What’s the Best Thing About Insurance Brokers?
Direct insurance companies will have you believe that brokers are expensive because of their commissions. Try telling that to those insurance companies’ marketing budgets. Insurance brokers receive a commission from the insurance company whose product they sell.
That cost is built into the cost of the insurance product. But the benefits brokers bring outweigh this cost. Besides, direct insurance companies have expensive prime time ads to pay for, which they have to cover somehow too.
What’s so Great About Insurance Brokers?
1. The Best Brokers do Your Legwork.
Some brokers only provide quotes from one insurance company. The best ones will source quotes from multiple insurance companies, giving you the option to compare cover. They often do not provide as many quotes as an online insurance quote aggregator, but they do give their clients a good idea of what their insurance premiums will cost.
2. They Know Their Game.
One of the biggest advantages of an insurance broker over going direct is that the insurance broker knows insurance. He or she can make recommendations based on your unique risk profile. They can recommend certain products and advise you on which products won’t benefit you.
Essentially, the best insurance brokers function as risk managers. They helping you decide which perils to cover and which to self-insure to have the least financial impact.
3. The best brokers quote and claim.
More than just sourcing insurance quotes, an insurance broker should be available to assist you with claims and updates on your policy. The best insurance brokers will make the insurance process seamless. They’ll help you get cover, keep it up to date, and hep you process claims fast.
Their knowledge of insurance allows them to submit all the right documents to the insurance company to get the claims ball rolling. Theoretically this should be quicker than claiming directly (although direct insurance companies, such as Discovery Medical Aid and Discovery Insurance, have made claiming simple).
4. Good Brokers aren’t Biased.
Some brokers only recommend insurance products from the insurance company that pays the highest commission. That’s not always the best insurance policy for their client. This practice has led to the FSB re-evaluating how insurance broker commission is paid. The best insurance brokers will give a wider choice of insurance policies without bias.
Don’t think insurance brokers live up to this? You can compare options right here or take a look at the insurance companies before going direct.
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