It is a person who is dedicated to advising people who wish to insure or insure their property with an insurance company. They are usually natural or legal persons who serve as intermediaries to offer you the best offer of insurance coverage according to the requirements that you request.
His work also focuses on informing the insured about the conditions of the contract and its modifications, assisting the insured during the validity of the insurance policies and the most important of all this is the assistance he can give the insured when a claim occurs, which must be verified in videos or with witnesses.
Insurance brokers or brokers (denomination in English), are intermediaries of several insurance companies and have no absolute relationship with these companies, that is why they are independent, since their main function is to market insurance contracts with clients to obtain commission for sale. , in this way they obtain income as a result of the efforts made.
Specific functions of the Insurance Broker
We are clear that they act on their own behalf, and yet you should know what an insurance broker is and what their functions are when advising clients, finding solutions or entering into agreements, therefore:
- It will offer professional and impartial advice to anyone who requests insurance coverage or information from the insurance sector.
- This advice has the obligation to be objective, in order to grant an adequate recommendation and based on the established professional criteria.
- The analysis must be sufficient to consider at least three (3) proposals from different insurers.
- Calculate fees, dates and payment methods, as well as process payment transactions.
- They are obliged to clearly present the conditions of the insurance policy and emphasize all those that are adapted to the needs of the client.
- You must provide assistance, advice and information to the client at all times.
What does an insurance broker earn?
Now, to learn about what an insurance broker is and its alternatives, we must include your earned salary in these. This is a relative value, since the salary or how much the broker earns is based on a percentage of the insurance premium, therefore if he is a good broker he will always have clients.
But for those who are just starting out it will be more difficult since they do not have clients and it will take a few years to form a client portfolio, but nothing is impossible, it will always depend on the professionalism of the insurance broker.
Let's see an example, if you are starting, and you start to broker vehicle insurance, let's suppose a car insurance with a value of $500, and the commissions assigned by the insurers are 7%, $35 corresponds to you. If you managed to broker one every day for a month you would get $1050.
Insurance Broker Career Path
In turn, the concept of what an insurance broker is, is closely linked to the requirements to be able to perform this profession, these require a bachelor's degree, often with sales or business experience, and have strong interpersonal and research skills.
Because insurance brokers have to review contracts on behalf of their clients, paying attention to contract details and your comfort in discussing terms and conditions is necessary to be successful in this career.
Brokers keeping up with changes in insurance laws are also a good way to maintain customer confidence. While insurance brokers can handle as many types of insurance as they feel comfortable selling, it can be beneficial to delve into one type and become an expert.
What is an insurance broker in Peru?
Now, to discover what an insurance broker or insurance broker is, we can say that it is a natural or legal person authorized by the Superintendency of Banking, Insurance and AFPs, which acts as a mediator between the client and the insurance companies.
You should always have a Broker or Broker when taking out insurance. You have nothing to lose and a lot to gain. In Peru, the Superintendency of Banking, Insurance and AFPs (SBS) is the only entity that appoints and supervises insurance brokers.
At the same time, the definition of what an insurance broker is must be taken into account and he must be an impartial person, to which we refer by this that he should not lean towards any particular insurance entity but rather recommend the best coverage for his client.
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