Understanding the Role of Insurance Brokers

What is an Insurance Broker and How Do They Work?

An insurance broker is a professional who acts as an intermediary between insurance buyers and insurance companies. Unlike insurance agents, who represent insurance companies and only sell their products, brokers represent the interests of the insurance buyer and have access to a wide range of insurance products from various insurance companies.

For example, let’s say you are looking for a health insurance policy. You approach an insurance broker and tell them about your insurance needs and budget. The broker then uses their extensive knowledge of the insurance market and their relationships with various insurance companies to find you several insurance options that meet your requirements. They will then present these options to you and help you choose the best policy for your needs. The broker will also handle the administrative tasks of enrolling you in the insurance policy and assist you in any future changes or claims.