The mission of the Insurance Broker lies in selling life, property, and vehicle insurance to its clients, among others. These professionals have the option of working independently or as employees of an insurance broker company; they can also choose to work with private clients or with corporations or commercial establishments interested in protecting their assets. In this sense, they try to develop coverage plans capable of satisfying the needs of their clients.
There are Insurance Brokers that work independently, offering different types of policies and coverage to individuals or companies. On the other hand, Reinsurance Brokers are those who act as mediators between insurance companies and reinsurers. A reinsurance company should be understood as one that shares the cost of a possible loss with the insurance company, so that the latter can assume very high risks, such as those incurred in policies that cover aircraft, heavy machinery, among others other expensive assets.
The profile of Insurance Agents is commonly confused with that of Insurance Brokers and, although both professionals are in charge of selling insurance policies, the former normally work for an insurer, offering its products and services; while the latter work independently or autonomously and can handle the sale and promotion of the services of different companies. However, the work of both usually complements each other, considering that Insurance Agents offer the company's products and services to Insurance Brokers, who, in turn, offer them to customers.
Insurance Brokers act as mediators for different insurance companies and act on their own behalf and not on behalf of an insurer per se, as is the case with Insurance Agents. These professionals advise their clients and try to find solutions and enter into agreements between the client and the respective insurance company, for which they receive a percentage of the type of policy sold, as a commission.
Principal functions
Next, the most common functions of an Insurance Broker:
Sell different types of policies from those offered by insurance companies:
- Promote the various products and services to new and existing customers.
- Determine the policy that best suits the client's needs.
- Explain each point of the policy to your clients.
- Process the necessary documentation for the sale of the insurance policy.
Interview new clients to assess their level of risk when selling the life or insurance policy:
- Investigate the history of each client.
- Evaluate your financial records, medical histories, criminal records, and other required documentation.
- Determine which policy or service best suits your needs.
Inspect the client's property when making the sale of a policy for a vehicle or a real estate:
- Determine the condition of the property and the vehicle.
- Check for signs of previous damage.
- Evaluate potential risks, such as the location of the property, its condition, who is the usual driver, color of the vehicle and mileage.
- Consult with the Insurance Adjuster and other experts in the field to determine what is the
Daily tasks
- Create and sell insurance coverage plans for new and existing clients, individual or group.
- Receive plans, policies and coverage from insurance companies.
- Meet and interview new clients.
- Assist customers with the processing of claims, responding to their concerns or doubts.
- Contact Insurance Adjusters and Medical Examiners when necessary.
- Contact clients and insurance companies to discuss payment.
- Charge insurance companies the percentage referring to the number of policies sold.
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