Friday, 24th November 2017
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INSURANCE BROKER

Insurance brokers act as the middle man between clients and insurance companies. With thousands of insurance companies to choose from, customers need to know who offers the best policy for their specific circumstances. Insurance brokers help clients, from individuals to commercial firms, find their best policy.

Insurances brokers are independent and unbiased advisors, looking after their client’s interests and ensuring that they do not get ripped off. Using their focuses knowledge of risks and the insurance market, insurance brokers can represent many types of clients.

Retail insurance brokers will take on individuals and companies as clients, working directly with them and finding them policies to cover motoring, housing, travel, pets, property, employer’s liability and product liability.

Commercial insurance brokers will work with bigger clients that need high value and complex insurance cover such as marine, aviation, gas and financial risks.

Individual roles of an insurance broker will depend on the area and scale of work that they are involved in. However general tasks and responsibilities might include some of the following:

  • Gathering information from clients in regular communications
  • Assessing risks
  • Foreseeing clients’ needs
  • Researching company policies
  • Negotiating with underwriters to find best policies
  • Advising clients on risk management and when to make a claim
  • Keeping detailed records
  • Keeping up to date with changes
  • Collecting premiums and procession accounts

Insurance brokers will usually work for an insurance broking firm, either a small one or a multinational firm. Other brokers might work for a particular insurance company or risk management firm.