As an operating insurance broker, isure is dedicated to providing our customers with quality customer service. You may be asking yourself, “what is an insurance broker? What does that mean?” We have compiled a list of the most frequently asked questions about insurance brokers to help you out:
1. What is an insurance brokerage?
An insurance brokerage is a company licensed to sell insurance. Working with many different insurance companies, brokerages can sell various insurance policies and products to customers. Bundling different insurance products is also possible and very common for insurance brokerages (such as isure) to offer.
2. What do insurance brokers do?
An insurance broker’s number one priority is to present valuable and cost-effective insurance solutions to clients. At isure, when we say the client is our top priority, we mean it! An insurance brokerage should aim to work with each client’s specific needs and compare prices between insurance companies until the client is satisfied. Although brokers help the customer find the right insurance product, their main job is not to sell the product itself.
3. What are the benefits of working with an insurance broker?
There are a variety of benefits to working with an insurance broker. First, a broker will help you simplify your options between insurance companies and narrow down the options until you find the one that best suits your needs. Brokers will also remain transparent with customers, letting them know of any loopholes or coverages that won’t serve you. Finally, insurance brokers are not tied down to one company, which means they can provide you with various options.
4. What is the difference between an insurance broker and an insurance agent?
Insurance brokers and insurance agents are both licensed to sell insurance. However, one of the main differences between the two is who each represents. Insurance agents operate on behalf of a specific insurance company, whereas insurance brokers only represent the client. This major distinction will give you a completely different experience, and is up to the consumer whether they want personalized service or not. The other main difference between an insurance broker and an insurance agent is how each operates. Insurance agents will only sell from a specific company’s list of products, leaving it up to the customer to find a company that works for them. However, insurance brokers do all of the legwork for you to have peace of mind and find the product that works for you without the extra hassle.
5. What if I don’t know what policies I need?
Because insurance brokers go through all of your possible options, the client will not need to worry about finding the right fit. This research allows insurance brokers to be well-versed in your available options and can answer any questions you may have throughout the process. The services that an insurance brokerage offers are tailored specifically to you, making your experience as simplified as possible.
We hope we’ve answered any questions you may have about insurance brokers. As always, if you have any questions at all, feel free to contact a member of our isure team. We hope to speak with you soon!