Posted on Apr 08, 2023
‘Broker’ is one of those job titles that is hard to pin down, a bit like ‘agent’ or ‘consultant’. The name does not really explain the activity carried out by the professional, unlike more straightforward titles like ‘builder’ or ‘actor’. There is often confusion about what an insurance broker does or does not do.
Put simply, a broker arranges insurance for you. They take the time to understand your individual circumstances, use knowledge and experience to assess which products are best suited to you, help you understand cover, facilitate savings, and do the necessary admin.
You do not pay for this service: brokers earn money by getting commission from insurance companies. There are so many misconceptions out there about what brokers do or do not do. Let us debunk some myths!
A broker will not charge you for their service; they are paid in commission by insurance companies who are pleased to have the extra custom. It’s true that the bargain-basement prices you might be quoted online may not be available through a broker: the reason for this is that brokers know from experience that extremely low prices invariably translate into extremely poor service or poor level of cover.
Independence is especially important to brokers. They are clear that they provide a service to you and their goal is to find a product that will serve you best. Most brokers use a panel of insurance providers, picking out the most suitable products for you.
Brokers do more than just relay information between a client and an insurer. They have in-depth knowledge of their panel of insurance companies and know all the common misunderstandings that can cause problems. Brokers know how insurance works, inside and out; for example, they might advise that a bundled insurance package would provide better value than purchasing separate policies, or help you clear up any ambiguity about what a particular policy covers.
Insurance could be the lifeline that saves your business, so it’s worth ensuring the right cover is in place. Buying online is about form-filling, but there are always grey areas that could leave you open to uninsured loss. Brokers tend to offer insurance at the same prices that are quoted online, but they make sure cover can really be relied on.
Using a broker limits your choice
It’s true that brokers use a panel of insurers, rather than giving you access to every provider on the market. However, a broker will still present you with multiple options to choose from, usually with different prices and levels of cover attached. Plus, you get the peace of mind that the panel is made up of credible, trusted insurers who will provide good service if you need to make a claim.
Not true! Although brokers are commonly associated with the purchase of insurance, a recent change in the law means they now have an expanded ongoing role in helping clients to update the insurer on any changes in their circumstances. They will help you understand what information should be passed to the insurer and ensure it is presented in the right format.
If you need to claim on your insurance, a broker can be your best friend to guide you through an often-complex process. Their assistance can help to make a claim less stressful, quicker, and securing the optimum pay-out.
Are you missing the benefits of using a broker? Why not find out and call Watkin Davies Insurance Consultants Ltd on 02920 626 226.
"Very efficient, always friendly and helpful. I have used Watkin Davies for years, and they have always been competitive. I received great support recently when I had to make a claim, so I'd highly recommend them."
"I was very impressed with the quality of the service - it was outstanding. The advisor, Ms Spear went above and beyond to give me the best driving insurance policy. The policy I have received is exactly what I was looking for. Thank you so much Ms Spear!"
"I've used Instructorcover Plus for my driving instructor insurance for a number of years. Not only are prices competitive, even at renewal, but customer service is fantastic. Call operators are always cheerful and incredibly helpful. Everything is always sorted in a single call, saving valuable time. Highly recommend."
"Absolutely superb service from the team, particularly Natalie. Very easy and simple process"
"As aways very efficient"
"I have used InstructorcoverPlus for my driving tuition insurance for a number of years. Their prices are always competitive and everyone I speak to is friendly and helpful."
"Ceri was very helpful and knowledgeable on the phone"
"Karrie Brewer was so helpful today, especially as one insurance company would not quote, so had to shop around for us, many thanks"
"Kelly is amazing. Very helpful and friendly, did a great job today with helping me out to get insured. Amazing service!"
"Great service. Got my first driving instructor insurance with this firm. Price was competitive and customer service provided by Jane was great. I will definitely recommend the service."
"Team were very helpful when it came time to renew my policy, taking the time to check and make any amendments needed. Would highly recommend."
"5 stars!"
"Excellent service from Watkin Davies as per usual. I love the way they do all the hard work researching best quotes and provide you with your options. All the staff are very friendly and professional, I have to highlight Ceri who always does a fantastic job for me and my family."
"Really helpful and efficient customer service, friendly and knowledgeable too. I would highly recommend InstructorcoverPlus."
"I m a returning customer and what a wonderful experience. Emma is new to her role but she was very helpful and polite throughout. She got the quote done very quickly and managed to beat all my other quotations. I therefore didn't have to waste any more time. Further she offered me three instalments at 0% which is helpful in this current economic climate. The paperwork was sent straight away. Highly recommended."
"Once again, could not have been more helpful! Still a pleasure to speak to a 'real person' who knew what they were talking about!"