Now, more than ever, the role of insurance brokers is not only necessary, but an ideal service for consumers. As interest rates rise and the cost of living ascends, businesses of all sorts are upselling customers on services they don’t need to increase profits. This is a major disservice to the average person trying to save money and grow their wealth. In this “profits over people” day and age, the role of an insurance broker is important to help consumers manage their finances while maintaining adequate coverage. When shopping for insurance, it’s a good idea to compare your options to ensure you’re getting the best coverage at the best rate. That’s where an insurance broker can help. Insurance brokers shop the market and work on your behalf to help you find the right coverage to suit your needs. Let’s take a look at the benefits of using an insurance broker.
What does an insurer do?
An insurer and an insurance company are the same thing. Insurers write and issue your insurance policy. They are also the ones that pay your claim, unlike an insurance broker.
What does an insurance broker do?
An insurance broker is a professional who acts as an intermediary between a consumer and an insurance company, helping the former find a policy that best suits their needs. Insurance brokers represent consumers, not insurance companies; therefore, they can’t bind coverage on behalf of the insurer.
What is the difference between an insurance broker and an agent?
In a nutshell, the main difference between an insurance broker and an agent is that an agent represents the insurance company, while the broker represents you, the insurance buyer.
Pitfalls of dealing directly with an insurance company
Buying direct may be the quickest way to get insurance, but you may be sacrificing some valuable assistance if you don’t use a broker. Some of the cons to buying insurance directly from an insurance company include:
- If you buy direct, you won’t have the personalized experience you have if you go through a broker
- If you need help while going through the quoting process, the buying process, or if you need help with your policy once you have it, you may need to rely on the company’s customer service call center
- You can miss out on companies that only sell their products through agents or brokers
- You can end up with coverage that’s not right for you or insufficient coverage
8 benefits of using an insurance broker
Let’s take a closer look at the main advantages of using an insurance broker:
1. Unbiased advice
When you are insured through an insurance brokerage, you are dealing with an independent broker. This means your broker works for you, not the insurance company. Your isure broker is there to inform and guide you. Keeping in mind your individual situation, they can advise you on the coverage you need, as well as coverage you can do without.
2. Claims handling
In the event of a loss, you want to make sure you are covered properly. By expertly handling your claim, your isure broker ensures the claim process is fast and fair. Working with your broker adds a layer of protection and support to help keep the insurance company accountable.
3. Wide range of options
Having access to numerous choices benefits you, the consumer. When insurance companies compete for your business, you get the best price and insurance options. An independent brokerage (such as isure) isn’t duty-bound to push the products of a particular insurer. Instead, we can leverage our existing partnerships, pool of clients, influence, and buying power to demand the best-fit coverage options and value for you.
4. Insurance expertise
Insurance brokers are required to be licensed and regulated by R.I.B.O. (Registered Insurance Brokers of Ontario). They are also constantly keeping up-to-date with trends in insurance via accredited continual education courses each year.
“As these companies get bigger and make more money, having someone in your corner is more important than ever. At isure, we work for you and not the insurance company. No hard sells, and we have no quotas to meet. It’s insurance about you!” – Dario Battista, President & CEO of isure.
5. Digital vs. human touch
Brokers focus on personal relationships. They don’t just assess your risk profile; they also take the time to understand you as an individual, offer personalized advice, and pair you with the right insurer. Whether you prefer to handle things yourself online or prefer a more hands-on approach, brokers can support you in the way that suit you best.
6. Free advice
A good insurance broker has their clients’ best interests in mind in order to earn a repeat customer. Insurance brokers can answer questions for you, whether it’s about your auto, property or commercial insurance needs. Best of all, when you choose to work with insurance brokers, you don’t have to pay them a fee. That’s because they receive compensation from the insurance providers.
7. Cost savings
The services provided by a broker can help you gain substantial savings, too. Insurance companies view clients who go through insurance brokers as lower risk; this saves the insurance company money in the long run. Therefore, they’re able to offer discounted premiums to brokers’ clients. There’s no financial incentive for them to pick one provider over another, so you can rest assured that your broker will find you the fairest price.
8. Time savings
It’s important to shop around for the best home or auto policy for you. But doing your own research can be overwhelming, not to mention time-consuming. An insurance broker does the legwork when it comes to comparing quotes and coverage from different insurers. Plus, if you have any questions or need to file a claim, your broker is just a phone call or email away.
isure works diligently to deliver you quality insurance products at the best price. It’s why we exist; to help our clients make informed decisions while making insurance friendly and easier. Mentioned above are only some of the many benefits of using an insurance broker! To take the stress out of buying insurance and allow you to go on with your life, having the peace of mind that if the worst happens, you’re covered. But don’t just read this and go on with your day. Instead, take a moment to get a quote from us and see if you can be saving money! Even if you already have insurance, comparing your existing plan to what our brokers can get you can save you hundreds!
You can reach us anytime online, via email, over the phone and even through social media. At isure, we make insurance about YOU!