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How Insurance Intermediaries Saves You Time And Money

two business men closing and insurance deal

Insurance companies sell insurance policies to ensure businesses and individuals remain protected at all times. Various types of insurance are made available depending on one’s needs (business, motorcar, HMO, life and parametric). It is crucial to cover yourself against the unexpected.

When choosing your insurance plan, insurance intermediaries, agencies or brokers, can save you time, money, and worry. Similar to accountants or lawyers who provide professional advice brought by years of training and experience, a qualified insurance intermediary can do the same with your insurance.

Understanding the Role of Insurance Intermediaries

In the simplest way, intermediaries is a corporate outfit that houses agents and brokers.  They offer, negotiate, and sell various insurance plans for remuneration. They act as the middleman between insurance buyers and the insurance companies. 

AGENTS are individuals whose expertise in insurance enables policy buyers to understand the products being offered. They present the coverage of the product and represent the insurers.

INSURANCE AGENCIES on the other hand is the corporate outfit that houses the agents. They usually carry different insurance products from a particular company.

INSURANCE BROKERAGES. While both agents and brokers act as intermediaries between insurance buyers and the insurance market, and can offer insurance quotes on different policies, brokers represent the client and not the insurers.  However, brokers may search for policies from multiple different carriers and typically play a more advisory role in finding coverage than agents, because brokers have a responsibility to represent the best interests of the client.

The role of the insurance broker is to properly assess a customer’s needs and redirect them towards the adequate insurance plan. 

INTERMEDIARIES. It is understood that  insurance intermediaries employ individuals considered bests in the industry.  They complement the broker’s expertise with a wide array of insurance products that are being offered by their partner companies.

What are the benefits of working with insurance intermediaries?

Expert advice

When working with an insurance intermediary, you benefit from a qualified assessment of your situation. You also benefit from a non-biased opinion when it comes to insurance plans since they are not directly attached to the broker. 

Evaluation of risk exposure

An insurance intermediary works along your side to evaluate your risk exposure. By doing so, the insurance agent or broker will measure your potential financial loss resulting from your activity. Keep in mind that it is in the intermediary’s interest to help you hedge your risks. 

Save time and money

When going through an insurance intermediary, you are saving a lot of time instead of comparing insurance companies one after the other. A centralized and structured insurance intermediary such as IFRC has already compared the countless insurance policies on the market and will directly tell you which plan suits you best. 

Trained Industry professionals

It is expected that intermediaries employ trained professionals. Moreover, these companies conduct regular development and training to maintain and enhance their capabilities and professionalism.

Being the direct liaison with the insurer

You may avoid the hassle of reaching out to your insurer by choosing an insurance intermediary Indeed, part of the broker’s job consists of contacting insurance companies on your behalf and making sure all your needs and concerns are being taken care of.

Assisting your Claim

Working with an insurance intermediary is the best way to make sure you are not alone during the moments that matter the most. Getting assistance when filing a claim will relieve you from the stress caused by the situation. 

Having someone working for your interests

Spare the expense of wasting your precious energy over understanding every insurance plan, contacting your insurer or even searching for the best quote. An insurance intermediary will always work in your interests by finding you your preferred policy and doing the nitty and gritty for you. 

Maintenance

Intermediaries provides complete service, and part of it consists of regularly reviewing your insurance portfolio. A centralized insurance intermediary can verify the validity of your insurance plans and make sure they don’t overlap.

A personalized service

Finally, one of the many advantages of choosing an insurance intermediary is the personalization of service. You will be assisted whenever needed and may even accompany you, always with your best interests at heart. Creating an honest relationship that lasts for years mutually serving both your interests and the intermediary.

The Right Mindset

While there is skepticism in employing the help of a ‘middleman’ in a transaction, in insurance it is way much better to seek assistance of an intermediary.  Though the quality of services and the expanse of connection may vary, there are still plenty of legitimate and trustworthy brokers available.  

The pre-need industry is dynamic and product updates are common. So having a reliable partner (i.e. insurance intermediary) works to one’s advantage.  

Surely, the benefit of buying a fairly priced policy, the ease of doing business and being abreast of  insurance updates outweigh reservations involving intermediaries.

As they say, you’ll never know unless you try.

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