Did you say an insurance broker?

Brokers are above all insurance professionals who use all their skills and market knowledge to help their clients: they work as intermediaries with insurance companies. Brokers are fully independent of insurance companies unlike sales reps, company employees and agents. This independence means brokers have more objective perspectives when advising their clients on a rather richer offer that will adapt better to their specific needs and at just the right price. Brokers manage the client relationship from A to Z, particularly guiding them to define their needs, orienting them towards the most well-suited insurance company offer and then managing all administrative aspects of the contract including filing claims. While agents work with fixed goals set by the company they represent and promote that company’s products , brokers represent their clients. The rates provided by a brokerage firm are identical to those applied by insurance companies in other distribution channels (internet, sales reps, agents...), but there’s more choice! INOV Expat works with more than 20 leading insurance companies on the market to find the most competitive prices.

In the event of an incident, who do I call?

An accident, a leak... call your broker. They will manage everything for you! In fact, a brokerage firm offers comprehensive services ranging from the initial document gathering for your insurance application and filing claims with the company to sending a service provider to repair your leak, for example. And, don’t forget another important task performed by a broker: ensuring your rights and making sure the company fulfils all of its obligations under the contract in the event of an incident. The volume of contracts a broker manages not only provides for powerful negotiation but also certain neutrality: a broker is truly a client’s ally and guarantees the client’s rights will be defended in any situation.

And what if my premium goes up?

The price of your insurance may go up because of objective factors such as a higher accident rate, the depreciation of the insured property, an increased insured risk or even adjustments to the consumer price index. However, increases can also sometimes be “opportunistic” and unjustified: that is another benefit of choosing an insurance broker! In fact, in such cases, brokers as insurance market professionals know how to advise and guide you towards other offers or can renegotiate a lower premium on your behalf with the insurance company. When you buy insurance through the habitual sales channels (internet, an agent, direct from the insurance company), it is much more difficult to argue a premium increase or renegotiate!

So, how does a broker earn money?

Brokers are compensated with commissions paid by the insurance companies based on the number of sales made.