An Insurance Broker

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An Insurance Broker Is an intermediary who sells, solicits, or negotiates insurance on behalf of a client for compensation or An independent intermediary who negotiates the Insurance or and Reinsurance contracts, receives a commission for the services. An insurance broker is not about selling insurance policies; it’s about providing a first class service to clients looking for specialist advice. And rather than selling you a policy, an insurance broker actually buys you an insurance policy that meets your insurance and business need. Upon meeting with a new client, the first thing a broker will do is determine what their client’s insurance needs are. Depending on the type of insurance the client is shopping for, they might ask a few questions, or they might ask for documentation in the form of inspection reports, appraisals, property valuations, and so on. Your insurance broker will negotiate with insurance underwriters on your behalf to help find you the exact cover you need. A broker will sell your business to the insurer and either work with them exclusively or they may create competition amongst various insurance companies with the aim of obtaining you the best value proposition. An insurance broker can save you time, money and worry. For example your broker help you make a claim your broker can negotiate a claim settlement with the insurer on your behalf to swiftly get the best result for you, and to ensure your life gets back to normal as soon as possible. The question is how do insurance brokers make money? Brokers earn commission on the policies that they sell. Once a broker’s customer has purchased a policy, the insurance company that provided it will pay the broker a commission for bringing them business. The commission is based on the premium amount and can be as high as 20%, depending on the type of insurance and the rate fixed by the regulator. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful

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