What is the primary difference between an agent and a broker?
What is the primary difference between an agent and a broker?
The primary difference between an insurance broker and an insurance agent is who each represents. While a broker represents the insurance buyer, an agent represents one or more insurance companies. Jan 26, 2018
Why do I need an insurance agent?
Customers may require their agent to provide information not just on policy, but other concerns as well such as the processing of claims, policy maturity or even lapsation of policies. A well-trained agent must be able to answer a wide range of questions and address their customers’ concerns.
Who are agents and brokers?
Agent Versus Broker An agent represents one or more insurance companies. He or she acts as an extension of the insurer. A broker represents the insurance buyer. Agents serve as representatives of insurance companies and may be captive or independent. Oct 25, 2021
What do claims officers do?
The Insurance Claims Officer is responsible for handling and processing claims and liaising with claimants, insurers and other parties. Aug 12, 2021
Who are underwriters in insurance?
What Is an Insurance Underwriter? Insurance underwriters are professionals who evaluate and analyze the risks involved in insuring people and assets. Insurance underwriters establish pricing for accepted insurable risks. The term underwriting means receiving remuneration for the willingness to pay a potential risk.
