A broker can be your best friend

The answer to the last question is “nothing”. In fact your broker can save you money, whether you have lived in the “it will never happen to me” world and now newspaper headline etc, has provided spark that reminds you that its time to insure against the unpredictable.

Or for years you have been carefully paying insurance premiums, a broker an be the one to ensure that you are getting the best bang for your buck, because with insurance. One size doesn’t fit all.

Whether you want to insure your home, car, or other possessions, make sure you and your family can get the best medical attention in time of illness or accident, or ensure that they are provided for should anything happen to you, there are scores of insurance companies providing “coverage” for almost any event. But finding out which is the one or ones best suited for your needs can be a daunting task. And that’s where a broker comes in.

A broker is an independent professional, who acts as a go between one or various insurance companies, without being exclusively involved with any of them. His purpose is to find the best fit for his clients needs.

The broker can be a company or an authorized individual who knows the conditions, differences, advantages and disadvantages of the different ranges or existing policies that are backed by many insurance companies, in a determined insurance market.

With the broker’s advice, the customer is able choose a more adequate insurance plan or the best policy according to the his/her priorities, satisfying their necessities of protection.

An insurance agent, has a contract with one and only one insurance company and works only for them.

A broker is an “independent” who represents a client to the insurer making sure he gets the best deal both when the policy is initiated and when claims are being made.

He may act in the name of his clients, by canceling policies (with proper authorization) or transfer them to other insurers. The broker may directly manage any of the client’s problems, serving them as an experienced and knowledgeable facilitator, with the administrative and technical know how to ensure faster compensation.

One must keep in mind, that in the best interest of the insurance company, the agents involved, are not in the position to offer objective advice, when dealing with products that they distribute.

The broker however must always maintain the obligation, of being an advisor to his clients, in the most objective fashion, meaning they must analyze the available products offered on the market, and recommend the product, that best fits the needs of the client.

The technical formation and experience in handling personal and corporative insurance, allows the broker, to give advice, and sufficient attention to his client, company or institution.

The typical service the broker provides is: An estimate of your insurance, by finding a convenient relation between the market’s cost-benefit.

Risk management, of which the individual, company or institution maybe exposed to.

Technical- Administrative management of the policies, including emission, claims, audits and renovation control.

Legitimate interest defense, as the insured, up against the insurer.

The advantage of having or contacting a broker, without extra cost, is because the insurance broker, makes his living directly from the premium that the client pays. One call to your broker can lead to contact with 10 insurers, that immediately provide him with an estimate which the broker can analyze with cost-benefit in mind saving their client a great deal of time.

Getting the most economic price, from an option list of 10, does not require any special abilities. The problem is when one does not know the difference between, the range and limits of each policy. The broker is also keenly aware from previous experience, of the reaction to claims made by each one of the insurance options.

Everyday, the broker deals, with different insurance companies, ensuring that client policies, are maintained and by participating constantly within different markets, knowing which claims department, provides better customer service, and is less complicated.

At the end of the day, remains the reason why you have insurance in the first place. When you report an incident, the response is immediate.

Next week: “You get what you pay for.”