What is an Insurance Broker: Agents Vs Brokers?

Insurance brokers are general agents who do not represent any carriers, and their duty lies towards their customers. They work towards their best interest and are able to provide diverse options to their clients

In this video, I have talked about what an insurance broker is, how they earn money, and how they compare to insurance agents.

I have given a brief overview of brokers above so now let's take a look at Insurance agents. Agents don’t need appointments and can work with multiple carriers

Hence, an agent represents their carriers and their duty lies towards them.

They are confined to their carriers and those listed in their carrier’s portfolio.

They can only sell the products provided by their carriers. Lacking diverse options for their clients, unlike brokers who can work with multiple carriers. .

Brokers work on a commission split basis and earn money by collecting broker’s fees and charging commissions. Brokers also charge extra administrative fees to execute transactions

Thank you for watching this video, hope it helped you understand the role of an insurance broker and provided value to you. Click the link below to understand more an=bout insurance brokers and their difference from insurance agents.