Getting the right kind of insurance is tricky. It’s not like buying clothes or a cell phone. When you decide to buy insurance, you’re signing up for a long-term commitment. It’s a commitment that if something unfortunate happens, your insurance provider will be there to help you.
At Cluett Insurance, we are one of the largest independent insurance brokerages serving Atlantic Canada. We have over 40 years of experience, providing various insurance services for all purposes. Let’s take a closer look at what insurance brokers do and why it is important to use an insurance broker to get the appropriate insurance coverage for all your needs.
Why Use An Insurance Broker?
Insurance brokers are experienced in different types of insurance and are experts in risk management. They help people, and companies get insurance for their homes, families, cars, and businesses. Essentially, professional insurance brokers act as the middle person between insurance companies and their clients.
The primary role of an insurance broker is to find out their client’s requirements and advise them with the most affordable insurance products. Here are more reasons why it’s important to use an insurance broker.
- Insurance brokers are professionally trained to offer clients a stronger feeling of security when it comes to protecting their personal information.
- Insurance brokers assess risk accurately and have access to different insurance policies for comparison shopping.
- They can help clients choose a policy that suits their budget by giving a speedy quote during the initial consultation.
- Insurance brokers offers are reliable as they offer an easier process because they are readily available online and by phone.
Primary Responsibilities of a Broker
At Cluett Insurance, we specialize in various insurance services for individuals, families, and companies. Here are the primary responsibilities of professional insurance brokers to get to know what we do in more detail.
- We sell different types of insurance policies available.
- Insurance brokers interview new clients and assess their risks when offering life or health insurance.
- Insurance brokers go out, and inspect assets when selling property or car insurance.
- We calculate payment plans, methods, and premiums to ensure that clients are getting the correct coverage.
- Insurance brokers make sure that insurance policy requirements are met and clients are satisfied with their coverage.
- Professional insurance brokers customize and create special insurance coverage packages for their clients to tailor to their individual needs.
- Along with handling insurance claims, insurance brokers perform different administrative tasks to ensure their clients’ policies are updated and accurate.
Skills And Qualifications of an Insurance Broker
Insurance Brokers work independently from insurance companies, which means they offer different insurance products from several providers in exchange for a commission of what the insurance providers charge under the specific policyholder. Since a lot of brokers are self-employed, they require the following skills and qualifications.
- Exceptional customer service and sales skills: Selling insurance is a people-based business, and being polite while being persuasive, is important to convince potential clients to purchase insurance services.
- Clear communication and interpersonal skills: Insurance brokers must demonstrate clear written and verbal communication to explain insurance recommendations to clients by using non-technical language. They should be friendly and engaging as they liaison with clients and insurance providers.
- Excellent time management and organizational skills: There are several administration tasks that insurance brokers need to perform regularly. Therefore, they need to be organized and complete tasks promptly.
- Problem-solving and decision-making skills: Insurance brokers must quickly identify and resolve issues, especially when a client contacts them during an emergency and needs to file a claim.
- Adaptive and resourceful traits: Insurance brokers should be able to take the initiative and adapt to learning new sales strategies and stay up-to-date with changes in current insurance policies.
Brokers Versus Agents
Many people think that insurance brokers and insurance agents are the same. However, there are differences in what brokers and agents do. Before you contact an insurance broker, let’s outline what makes them different from each other.
- Insurance brokers work as independent consultants for their individual clients, while insurance agents work directly for specific insurance providers.
- Insurance brokers are carefully selected by buyers after a thorough evaluation by a pool of brokers. In contrast, insurance agents are hired directly by insurance providers.
- Insurance brokers are paid out by a brokerage. Insurance agents earn commissions based on the insurance services they sell.
- Insurance brokers represent various insurance providers and sell their products on their behalf. On the other hand, insurance agents sell company-specific insurance products.
- Insurance brokers help clients identify the most suitable insurance policy based on various insurance providers. While insurance agents sell specific policies based on the one insurance provider they work for.
- The goal of insurance providers is to support the client’s needs and interests. On the contrary, the goal of insurance agents is to sell a particular policy based on the insurance company they represent.
Advantages of Using an Insurance Broker
Now that you know the difference between insurance brokers and agents, here are the advantages of using insurance brokers, many of which you may not have considered.
- Save money. Insurance brokers often get better rates on insurance policies for their clients, and in the long run, you will save money and get better insurance coverage.
- Get market knowledge. Since insurance brokers have access to a variety of insurance products and services, they can help you compare and recommend the right type of insurance based on the current market standards.
- Easy to understand. Trying to understand insurance jargon can be challenging on your own, but insurance brokers can break down technical insurance terms in simple language.
- Professionalism. They will assist you in making the right decision about which insurance policy you should choose. Professional insurance brokers will provide a Statement of Suitability documents to outline their recommended policies, which can give you the confidence in your insurance services.
- More options. Insurance brokers have access to deals with various insurance providers, giving them exclusive access to the entire market. You can easily compare different policies and get better coverage compared to purchasing a single policy from an insurance agent.
- Stress-free claims. The best advantage of working with an insurance broker is they will make a claim on your behalf and take care of all the administration tasks behind it. This minimizes stress on your end and is convenient because you never have to deal with all the paperwork.
At Cluett Insurance, our team of professional insurance brokers in Atlantic Canada will help you choose your family’s appropriate insurance policies. You can rely on us to give you a truly personalized service. If you would like to get an insurance quote, call us at one of our Cluett Insurance locations near you. In Dartmouth, Nova Scotia, call 902-466-5328. In Halifax, Nova Scotia calls 902-466-5328. In Prince Edward Island, call 902-43604242. You can also email us at email@example.com.