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Benefits of Using an Insurance Broker

Sep 07, 2021 (0) comment

Benefits of using an insurance broker

Buying insurance is not an easy task. With so many choices it makes it difficult to know what is right for you. Using an insurance broker helps you to make the correct choice at no extra cost!

What is an Insurance Broker?

An insurance broker will help both individuals and companies arrange the right insurance for themselves , their home , business and family.

An Insurance broker will go through the following steps:

  1. Discuss your insurance requirements
  2. Advise on the coverage options
  3. Search the insurance marketplace to find the right policy that suits your requirements
  4. Unlike directly approaching an insurer or a tight insurance agent, using a Broker you have the benefit to access a much wider section of the insurance market with many more options
  5. Advise of the cost
  6. Once accepted, proceed to chosen insurer and place firm order
  7. Follow up issuing of policy documentation
  8. When you have a claim, your broker will assist you in making a claim to the insurers
  9. Act on your behalf and liaise with insurer
  10. A broker is paid a commission from the insurance company

It is in your benefit to use an Insurance broker for many reasons:

  1. Objective Risk Assessment
  2. Impartiality
  3. Range of insurer Options
  4. Accurate policy comparisons
  5. Cost Savings on your premiums
  6. Claims Assistance
  7. Time Savings
  8. The Right Advice
  9. As General Insurance is usually annually renewed, building up Brokerage business strongly relies on customer retention as well as referrals from existing clients. Brokers strive to provide a good service which is the key both for retaining existing clients as well as building up their business.

In summary , your insurance needs are best met using a broker who actually works for you rather than going directly to an insurance company or a tight insurance agent. Working with insurance broker offers wider advice , more choices, and better pricing, and if you need to make a claim, you have an advocate too!

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