The Benefits of Working with an Insurance Broker
Nowdays, it’s easier than ever for consumers to approach insurance companies directly when looking for insurance cover.
This is especially so for personal lines including car, home and travel insurance, with companies offering a range of ways to get yourself covered quickly.
You can even compare different policies from a variety of providers via third party websites.
The “self-help” approach can certainly get you what seems to be the best price, or the most comprehensive cover, depending on what you’re looking for.
So, why bother with a broker?
Our latest blog looks at the world of brokers, exploring who insurance brokers really are, and what they actually do.
WHAT IS AN INSURANCE BROKER?
An insurance broker helps individuals and companies to get the right insurance for themselves, their homes, businesses and families.
When it comes to insurance, there are a vast number of options and policies, each with its own limits, coverage, and exclusions, and it’s difficult to be
sure exactly which policy is best for your situation. This is where insurance brokers can provide invaluable help.
Your chosen insurance broker works for you, not the insurance company, and represents you in your search for the right policy for your unique needs.
HOW DO BROKERS WORK?
A broker’s job begins with helping you to identify any personal, family and business liability risks that could require cover.
A broker can assist you in making informed decisions about the level and type of insurance cover for your individual needs, and balance these with your
available budget, ultimately providing you with competing quotes from a range of insurers.
The terms, conditions, benefits, and exclusions for each policy will be explained in detail, so you can be sure you’re choosing the most appropriate
coverage for your liability, risk, needs and budget.
A broker can use their expert knowledge to highlight areas of cover you may not have considered.
HOW DO BROKERS GET PAID?
Brokers are paid commissions from insurance companies for the policies they refer.
There is generally no financial incentive for a broker to pick a certain insurance provider over another, meaning the only factor in decision making is what’s
best for your coverage.
Brokers are licensed as Authorised Financial Service Providers, and as such they have a duty to represent your best interests, helping to ensure that you get
impartial advice on the best policy for your needs.
Broker duties are governed by the Financial Advisory and Intermediary Services Act (FAIS Act) General Code of Conduct
WHY DO BROKERS MATTER?
Brokers would argue that the added value they are able to bring, combined with their understanding of your own personal unique requirements, and the fact
that their expertise is gained at no extra cost to consumers, makes deciding to use their services a no-brainer.
Your broker will be able to simplify the insurance process, assisting in many ways including:
• Understanding your unique insurance cover requirements
• Searching the marketplace for the policy that matches those requirements
• Helping you to clearly understand the policy you choose, its coverage and cost
• Ensuring any required paperwork is processed correctly to avoid any delays
• Assisting you with claims and ensuring you get an efficient service from your insurer
THE BENEFITS OF WORKING WITH A BROKER
Finding the right insurance coverage on your own can be time-consuming. It can also be difficult to know what type and level of coverage is right for you,
so getting impartial advice that weighs up your unique circumstances by comparing a range of policies from various providers just makes sense.
When you work with an insurance broker, you take advantage of years of expert knowledge and experience. Add in their invaluable assistance with claims
and the potential long term cost savings, and it makes even more sense to take advantage of the services of a reputable broker.
With over 100 years of experience in the insurance industry, you can trust the team at Genesis to provide exactly the right cover for you.
Contact our expert team today for a personal or business insurance quote. We’ll guide you through the process and make sure you have the cover you need,
no more and no less.
Get in touch with your broker today if you have any questions.