Why Use a Broker
Industry Related Service
Why Utilize the Expertise of an Insurance Broker?
Five Excellent Reasons That Will Save You Time, Money & Provide Peace of Mind!
1. PURPOSE: An Insurance Broker acts as your personal advisor on insurance and investment related matters. They work for you - not the insurance company - to make sure you, your family, your possessions and your business, are properly protected.Just like an accountant or lawyer who provides you with professional advice, based on years of training and experience, a qualified broker provides expert, unbiased advice on your individual insurance needs. It is this focus on customer needs rather than their own, that sets the broker apart from all other insurance options.
2. COST: Brokers are professionally trained to negotiate competitive premiums on your behalf and not to under insure, therefore avoiding unnecessary claims while maintaining the correct premium. Insurance Companies contract with Licensed Intermediaries to promote their products. The commission payable to the broker is a legislated/ regulated fixed percentage that differs according to the various categories of insurance and is paid by the Insurer to the Broker according to their mutual contractual agreement. Brokers might contract with their clients on an individual basis regarding an additional administration fee for specialized services rendered.
3. CHOICE: Brokers have access to a wide selection of some of the best insurers in the country, most of whom do not sell directly to the public. Once a broker has properly assessed your individual insurance needs they do the shopping for you, to find you the right coverage at a competitive price. For most of your dealings with a broker you can communicate in whatever way you are most comfortable with, or that fits into your busy life, such as telephone or eMail.
4. TRUST: A professional Insurance Broker always work to the principle of utmost good faith. You will benefit most by developing a close business relationship where the broker understands your future plans, the associated risks and how you like to do business. If you have to make a claim, your broker is there to ensure that you receive fair and prompt payment. In the event of a dispute, your broker will act as your advocate at the Insurance Company. Experience has shown that a broker’s knowledge can often help settle a disputed claim. The disappointment of a refused claim lasts much longer than the satisfaction of having saved on premium.
5. ACCOUNTABILITY: In South Africa, the FSB (Financial Services Board) supervises and enforces compliance with the Long- and Short-term Insurance Acts of 2002. Registration & Compliance is a regulatory requirement for any person or business providing advice on financial matters of any kind. Membership of the applicable Industry Bodies indicates compliance, accountability and subscription to professional conduct and continuous skills development. Look for the SAIA, FIA & IISA emblems - which reputable businesses will subscribe to. The Insurance Ombudsman is also available to resolve disputes between members and insured consumers in an independent, impartial, cost-effective, efficient, informal and fair way.
The Broker Directory is a unique and proudly South African initiative to promote the professional image of the Insurance Industry by introducing the Public to reputable Service Providers on a national basis. Unlocking business opportunities and peace of mind for all.