Finding an insurance policy tailored to your situation can be tedious and time-consuming. You’re expected to navigate your way through a crowd of irrelevant policies and effortlessly land on the one that is perfect for you.
What if there was a guide to help you navigate through the mess and land you on your perfect policy, sooner? That is what a broker is for. Your personal adviser to guide you to financial security and peace of mind.
What do Brokers do?
Brokers are finance professionals who advise you on the best-suited policies or products for your situation. Using rigorous comparison methods and a strong finance network, brokers make the process smoother and efficient, allowing you to enter into a policy stress-free.
The process generally involves a high-level of collaboration from both parties. This allows the broker to check off all of your non-negotiables. Once the foundation of your policy is formed, the professional will generally reach out to a number of providers to find the best price for you.
What are the advantages of using a Broker?
While it’s completely fine to search for your policies on your own, a broker can provide a number of advantages that aren’t available when searching alone. Some key advantages include:
- A financial expert you can trust: Brokers work for you and your needs, meaning the advice you receive will be in your best interest.
- Unrivalled industry knowledge: Brokers live and breathe finance, meaning they are always up-to-date with industry changes and best practices.
- Personal financial networks: With a wealth of industry knowledge comes a large industry network. Professionals are able to leverage this to find the best policy for you.
- Honest advice and recommendations: The Financial Adviser Standards and Ethics Authority (FASEA) details the rules that professionals must abide by in order to run a practice.
A broker can help you with any claims you may need to make in the future. Claims can be quite complex, so due to their familiarity with the system they can manage any disputes that may arise and get you your payment faster. Additionally, a good broker will help ensure your policy fits you as circumstances change throughout your life by prompting a change in policy if a better deal becomes available.
How do brokers act in your best interest?
The Financial Adviser Standards and Ethics Authority (FASEA) provides rules and regulations that require brokers to act in the best interest of the consumer. Meaning, your needs are always put first. Finance professionals are required to act on your behalf and deliver the most suitable policy for your situation.
How are brokers paid?
Generally, brokers are paid through commission from the utilised insurance companies. This commission is a percentage of the premium that is charged on your policy. Brokers will often get commission for each new enrollee, and a smaller commission for renewals.
Insurance companies generally provide commission for enrolled policies. The broker will only make money by selecting a policy that is a perfect fit for you so that you enrol in it, and continue to renew.
This means broker services are essentially free for the individual; making finding a great policy even easier.
Why are verifyabl brokers different?
While a regular broker can offer a lot of value, verifyabl brokers are particularly tailored towards you and your needs. Each professional has an area of expertise that is leveraged on the verifyabl platform. When you begin the connecting process, you will be required to provide information that allows us to better pair you with a professional tailored to you.
Rest assured, verifyabl brokers are reviewed against all policies and checked for the correct licenses and certifications. If that’s not enough for you, users are also given the opportunity to rate the verifyabl professionals on their experience. This is visible to other users and allows for a more objective view on their practices.
Finding the right policy for your situation without all the information can be difficult and financially risky. It’s important and valuable to seek assistance in your search. Verifyabl works to make the process of connecting with a broker, simpler.