What is the primary function of an insurance broker?

The primary function of an insurance broker is to help clients find suitable coverage options. Brokers act as intermediaries between clients and insurance providers. They analyze the needs of their clients, providing personalized advice and recommendations based on those needs. Insurance brokers have access to various insurance products and can compare different policies across multiple insurers to find the best fit for their clients. Their objective is to ensure that clients receive coverage that adequately protects them, based on their specific circumstances and preferences.

In contrast to other roles, such as underwriters who assess risks to approve insurance applications, or agents who represent a specific insurance company, brokers focus on the client's interests, navigating the complex insurance market to facilitate sound decisions for coverage. Additionally, while managing claims is a vital aspect of insurance, it is generally the responsibility of insurance companies and their internal teams rather than brokers.

Overall, the role of an insurance broker centers on providing tailored assistance to clients in selecting the most appropriate insurance solutions.