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Difference between corporate agent and broker.

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08 Apr, 2021 by  Megha Vinish

Hi Team,


I have below set of questions when we go in the market to buy any insurance.


1.Is it best to buy insurance (Health/term ) from policybazar or directly from the company?What are the pros and cons?


2.What is the difference between insurance (corporate )agent and broker?


3.Who has the best interest of the customer ...corporate agent or broker??






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Term Life Insurance
Health Insurance
Opinion
Advanced
Basics of Insurance

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09 Apr, 2021

Dear Megha

Good question .I always believe that decision to buy insurance is more important than wasting time on choice of intermediary or insurance company . Decision is important because you love your family and buy insurance for them .

My comments are given below

  1. Policy Bazaar is a web aggregator giving you product and price comparison . You have to analyze your need then buy . Direct channel of Insurance companies are push sales where they are trained to sell you plan of a company . I personally recommend Agent channel because agent comes to you through reference and career agents work on Relationship building . Agent do the need analysis and offer you solutions .
  2. Broker are licensed channel where they represent customer and look for suitable product from different insurers . Brokers channel is critical for specialized product requirement in general insurance . Corporate agents work as brand franchise in specific geographic area . It is like Branch office of an insurance company .
  3. By definition Broker represent the customer and they should have the best interest . Corporate agent represent an insurance company so they would have interest of company by building relationship in market . .


Ideally agents are backbone of insurance business and well trained agents would be a better choice for all customers.



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28 Apr, 2021

Hello Megha,


In addition to Mr. Shailesh Kumar's comments, you can read our article which explains the differences in detail. Here's the link: Buying insurance from Policybazaar Vs Insurance Company Website Vs Local Agent (beshak.org)

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