What exactly does an insurance broker do?
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. So, 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: Assisting with renewing your insurance and recommending 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: When it is time for clients to make a claim on their insurance. 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.
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