What Drivers Should Know About Auto Insurance Brokers
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Insurance brokerage agents are insurance professionals who act as both an insurance broker and an insurance agent. They can work either for a single insurance company or for a group of insurers. Their role is to explain insurance products to potential clients of a specific insurance company and then recommend the best insurance products for that client’s needs. As a broker, the broker-agent can shop on behalf of clients, recommending other insurance products based on the client’s needs.
To better understand the role of an insurance brokerage, consider the following:
The difference between insurance agents and insurance brokers. Insurance brokers are professionals who recommend products from multiple insurance companies. The broker analyzes the client’s needs and options, then recommends the best policy options from different companies. The broker receives a commission when clients purchase insurance. On the other hand, insurance agents are employees of a specific insurance company and they can only recommend and sell products from their insurance companies. In addition to getting sales bonuses and commissions, insurance agents also receive a salary. Insurance brokerage agents play both roles. They can recommend products from a specific insurer, while having the freedom to recommend products from other insurers. Some insurance brokers are salaried employees of an insurance company, while others are subcontractors for a group of insurers. Some of them are even self-employed.
- The duties of an insurance brokerage agent. Their missions vary according to the insurance companies. While some insurers call their agents âbroker-agentsâ to get more clients, other companies hire broker-agents on a contract basis to attract clients to their business. There are many broker-agents who are free from any contractual obligation and work more like a broker. They can recommend products from different insurers to their customers without being biased towards any particular provider. Other broker-agents work specifically with large companies to meet their insurance needs. Usually, these broker-agents specialize in a specific aspect of the insurance industry and can recommend the best insurance products to businesses for their different insurance needs, such as insuring a fleet of vehicles or covering hundreds. or thousands of employees.
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