What's the difference?
What's the difference between an insurance broker and an insurance company advisor?
In Australia you can purchase insurance:
- directly from an insurance company's call centre or from one of their offices
- from an advisor who represents only one insurer and can only offer that company's products
- on the internet
- through an insurance broker who can offer a choice of coverage from various insurance company's
Brokers have access to lots of different policies because they deal with a range of insurance companies. A good broker will be aware of the benefits, exclusions and costs of competing policies on the market. They will also help arrange and place the cover and can often provide advice on how to make the most of your insurance budget.
An insurance broker's foremost duty is to his or her client. An insurance broker works for you. That's the difference.