What is the point of an insurance broker?

What is an insurance broker? An insurance broker is a regulated financial adviser who specialises in general insurance. They are experts who will help you decide what type of insurance and level of cover you need and recommend a suitable policy at a price you can afford.

What is exempt insurance broker?

“exempt insurance broker” means any person who is exempt from registration as an insurance broker under section 92(1)(a), (b), (c), (d), (e) or (f) of the Act in respect of carrying on business as an insurance broker; [S 776/2022 wef 31/12/2021]

What are the disadvantages of agents and brokers?

Some of the downside of using commercial agents are: Control – it can be difficult to control the agent's activities and to make sure they continually work hard on your behalf. Sales methods – an agent might not sell your product or service in the way that you would like.

What is the point of an insurance broker?

What is an insurance broker? An insurance broker is a regulated financial adviser who specialises in general insurance. They are experts who will help you decide what type of insurance and level of cover you need and recommend a suitable policy at a price you can afford.

What insurance Brokers Cannot do?

Insurance brokers represent consumers, not insurance companies; therefore, they can't bind coverage on behalf of the insurer. That's the role of insurance agents, who represent insurance companies and can complete insurance sales.

What is the purpose of an insurance broker?

What is an insurance broker? An insurance broker represents consumers in their search for coverage and can sell policies from several different insurance companies for a commission. Unlike captive and independent agents, who represent one or more insurance companies, a broker's primary duty is to the client.

What are the disadvantages of using an insurance broker?

Insurance brokers aren't trained by insurance companies like insurance agents are. So, they might not know all the specific details or be aware of available discounts and offers. This means that, they could be costing their clients a lot of unnecessary expenses.

What is the difference between an insurance broker and an insurance agent?

Agents represent insurance companies. Brokers represent their clients. Brokers have a fiduciary duty to their clients, which agents do not. This means that agents do not play an advisory role in the process as brokers do.

What is the point of an insurance broker?

What is an insurance broker? An insurance broker is a regulated financial adviser who specialises in general insurance. They are experts who will help you decide what type of insurance and level of cover you need and recommend a suitable policy at a price you can afford.

What is an insurance broker Singapore?

In Singapore, there are less than 100 Insurance brokers but close to 10,000 insurance agents. The service that brokers and agents provide is to understand your needs and help you find suitable insurance plans. They function as an intermediary between you and the insurance companies.

Leave a Reply

Your email address will not be published. Required fields are marked *