One often hears the same question. Sometimes it is a mute question, sometimes it is a clearly articulated statement. This question hangs in the air at the first meeting with a client, during a settlement of an insurance claim, during broker events with an insurer. The question is frustratingly brief and straightforward. What is the role of the broker?
I often have to answer with learned sentences. I have basic arguments in my arsenal and pull them out depending on the questioner. Something is still missing. I can see it in the listener's skeptical eyes. The main point is not conveyed by a set of clichés. That's why I want to make it clear.
The broker arranges a tender process, finds the best offer on the market, helps to adapt the insurance policy to the needs of an insured, helps finding additional capacity on the market, consults when an insured event occurs, reminds about prolongation and helps to improve conditions. And that's just for the client.
The second front of brokerage activity is working with the insurer. There are also a lot of tasks here. To find and bring the right client, corresponding to expectations of an insurer, to motivate prolonged relationship of a client with insurer where appropriate, to accompany prolongation process and provide decent level of help while settling the crisis situations of a potential insurance case.
There are many other things in sight to be mentioned and the above is only a part of the picture. Parts of the daily work. What does a broker do? What is his role in this triangle? Conceptually why such a person is needed? A broker's role is to create an environment where three parties meet, express their needs, understand the other party's requirements, and come up with strategies to meet those needs.
Creating an environment that is favorable to collaboration is a simple task? To ensure mutual satisfaction of an insurer and a policyholder during a contract, and even in occasions after an insured event occurrence. At some times, it seems like a mission impossible.
As in any business, a job well done is not noticed. Everything works, does not break, everyone is calm. Creation of a supportive environment is just about the same. When a client can get on with their core business without worrying about their insurance coverage, then the broker has played his role brilliantly. What did it cost him? You can find out by going into the dressing room.
I love playing this important and responsible role and I know my place on stage.
Author: Nikita Mullin