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What exactly does an insurance broker do?

Nov 11, 2019
Views: 4825

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Insurance Brokers work with their clients to help them understand and purchase the insurance they need.

Insurance Brokers are working for their clients. Unlike an Insurance Agent, who is working for the insurance company, Insurance Brokers are on the client's side and work with their client's best interest in mind.

What exactly does an insurance broker do?

Insurance Brokers help clients to:

1: Review and assess the potential risks that a client might have. Risks can take many forms and Insurance Brokers expertise can assist clients in being able to determine the risks that are present and understand ways to reduce or mitigate these risks. An insurance policy often forms a key part of the risk mitigation process.

2: Review insurance products and coverage from numerous insurance companies across the insurance market. Insurance brokers understand the different insurance products that are on offer and the nuances associated with them.

3: Assist with renewing your insurance and recommend changes to your insurance policies to align with changes in your circumstances. This may lead to additional insurance products being suggested or different insurance providers and insurance products being sourced.

4: Help clients make a claim on their insurance. At claim time, Insurance Brokers can help a client to prepare the required claim documentation, follow up the insurer to check progress on the claim and can help to drive the insurance claim process to a satisfactory outcome.

Advisr exists to help people find and connect with an Insurance Broker. Read reviews from clients about what it is like to work with various insurance brokers. See what areas of expertise an insurance broker specialises in.

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General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Andy Jamieson, ABN 17 613 588 266