What is the function of a broker in the insurance industry?

A broker plays a vital role in the insurance industry as they represent multiple insurance companies and assist clients in finding suitable coverage. Brokers work on behalf of clients, not the insurance companies, which enables them to provide an unbiased selection of options tailored to the client's specific needs. They evaluate various policies, offer advice based on the client's circumstances, and help navigate the complexities of insurance products. This aspect of their role distinguishes them from agents, who typically represent a single insurance company.

Brokers often possess extensive knowledge of the insurance market, and their ability to compare policies and prices from different insurers ensures that clients receive competitive options and optimal coverage. This client-focused approach fosters trust and transparency in the insurance purchasing process, as brokers prioritize the interests of their clients while finding the best solutions.