What is the primary role of an insurance broker?

The primary role of an insurance broker is to act as an intermediary between clients and insurers. Brokers work on behalf of their clients to assess their insurance needs and seek out the best policies from various insurance companies. This involves understanding the unique requirements of each client and finding suitable coverage options that align with those needs.

By serving as intermediaries, brokers offer valuable services such as comparing different policies, negotiating terms, and providing expert advice on the various options available in the market. Their focus is on representing the interests of their clients rather than any specific insurance company, which allows them to offer impartial recommendations.

Selling insurance policies directly to consumers typically falls under the responsibilities of insurance agents, who represent specific insurance companies, rather than acting on behalf of the consumer. Managing claims is primarily the responsibility of insurers themselves or adjusters, while providing direct financial advice is not a central function of insurance brokers, who are focused more on insurance products than comprehensive financial planning.