Most people use price as a point of differentiation and when it comes to insurance, a cheap premium does not necessarily mean value for money. Insurance policies are complicated and without spending a lot of time examining each policy and knowing the market it can be very hard to make an informed decision. Price is no indication of whether a policy is right for you or whether you are getting value for money. But don’t worry, that’s why we are here for you every step of the way.
As a broker, we have access to a wide range of insurance companies, specialist underwriting agencies and overseas markets such as Lloyds of London. Some of these will be familiar household names but others you most likely have not heard of as they will only deal with brokers. Most importantly our dealings are with authorised insurers and we have the markets available to choose the most appropriate product or program for your particular needs.
The main difference is that an insurance agent is a direct representative of the provider of the insurance policy being offered to you, their responsibility is to sell the products from those insurers and no others. They may be a multi agent where they provide covers from several providers, but they continue to only sell products from those insurers.
An insurance broker on the other hand is able to access many different insurers (excluding those that only sell direct to the public), matching the customer’s needs to the insurance policy and negotiating changes that may be required. Insurance brokers are engaged by the customer and are working on their behalf to source, negotiate, maintain, renew and assist in the claim process. An insurance broker is an advocate for the client, not the insurance company.
A Product Disclosure Statement (PDS) provides you with essential information to help you make a decision about whether to buy a particular product. It describes in clear terms the main features and the terms and conditions of the policy. A PDS also provides information about the cooling off period after you purchase the policy in case you change your mind and outlines what you need to do in the unlikely event you have a complaint.
