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Difference between corporate agent and insurance broker.

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08 Apr, 2021 by  Megha Vinish

Hi Team,

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

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

2. What is a corporate agent in insurance? What is the difference between a corporate agent and a broker?

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

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Term Life Insurance
Health Insurance
Opinion
Advanced
Basics of Insurance

2 Answer

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09 Apr, 2021
CEO, Insurance Samadhan

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
We breathe insurance :)

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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