Questions for Brokers
Questions for Brokers
Questions for Brokers
Having a broker is like having a financial advisor at your disposal 24/7. A broker acts as a middleman between a client (that will be you, totally overwhelmed by the daunting world of insurance) and insurance or medical aid companies (the companies waiting for innocent victims such as yourself).
Brokers schedule meetings with their clients, discuss their needs and requirements, answer any questions they might have and then source the best possible product to suit the needs of their clients.
What are a couple of questions you can ask brokers to test their knowledge?
What do you specialize in? Some brokers only deal with short term insurance, whereas others can also assist you with life insurance. Some brokers might know nothing about business insurance, but everything about medical aids. Make sure that your broker will be able to assist you with the specific product you require.
Are you an independent broker? Depending on the broker's field and level of expertise, he/she might be allied with more than one insurance firm. This is important to prevent the broker from trying to force you to go with a certain insurance company. Remember that brokers receive commission and incentives from the insurance firms and they will put pressure on you to make use of the companies where they will also benefit through your business. If they are associated with a couple of insurance companies, your chances of getting an unbiased quote is much better.
Not all brokers are as qualified as we might think
Have you had any investment or similar financial training? It is reassuring if your broker had at least some kind of formal training. As they work with customers' money on a daily basis, you'd assume that all brokers know what they're doing, but the sad fact is that a lot of brokers are only salespeople with one goal: To sell as many policies as possible!
How long has your company been in business? You might be entrusting this person with your total lifesavings, therefore you should be 100% sure that you're not dealing with a fly-by-night company or broker. New brokerage firms are formed on almost a daily basis; make sure that your broker is with a professional and reliable firm.
What if I want to cancel my policy? If you are not satisfied with your investment, your insurance policy, your medical aid or any other financial product, you would want to cancel or switch to another company. Enquire about the procedure and the penalty or cancellation fees involved.
Do you communicate with your clients? It is important that a broker keeps in touch! This can be by means of an email newsletter or an occasional phone call. If there are any changes to your policy or maybe exciting new products on the market, your broker should inform you immediately.
May I contact some of your existing clients for a reference? The best referral is a word of mouth referral! If your broker is hesitant if you ask if you can contact one or two of their clients, they might be hiding something.
Are you only available during office hours? This is very important as life does not stick to office hours! If you have an emergency and need to get hold of your broker, you need to know that they will be available!
Follow the above guidelines carefully the result will be a good relationship with your broker and the assurance that your requirements are properly taken care of!
Brokers are there to make our lives easier by choosing the perfect broker for your requirements, your insurance will be smooth sailing from now on!
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