How does an insurance intermediary work?
The intermediary and the customer agree on what both the intermediary and the customer undertake. Specific requests or issues of importance should have specific contracts. As a rule, the intermediary works with a standardized contract that details the intermediary's services and what commitments the customer has to fulfill.
Mapping and analysis
The intermediary collects relevant details about objective circumstances and the customer's wishes and analyses them based on the customer's insurance needs. The analysis results in a recommendation.
Intermediaries must know their market and obtain quotes from insurance companies that may/ought to be considered. The selection of insurance offers presented should be based on what is appropriate for the customer in question. If the customer wishes to be part of a transaction that is unfavourable for the customer, then the intermediary has an obligation to dissuade the customer from that transaction.
If mediation is based on an impartial analysis, the intermediary presents a number of insurance solutions to the customer. After consultation with the intermediary, the customer decides which solution is most suitable.
The intermediary usually assists the customer with management and fulfillment of the insurance contract. If the intermediary and the customer have agreed on it the intermediary can also assist the customer with insurance claims.
The customer's assignment to the intermediary
The intermediary is assigned by the customer and usually has a proxy to prove that he or she is the customer's representative. The assignment may vary from helping the customer to sign a single insurance policy to reviewing and analyzing the customer's total insurance needs or managing existing insurance policies. The scope of the assignment depends on what the customer wants help with and what the intermediary is willing to undertake.
Read more about how we work here.