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Insurance Broker Vs Insurance Agent

vector image of 2 people talking -Difference between insurance agent and insurance broker

I was traveling to Vizag by train.

During journey the person beside me seemed very knowledgeable.

We immediately became friends.

During our conversation, he asked me, what I do for a living.

I said, “I am an insurance broker”.

His attitude toward me immediately changed.

He hardly spoke to me later.

“What happened ?”, I asked him directly.

He expressed, how one insurance agent miss-sold him one investment cum insurance plan.

He lost good money which was meant for his daughter’s marriage.

This is a major problem in India.

Most people think insurance and investment are the same.

Both are different science and it is rarely explained by insurance agents.

Now I got back his attention.

I explained to him how an insurance broker is different than an insurance agent.

Why insurance agents sometimes tend to mis-sell customers.

Broker success is linked to client satisfaction and agent success is linked to insurance company satisfaction.

More than money, it is the feeling of helping society, which keeps us going.

Later, he wanted his daughter to work in Insurance broking.

I felt happy.

Do you also believe, insurance broker and insurance agents are the same?

Do you know, Even an Insurance agent now can become an Insurance broker through the POSP model?

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