What is the function of an insurance broker?

The function of an insurance broker is to act as an intermediary between clients and insurance companies. Brokers serve as advocates for their clients, helping them navigate the complexities of insurance products and coverages. They assess the clients' insurance needs, provide information on various policies, and help clients choose the coverage that best fits their circumstances.

Brokers have access to multiple insurance markets, allowing them to compare policies and premiums from various insurers to find the most suitable options for their clients. Additionally, they assist throughout the policy lifecycle, from selecting appropriate coverage to helping with claims processes, ensuring their clients are well-informed and supported.

This role is distinct from that of an insurance agent, who typically represents a specific insurance company and may not provide the same breadth of options as brokers do. The intermediary function is crucial in ensuring consumers receive tailored advice without the pressure of being aligned with a particular insurer's product lineup.