10 Advantages of Insurance Brokers & Intermediated Placement
When it comes to sourcing comprehensive cover with the most suitable policies for your specific requirements, Insurance Brokers can be extremely beneficial. A good Intermediary will assist in acquiring the most affordable options for your unique needs, ensuring all potential risks are covered with no gaps and the best choices for your budget.
Learn more about what Insurance Brokers do, and how an Intermediary can benefit you.
The Role of an Insurance Broker or Intermediary
Compared to Direct Insurance, A Broker or Intermediary’s role is to operate between consumers and Insurers to offer the most appropriate insurance placement, with access to a range of products from various Insurance Companies. They serve as the critical link between companies seeking to place policies and consumers seeking to procure coverage, as the Council of Insurance Agents & Brokers explains, offering advice, information, solicitation, and negotiation.
An Intermediary generally refers to an:
1. Insurance Agent
An Agent represents the Insurer and is licensed to conduct business on behalf of Insurance Companies.
2. Insurance Broker
A Broker works for the policyholder rather than the company, acting without the influence of Insurers to assist clients in reviewing and selecting alternative Insurance Products. They work with multiple companies to place coverage, obtaining quotes and determining the most suitable policies.
Who would benefit from Intermediated Placement
Intermediaries are able to provide valuable expertise and knowledge, have access to a broad range of options, risk management advice, and can provide recommendations that are tailored to your specific requirements. This is especially useful if you are after insurance for a niche industry or if you have complex insurance needs.
10 Benefits of Brokers & Intermediaries
1. Professional, objective advice
As Brokers are not tied to any one company, you can expect objective advice that ensures you are able to receive the best possible coverage for your circumstances. Expect specialist guidance from an expert with a strong understanding of the insurance landscape.
2. Access to a range of coverage options
Compared to directly approaching an Insurer, a Broker is able to provide access to a range of Insurers and Insurance Products to survey and compare coverage choices. This is a more efficient way to source suitable cover, saving time on approaching individual companies.
3. Access to competitive pricing
The power to survey the range of policy options also allows for comparison of prices, meaning you are able to easily identify the most affordable coverage.
4. Personalised insurance solutions
A reliable Broker will be able to understand your specific requirements and provide a comprehensive risk assessment to identify the most appropriate policies for your situation and budget.
5. Less research necessary
Time and energy is saved on research as a range of options are presented to you without the need to locate, analyse and compare.
6. Claims advocacy, representation & management
As Insurers are under-resourced and can push back against claims, it is more beneficial than ever to have a Broker to advocate for, represent and manage your claims to generate outcomes that meet expectations. This may include escalating to the Australian Financial Complaints Authority (AFCA) and Internal Dispute Resolution (IDR).
7. Risk assessment for comprehensive risk management
Intermediaries are able to provide a risk assessment to determine your risks and exposures and identify the recommended cover to protect against these exposures.
8. Ongoing support and review of policies
The service that Brokers provide does not end after the sale has been made, offering continued support to ensure your policies remain up-to-date and relevant to your needs as they may change.
9. Specialist knowledge for niche industries
If you are after business insurance or cover in a niche industry that may not be widely understood by generic Insurance Companies, an Intermediary can offer specialist knowledge that ensures comprehensive cover.
10. Suitable for those with complex insurance needs
If you have a complex claims history, odd services or business activities, or other elements that may make it difficult for you to find cover, a Broker can assist in compiling the ideal Insurance Plan for you.
Atlantic Insurance Brokers for comprehensive Insurance Plans
Atlantic Insurance has been offering reliable insurance solutions since the early 1980s, providing personalised service and access to a range of local and global insurers. With strong risk identification experience and efficiency in claim handling, Atlantic remains a dependable choice for comprehensive Insurance Plans.
Contact us to discuss your needs today and receive a quote.
Any information contained on this page of the website is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Your should consider these, having regard to the appropriateness of this advice and the relevant Product Disclosure Statement (‘PDS’), Target Market Determination (‘TMD’) and Financial Services Guide (‘FSG’), which will be provided following any formal recommendation to you.
