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What is the difference between an Insurance Broker and an Agent?

Insurance Broker

Insurance is a complex financial tool so you need to trust your insurance advisor’s expertise and professional judgement. Most importantly, your advisor should be acting in your best interest.

The difference between an insurance broker and agent can be puzzling.

 

Insurance Agent vs. Insurance Broker

An insurance agent represents the insurance company, not the insurance buyer. Insurance agents are responsible for the timely and accurate processing of forms, premiums and product distribution. However, agents have no duty to approach several insurance companies or represent the consumer’s best interest in the transaction.

An insurance broker represents the insurance buyer and not the insurance company. As a representative for the insurance buyer, an insurance broker will determine a client’s needs and approach several insurance companies to adequately insure the client’s exposures. Each individual client has a unique health profile and some insurance carriers are more lenient on blood pressure, cholesterol, family history of heart disease, cancer, etc… Thus an insurance broker matches the needs of a client with an insurance company.

 

In Brief:

Both insurance brokers and agents provide insurance sales and are paid commissions for their services. However, who they represent is a major difference.  An agent represents the insurance company whereas an insurance broker represents the insurance buyer.

 

Cambridge is an independent brokerage with access to over 40 insurance companies to ensure the best combination of price, coverage and service.

 

Why Cambridge?

Independent | Cambridge Insurance and Financial SolutionsWe Always Do the Right Thing

As an independent Broker, we represent our client’s best interest and not the insurance company. Our open-architecture platform provides access to over 40 insurance companies to ensure the best combination of price, coverage and service. Click here to learn more

We Make It Easy | Cambridge Insurance and Financial SolutionsWe Make It Easy

Life insurance is a complex financial tool but we can help take the guesswork out of the process. We can help answer all your questions, including:

  • How much insurance do I need?
  • How long do I need coverage?
  • What type of policy is most appropriate?

Family Oriented | Cambridge Insurance and Financial SolutionsFamily Oriented

Our goal is to give you peace of mind to know that your loved one’s are adequately protected. As a Cambridge client, you become part of our family and will have access not only to a dedicated service team but also a direct line to our company owners.

 

For a consultation, call us at (212) 695-7495 x 214.

 

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Arthur Grutt