CEIOPS Work Programme 2007
Insurance agents or brokers are working in behalf of their clients or those who act in place of principal. They are the ones who handle all negotiation concerns. When it comes to selling or buying a business, it’s the agent who acts on behalf of the buyers. Here, the insurance broker is termed as buyer agent. On the other hand, if they act on behalf of sellers, then they’re called as a seller agent.
Insurance Brokers will always play a Good Role of the Service
In addition to that, the insurance broker is representing the insurance firm that tackles the sales and marketing of policies to several third parties interested to engage such a deal. Regardless of the insurance agent’s role, still there remains the fact that they’re paid with a handsome fee.
Insurance brokers might be working full time as compensated solely for commission, salary added with rightful commission or fixed wage.
How Insurance Brokerage can be Handled?
Basically, insurance brokers are covering general forms of insurance. This could be anything from mortgage, land, auto, personal and so forth. It isn’t related to the field of health and life insurance. However, there are firms who keep following such technique. On top of that, insurance broking is being managed by various corporations which could include:
- Traditional brokerage
- Web-based industries
- Telephone companies and
- Chain of IFA or Independent Financial Adviser