In the development of long-term relationships, professional insurance is an important step in the development of insurance business. Hereunder you will find and explain the difference between insurance agents and insurance brokers.
Insurance agents
Insurance professional insurance agents who act as intermediaries between
insurers and insured. As a general statement of the law, responsibility for administration of a customer agent. This means that only officers fast and accurate processing of forms, premiums, and documents. Agencies are not required to conduct a thorough investigation of your business or to ensure proper treatment. Rather, it is your duty to ensure that you have purchased the required coverage.
Insurance agent can:
* Captive - A captive agent is an agent who works for a company, and is a "prisoner" of the company. Exclusive agents to sell policies only to insurance companies.
* Independent - An independent agent is someone who works as an agent for a variety of different insurance companies. Can independently generate policies from several insurance companies offer some comparisons of different insurance companies.
Insurance Broker
Insurance can be best described as a kind of super-independent agents. Insurance brokers offer a wide range of insurance products to entice you to consider. Insurance brokers are required to license brokers usually means that brokers have more training or experience as an agent.
Insurance brokers have a higher duties in most countries, for their customers. Brokers have a duty to analyze a company and to ensure adequate coverage and sufficient for the company. This is a bigger task than a simple administrative task of the agent. However, this expertise comes at a price. Brokers usually handling fee, or premium payments are higher when purchased through a broker.
Insurance agents
Insurance professional insurance agents who act as intermediaries between
insurers and insured. As a general statement of the law, responsibility for administration of a customer agent. This means that only officers fast and accurate processing of forms, premiums, and documents. Agencies are not required to conduct a thorough investigation of your business or to ensure proper treatment. Rather, it is your duty to ensure that you have purchased the required coverage.
Insurance agent can:
* Captive - A captive agent is an agent who works for a company, and is a "prisoner" of the company. Exclusive agents to sell policies only to insurance companies.
* Independent - An independent agent is someone who works as an agent for a variety of different insurance companies. Can independently generate policies from several insurance companies offer some comparisons of different insurance companies.
Insurance Broker
Insurance can be best described as a kind of super-independent agents. Insurance brokers offer a wide range of insurance products to entice you to consider. Insurance brokers are required to license brokers usually means that brokers have more training or experience as an agent.
Insurance brokers have a higher duties in most countries, for their customers. Brokers have a duty to analyze a company and to ensure adequate coverage and sufficient for the company. This is a bigger task than a simple administrative task of the agent. However, this expertise comes at a price. Brokers usually handling fee, or premium payments are higher when purchased through a broker.
Reference: hxxp://businessinsure.about.com
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ReplyDeleteGreat post. The differences between the two can be subtle. I remember dealing with some insurance brokers in Calgary who acted quite like agents instead of brokers. Thanks again.
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