An insurance broker plays a key role in the process of concluding insurance contracts, acting as an intermediary between the client and insurance companies. His main tasks include:
- Insurance consulting– The broker works on behalf of the client, helping him identify insurance needs and advising which products will best meet his requirements. The broker analyzes risks and recommends appropriate insurance.
- Negotiation of contract terms– The broker’s task is to negotiate the most favorable policy terms with insurance companies, which may include the price, scope of protection and other key elements of the contract, e.g. the amount of credit limits.
- Searching for offers– Using its access to many insurance companies, the broker presents the client with various insurance options, enabling them to choose the best offer among competing products.
- Policy management– The broker monitors the client’s current insurance contracts, reminds them of the need to renew them and ensures that the client always has up-to-date and appropriate protection.
- Assistance in the claims settlement process– In the event of a loss, the broker helps the client file a claim and supports him in contact with the insurer, which may include assistance in collecting documentation and negotiating the amount of compensation.
- Acting in the client’s interest– Unlike an insurance agent, a broker represents the interests of the client, not the insurance company, which means that his main goal is to protect the interests of the insured.
In practice, an insurance broker is an expert who helps the client at every stage of the insurance process – from choosing a product, through concluding a contract, to assistance in possible claims.