General insurance Who is a Brokers in Insurance?

[Mataracy]

The insurance broker is a full- time specialist of professional standing, or at least, the law expects him to be.
Because the broker undertakes the responsibility of advising, recommending and arranging insurance cover he is presumed in law to have the necessary professional and technical knowledge of relevant class of insurance business.

His primary function is to act for the insured in the handling of all his insurance problems including assisting in claims settlement and using his position and connections in the market to get the best bargain for the insured and to solve difficult cases.

Brokers, consequently hold themselves out as experts in the field of insurance and are able to offer impartial advice to their clients on the appropriate insurance covers and premiums to suit their needs.

Failure to comply with any of these requirements is a breach if duty and could give rise to an action for professional negligence.

According to my illustrations or your passional idea; who is a Brokers to you?

 

[Mandy96]

Does this means that the Job of a broker is really different from the job of an agent because I have encountered series of arguments concerning the difference between a broker and an agent when we are talking about insurance policy. I really appreciate this opportunity you created to know about this

 

[Mataracy]

Does this means that the Job of a broker is really different from the job of an agent because I have encountered series of arguments concerning the difference between a broker and an agent when we are talking about insurance policy. I really appreciate this opportunity you created to know about this

Thank you for this question. Insurance Broker is not the same with an Agent in the sense that;

The broker undertakes the responsibility of advising, recommending and arranging the best available insurance cover for his client or principal, he is presumed in law to have the necessary technical and professional knowledge of the relevant class or classes of business as well as the ability to handle practically all his clients' insurance problems and to advise the client correctly and appropriately.
An agent only knowledgeable in the class of business he is trained to sell.

 

[btaliat]

Just as we have account offers in banks that are always in charge of customers with a lot of cash with the banks, we also have brokers who always making sure that the interest of the insured is preserved while the profits of the insurance company they work for are not jeopardized.

 

[Wisdom01]

A broker to me is just like an intermediary and connects the insurance company to the insurer , and they also receives a commission after bringing clients ,they mostly act like agents and others for the insurance companies , and they make sure the interest of the insurer is settled too