Insurance brokers popularity had significantly increased in the last couple of years.
Traditionally, if someone wanted to find the best insurance rate, they would have to approach multiple insurance companies, fill out various forms and then request rates from each company individually.
Very often a structure of a product is very complex, and it could be very difficult to understand to an average customer differences in terminologies and coverage.
This is where insurance brokers come in.
They represent their clients.
They work with a number of Insurance companies and choose the policies that are best for their clients.
Since they know insurance products inside out, they have the ability to consult the client and match him/her together with the product that is least expensive and has best coverage.
Most often, brokers are commissioned sales people, who get reimbursed by insurance company.
This means there are no upfront costs for the client.
Insurance brokers sell insurance policies ranging from life,car,disability and term insurance.
There are also some specialized policies that brokers sell.
They include corporate, farm and crop insurance.
Insurance brokers often attend seminars to keep up to date on insurance regulations, products and laws.
Other duties of insurance brokers are: - compare and explain products and providers - help their clients calculate net worth - build and maintain a client base - maintain detailed client files - help their clients identify goals and objectives - make recommendations on how clients can achieve their goals and objectives - help clients gather information from bank account records, income tax returns, life and disability records, pension plan information and wills.