Do you really know what an insurance broker does?
If not, then it’s time you learn why you should consider using one.
Not only, in the initial stages will it be time well spent, but it will also give you the knowledge required to serve you well into the future for all the years that you have insurance.
Time and time again, we continue to come across people who have the wrong idea of what an insurance broker is and why they can be so beneficial to their clients.
Classic lines such as; “they’re a waste of time, waste of money, and only ever care about the commissions they can potentially earn,” are all heard way too often.
Most recently I was told, all brokers do is push a few buttons and a policy just comes out, so we are not deserving of the current commissions and or fees that we receive.
If only everything worked like that!
Just like your accountant or lawyer an insurance broker will provide professional and unbiased advice which is based on many years of training and experience. Brokers pride themselves on promoting and providing a high degree of ethical conduct and full disclosure of all the information you require to make an informed decision.
Brokers are required to undertake continuous education each year to ensure that they stay up to date on the latest developments in the insurance industry and any policy changes. This allows them to offer comprehensive advice and knowledge resulting in the ability to provide you with all the options available when you’re ready to purchase your next policy.
Working with a broker can save you time and money and most importantly can also result in you having comprehensive insurance coverage.
Insurance Brokers have access to and deal with a wide range of products and services which they can then recommend specific policies that best suit your needs. This is not always an option or offered by a direct insurance company. This is what makes insurance brokers the experts in the market and have a talent of finding the right coverage at the right price.
Direct Insurers will mainly compete on price and therefore can at times remove what could possibly be the most important cover or impose onerous conditions.
An insurance broker can assist you with the entire claims process from lodgement right through to settlement. Again, with a direct insurance company you may be required to communicate with a call centre and talk to multiple people. Depending on the severity and sensitivity of your claim, this is not ideal.
As brokers, we act in the best interest of our clients, not the insurance company, so to put it simply, we work for you!
So, now you know some of the benefits of using a broker, it’s certainly highlighted that it’s much better than just going out and buying a policy direct online.
Will a direct insurance company be in your corner and fight for you and what’s in your best interests?
Always take the time to find a quality and reputable broker to work with you in fulfilling and tailoring your insurance requirements.
If you’re searching for a better insurance solution or if you’re unsure of the level of coverage you should consider, an insurance broker could be the first person you search for, before any insurance policy.
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 suitable 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.