Insurance Broker: Helps In Choosing The Best Policy
Life is unpredictable. Calamities of all sorts may strike a person at any moment. So, investment in insurance is very important to get coverage against financial losses. To choose the right type of policy, a person usually takes help of an insurance broker. Recently, there has been a huge demand for products that help people preserve and increase their assets. This demand is seen mostly amongst the baby boomers in Canada. As a result, many reputed insurance companies in Canada are giving importance to wealth management, which currently accounts for forty percent of their overall earnings.
Insurance Broker - Who he is
An insurance broker or an agent is a person who finds sources for contracts of policies on behalf of his clients. A broker needs to have a valid license. They play a vital role in helping individuals and companies choose the proper coverage for health, car, life, property, and all other sorts of policies. They receive a commission from the premium amounts, paid by the insured persons or companies. Other than helping the clients with policy sale, an insurance broker also assists in resolving benefits issues and employee enrollment. Unlike an agent, who works mainly in benefit of the insurer, a broker represents the clients and generally looks after his benefits.
Work of an insurance broker
The main work of the broker is to help his client find the right insurance company at the best price. Most business organizations take help of brokers, as they have special coverage requirements, like employee benefits, group discounts and so on. The brokerage firms help the clients to develop and write a proper policy plan. As they are familiar with many insurance companies, they can properly match the clients with the right insurers.
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