Frequently Asked Questions
Insurance brokers are professional advisers who work on behalf of their clients – not insurance companies. The job involves analysing ‘risks’ to help people decide what needs insuring and what can be managed in other ways, a main aspect of the broker’s role is to assist clients to manage their risks by arranging and putting in place insurance policies. The profession is diverse and allows the scope to work for small specialised brokers through to large international firms. It is this variety that makes the profession so interesting.
Insurance broking is a growth industry – every day, more and more people are consulting brokers for personal service and specialised advice. People use insurance brokers because it can save them time and money. In the same way that individuals and companies utilise the services of solicitors and accountants in relation to specialist areas, insurance brokers provide their clients with expert advice in relation to the risks associated with the property they own and the business they operate.
Also, insurance brokers act on behalf of their clients; they provide professional, technical advice, which can be particularly handy in the event of claim. Brokers are not insurance agents or salespeople; a brokerage business is a licensed financial services provider with the industry regulator, the Australian Securities and Investments Commission. Individuals need to have certain levels of professional training and expertise to work as brokers.