Here’s what insurance brokers do differently

Many people shopping around for an insurance policy automatically think of approaching an insurance company. But there is another alternative – an insurance broker.

Clients are the focus of the insurance broker’s business – as the broker acts as the clients’ agent, a long-term relationship is fostered.

Insurance brokers usually adopt an approach that does not involve extra coss to the client. They first carry out a risk assessment to analyse the client’s exposures and tailor the particular policy to those exposures. This will not be an off-the-shelf policy but a solution that meets all the client’s specific, changing insurance needs.

Brokers will then approach the market with specifically designed slips to obtain quotations. Insurance brokers will always give clients added value by finding the best deal. They are free to approach any insurance company, both in Malta and overseas, on clients’ behalf. They will then prepare an in-depth study for the client to strike the best solution between the cover and premium terms secured. The broker, with the client, will agree on how best to proceed with requirements.

The broker will maintain the policy and ensure that the optimum service is retained with the client. In the event of a claim, the insurance broker, once again, acts on behalf of the client and takes care of the necessary negotiations at this most important and stressful time. The broker will oversee surveys and will follow up with the client throughout the entire process until a settlement is made.

Throughout my 22 years in the insurance industry I have dealt with all classes of business. Insurance brokers provide a unique service to individual clients who insure their home, motor, boat, life, travel and health, and corporate clients, including small and medium enterprises from all sectors.

My current speciality focuses on corporate companies operating in manufacturing, i-gaming, financial services, education, entertainment and leisure, and hospitality. Clients also include government corporations and entities.

Clients readily admit that “a broker in today’s market is more important and their service is definitely not an extra expense”. An added value that brokers offer to corporate clients is risk management consultancy. This has become more sought after as companies, especially those in the financial industry, are becoming more aware of their operational risks in the wake of the newest wave of regulations.

Fiona Borg is divisional director (business development) at Mediterranean Insurance Brokers.

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