Some of the key duties and responsibilities of an insurance broker include:
- Source the most suitable policy available for your needs based on the information that you provide
- Find competitively priced policies on your behalf
- Act in your best interests throughout the process
- Advise you whether they’re acting as an agent for an insurer or for you
- Act with integrity and honesty at all times when it comes to dealing with clients and insurers
- Avoid conflicts of interest or disclose conflicts if and when they do arise
- Ensure any fees, commissions or other benefits received are disclosed to the customer
- Adhere to client confidentiality regulations and data protection
- Ensure all records required by law are maintained
- Provide information about the insurance coverage to the customer promptly
- Provide necessary documentation for the insurance to the client promptly
- Provide details of charges and fees from the insurer in writing and detail any fees charged for the broker service separately
- Ensure the accuracy of the insurance documentation is checked
- Make sure that no non-disclosure or misrepresentation takes place