Roles & Duties of a Broker

Unlike other insurance providers, an insurance broker works for you rather than for an insurance company. Brokers use their professional knowledge and experience to help you properly assess your insurance needs, obtain the best value in insurance coverage and to assist you in the event of a claim.

A broker’s services include:

• Assessing your individual insurance needs and obtaining quotes.
• Comparing the coverage of different insurers to get you the best rates and policy coverage in an unbiased manner.
• Searching for opportunities to reduce overall premiums by combining different types of insurance for discounts or by recommending prudent levels of risk retention.
• Explaining premiums, policy terms, conditions and exclusions that you may not understand.
• Providing administrative follow-up, such as policy administration.
• Providing advice and revisions at policy renewal or mid-term if material changes are necessary, such as a move or the sale of an asset.
• Ensuring claims are fairly handled. The broker helps you with the process and ensures a fair and speedy settlement. Brokers make a positive difference to an insurer’s pay-out in a substantial number of claims.

These days there are many different ways to buy insurance, but there are good reasons to consider using an insurance broker’s expertise to help you make the best-informed decisions.

Choice

Brokers have access to a wide selection of insurers in the country. Once a broker has properly assessed your individual insurance needs they do the shopping for you, to find you the right coverage at a competitive price.

Advice

Brokers are licensed professionals. They bring their experience and judgment to their role as your personal insurance advisor. Most importantly, they are free to make impartial recommendations. Their first and only responsibility is to serve your interests, so it’s advice you can trust.

Trust

Insurance brokers work to a principle of utmost good faith. Your insurance broker puts your interests first, before those of the insurance companies they deal with. Buying from a broker means you can buy with confidence knowing that the recommended coverage is right for your particular needs. A broker’s advice is independent of any insurance company, so their recommendations are always in your best interests.

Advocacy

If you have to make a claim, your broker is there to ensure that you receive fair and prompt payment, to get you back to normal. In the event of a dispute, your broker will act as your advocate with the insurance company. Experience has shown that a broker’s knowledge and contacts can often help settle a disputed claim. The disappointment of a refused claim lasts much longer than the satisfaction of having saved a few dollars.

Knowledge

Brokers have a wealth of knowledge on all aspects of insurance and risk management. They know how to ensure that you get applicable discounts on the insurance you buy.

Peace of mind

With over 30 insurers in Zambia, each offering its own unique coverage, comparing products can be a time-consuming and confusing process. A knowledgeable insurance broker can help you find the coverage that is best suited to your needs.

In the event of a claim, a broker will guide you through the settlement process. Brokers also advocate on your behalf to insurers, regulators, and government to ensure affordable insurance, choices and innovative products.

Insurance brokers act as your personal advisor on insurance matters. They work for you, not the insurance company, to make sure that your family, your possessions and your business are properly protected. If you have the misfortune of a loss, your insurance broker will guide you through the claims process, helping to ensure a swift and fair settlement by your insurance company, to get you back to where you were before disaster struck. Brokers provide expert, unbiased advice on your individual insurance needs. Unlike other providers who are focused on selling you something, with a broker your interests come first. It is this focus on customer needs rather than their own that sets the broker apart from all other insurance options.