What does exactly an Insurance broker does?

Question

What does exactly an Insurance broker does?

Answer 1

An insurance broker is your resource for insurance information and your advisor for your insurance information.

The broker will shop the marketplace for you which saves you countless hours and they'll bring back plans from different carriers for your review.  Once you and the broker decide on the plan they'll help you transact the business.  When they process the application the insurance company (NOT YOU) compensates the broker.  AND, since insurance is regulated trying to circumvent the broker does not get you cheaper rates -- it only gets you lesser service.

The broker will not only help you choose the plan, but they'll guide you in applying for the plan, they'll keep you informed through the underwriting process (at least they should) and down the road they'll help you with changes in the plan, AND they'll let you know if a more competitive plan (even with a different carrier) is available.  

Naturally if you do business directly with the carrier they won't do this for you.  And again, you save nothing by going direct and if anything are putting yourself at a disadvantage.

Hope that helps,

http://www.InsurancePickle.com

Answer 2

An insrunse broker basically does the exact same thing as a regular agent, only a broker has access to multiple companies and can offer the best products and prices on the market instead of being tied to one company.

Being a broker is a little more difficult than being a regular agent because you need to know and understand multiple products from multiple companies and the differences in each.  For example, company A might be great for term insurance for smokers, but they might not be so good for universal life insurance.  Company B might be great for critical illness insurance for non-smokers but might not be so good for life insurance.  Every companies products are a little different and some might suit other needs more than others.

Basic duties if you don't know the basics of being an agent/advisor/broker.  Prospecting for clients, selling insurance products, completing applications and claims forms with your clients, doing annual reviews with cleints to make sure things are still working the way they were intended, providing administrative services to your clients (IE: address changes, etc).

Answer 3

you can get much information in this insurance company