Why Use A Broker

• Brokers have extensive training in the products needed by their clients. They have knowledge about what is really needed by any particular client and where it is available.
• Brokers have a wide range of clients and so have a broad understanding of what can go wrong. From an insurance point of view, they will often know their client’s risk exposures better than their client.
• Brokers have experience in risk management specific to the industries they specialise in, gained by dealing with numerous clients in the one industry segment.
• Brokers have knowledge of the insurance products available and can provide advice on insurance solutions to meet the client’s needs.
• 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. A broker will understand your business.
• There is a misconception that Brokers are just using a computer and clients can do it themselves. This couldn't be further from the truth, direct consumers don’t have access to the tools and systems and products used by Brokers.
• Brokers have access to insurance products that aren't available to clients who deal directly with insurers. A number of major insurers (QBE, Zurich, Vero, Lloyd’s agencies etc.) only deal via brokers or predominantly deal via brokers.
• Insurers who do deal with Brokers and deal Direct offer different products to each market. To ensure that you have appropriate covers, Brokers won’t accept inferior wordings and products so don’t use the inferior products just to win on price, direct clients are unaware of such differences in product and the implications for their business. They may end up with a less than ideal cover.
• Big corporations, with all their resources, use Brokers because they understand the value they add to the process, if direct purchasing worked wouldn't they use it?
• Using a Broker, Saves time and effort, so you can stay focused on what you do best.
• Losses can be traumatic. Brokers are able to draw on their professional relationships with insurers in order to expedite claim settlements. Recent indications are that Brokers have around a 30% higher claims success rate than direct clients, this is mainly due to better cover, knowing a client’s rights and knowing how to get a problem resolved.
• Using an insurance broker doesn't necessarily cost more. Often it costs less because brokers have in-depth knowledge of the insurance market and the ability to negotiate on your behalf. A broker will also explain your policy and any special situations you need to watch out for. Furthermore, a broker is obliged to advise you of fees charged for services provided to you.

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