Intermediaries
Insurance brokers act as intermediaries for the insured but usually remunerated by a commission from the insurer. They are full-time intermediaries offering insurance service on the basis of professional expertise and competence.
The client must be open with the broker so the latter is able to highlight risks the client may be exposed to and thus recommend appropriate insurance protection.
Offering Solutions
Insurance brokers are responsible jointly with their principal i.e. the client in ensuring that insurers are fully informed of all material facts necessary to underwrite any class of insurance.
By engaging the services of an insurance broker, the client is confident that as the professional, his broker will
Check and in some cases issue insurance policies
Some individuals experience difficulty either during the process of entering into an insurance contract or in administering same. Any error or omission with the insurance process at the inception of the contract manifests usually to the detriment of the insured when a loss is reported and the insurer may consequently refuse to honour the claim. The broker is able to help resolve these issues before they go wrong.
Comparing Insurance
With advancement in technology the insurance broker is able to compare a variety of insurance policies as well as competitive rates at the touch of a button and unlike the comparison websites the client gets a policy document designed solely for the client and at a premium/price that is competitive.© InsuranceInBoldPrints
The insurance brokers' roles in assisting their clients arrange the appropriate insurance protection, continually reviewing cover requirement and updating same with insurers cannot be understated.
With the appropriate insurance protection in place, the broker is also able to easily ensure that valid
The Insurance Buying Rule
Be guided by this rule -
The Simple rule: If convinced the insurance purchase is SIMPLE,
buy online.
CONTACT A BROKER when in doubt
Insurance brokers act as intermediaries for the insured but usually remunerated by a commission from the insurer. They are full-time intermediaries offering insurance service on the basis of professional expertise and competence.
The key function of the broker starts with understanding the needs of the client, the risks the client is exposed to and the customer's insurance needs.
The client must be open with the broker so the latter is able to highlight risks the client may be exposed to and thus recommend appropriate insurance protection.
Offering Solutions
Insurance brokers are responsible jointly with their principal i.e. the client in ensuring that insurers are fully informed of all material facts necessary to underwrite any class of insurance.
By engaging the services of an insurance broker, the client is confident that as the professional, his broker will
Check and in some cases issue insurance policies
Act promptly on instructions from the client and provide progress report
Negotiate with insurers on the client's behalf
Assist in the negotiation of claims / liaise with loss adjusters
Clarifying Insurance WordingNegotiate with insurers on the client's behalf
Assist in the negotiation of claims / liaise with loss adjusters
Some individuals experience difficulty either during the process of entering into an insurance contract or in administering same. Any error or omission with the insurance process at the inception of the contract manifests usually to the detriment of the insured when a loss is reported and the insurer may consequently refuse to honour the claim. The broker is able to help resolve these issues before they go wrong.
Comparing Insurance
With advancement in technology the insurance broker is able to compare a variety of insurance policies as well as competitive rates at the touch of a button and unlike the comparison websites the client gets a policy document designed solely for the client and at a premium/price that is competitive.© InsuranceInBoldPrints
The insurance brokers' roles in assisting their clients arrange the appropriate insurance protection, continually reviewing cover requirement and updating same with insurers cannot be understated.
With the appropriate insurance protection in place, the broker is also able to easily ensure that valid
insurance claims are not only paid but paid promptly too.
In the UK, Insurance brokers are closely monitored by the regulatory body (FSA) and thus expected to conform to strict guidelines in order to continue to operate. Clients are thus assured that brokers authorised by the body are tested insurance practitioners.The Insurance Buying Rule
Be guided by this rule -
The Simple rule: If convinced the insurance purchase is SIMPLE,
buy online.
CONTACT A BROKER when in doubt
2 comments:
Nice post. Thanks for sharing
Good one.
Buying online saves time and money but the consequences can also be alarming when you mistakenly choose an insurance company that is slow in paying for claims.
The place of insurance brokers will still take time before it can be totally done away with. However, I love your advise in the last paragraph - that's the summary of it all.
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