Who is an Insurance Broker?
What does an Insurance Broker do?
Why Choose an Insurance Broker?
Conclusion
Who is an Insurance Broker?
An insurance broker is a company or person who helps you get the best policy that meets your needs or who acts on your behalf with an insurance company. Insurance brokers are the intermediary between an insured and one or more insurance companies.
While brokers sell insurance, they do not work for insurance companies- the value proposition of a good broker is focused on the clients who they advise and help get the best policy possible at the most cost-effective rates.
What does an Insurance Broker do?
When a broker meets a new client, the first goal is to establish their insurance needs. Building on the type of insurance the client wants, the broker might ask a few questions or request documentation like valid identification, proof of ownership, property valuations etc.
After receiving this information, the broker explores insurance policies from different insurance companies to determine the best option for the client. Afterwards, they negotiate with the insurance companies to get the best terms and premiums for the client. Subsequently, they present the quote to the client who decides to buy or not.
After a client buys the insurance policy, the broker provides information and support to help the insured navigate the process. On behalf of their clients, brokers help coordinate premium payments, request policy changes, and make recommendations come renewal time. They offer a wide array of services such as; claims assistance, consulting services, and resolving benefits issues.
Why Choose an Insurance Broker?
- Choosing the right insurance broker – one who understands you and your needs – can significantly reduce your insurance expenses without causing you any problems. Read on to learn about the key advantages of using an insurance broker.
- Save on your insurance rates: Letting an insurance broker help you means you have easier access to a wide range of products, often at prices that are better than standard industry rates.
- Get advice from an experienced professional: Clients often get confused when faced with several policies with different conditions, premiums and limitations. Insurance brokers help clients navigate this process- their service includes- recommendations on the right cover for client needs, arranging quotations from multiple insurers for clients, and explaining the terms and conditions of each policy.
- Receive faster claims payouts: Insurance brokers help customers receive their claims payouts much faster. They make dealing with the insurance firms easy for customers, doing tasks like taking care of the paperwork, calling up insurance companies to fix problems, and generally being a source of help.
Conclusion
The National Insurance Commission licenses all insurance brokers in Nigeria. This institution regulates the licensing, continuing education, professional competence, ethics, and insurance-related financial obligations of all insurance brokers in the country.
The commission ensures that brokers deliver their primary responsibility to clients- to help you find the insurance coverage that best suits your needs. You can trust an insurance broker to help you understand your options, give recommendations unbiasedly, answer your questions and put your interests first.
If you’re shopping for insurance, contact PRA Brokers Insurance Limited today at +234 (0)8181 363 9605/enquiries@pra.insure to realise the benefits of working with an insurance broker for yourself.