The Difference Between a Insurance Broker With Insurance Agent

The Difference Between a Insurance Broker With Insurance Agent - Both of these companies or individuals are sometimes not well understood by the customer. Both have the same role in promoting insurance products but with the ways and different systems. In addition there is also a fundamental legal differences between brokers and insurance agents

The Difference Between a Broker With Insurance Agent  You Need to Know

The following differences are both:

Broker (Insurance Brokers)

Insurance brokerage firm is a company that provides services in the closing keperantaraan insurance and handling insurance indemnity settlement by acting in the interest of the insured

Insurance brokerage firms are prohibited from placing the closure insurance to insurance companies that do not have a business license from the Minister..

Insurance brokerage firm can only be organized effort by acting to represent the insured in the course of transactions relating to the insurance contract.

Insurance Agents

Insurance agent is the person or legal entity whose activities are providing insurance services for and on behalf of the insurer

Any insurance agent can only be a single agent from one (1) insurance companies

Compulsory insurance agent Agency has agreements with insurance companies that diageni

The legal implications of the presence of agents and Brokers insurance against Insurance Clients

Broker mandatory form of business entity in which the agent may be an individual or a business entity. Certainty that the business entity is obligated to brokers is expected to provide a level of professionalism that is better because the process that must be traversed more difficult as well as factors of supervision from both the Department of finance as well as of the Association more gives a level of professionalism that is better.

Agents are only allowed one agent of an insurance company while the broker can do the placement risk to any insurance for insurance companies that he got a business license from the Ministry of finance. So the broker can find closing the most competitive conditions is officially based on the law.

Agents Act represents the insurer whereas a broker representing the insured so that brokers can be expected with more confidence to negotiate the very best for the sake of the insured because it is supported by law.

The role of the Broker for the insured and the insurer
As the perpetrator of the insurance business insurance broker's role is very important. Following his:

The Advantage Of Using Brokerage Services For The Insured
Access to a vast insurance market, both local and international markets, so that it can provide a wide range of insurance products for the insured;
The information up to date over the kinds of insurance products, so that the insured can get the best offer conditions
By using the services of a Broker, the insured will have a stronger leverage in the eyes of insurance, making it possible to get deals with competitive premiums
Ensure that the risk of the insured in place on insurance companies and competent in a healthy financial condition
Brokers can help the insured in the process of administration of insurance policies, such as the grant of a Renewal Notice, administrative problems as well as the value of the insurance coverage endorsement
Can help the insured in the insurance claim to the process, because the Broker does not have a financial interest directly over the claims process.

The Advantage Of Using Brokerage Services For The Insurer
The broker can function as a "Marketing" on behalf of the Insurer, without having to overload the overhead cost
The Underwriter the insurer can discuss technical conditions by using the same "language" when the insured is represented by a Broker so as to minimize the occurrence of any misunderstanding especially in the event of a claim
The broker can serve as a mediator to explain to the insured a wide variety of insurance conditions to the customer, so that the insurer can concentrate more parties to perform its main function, namely Risk Management.

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