help choose the right policy for their clients. This helps avoid customer dissatisfaction and, in turn, lowers the risk for the insurance company.
Brokers usually receive brokerage/commission from the insurance company because they save the insurance company time, administrative, and marketing costs. However, if a customer requires the broker to provide other consultancy services, a pre-agreed fee may be payable.
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