Insurance brokers exist as a middleman between you, the customer, and your insurer. They’re there to provide a personal service but also to protect your best interests as the customer. To make sure that this is the case, here are some questions you should ask your insurance broker before committing to using their services:
1. Do you have a professional indemnity cover?
If your broker has personal indemnity cover, this means you’ll be financially protected should he or she be negligent while dealing with your insurer.
2. Are you licensed to sell this product?
Before you commit to an insurance broker, ask to see their credentials, and find out about their existing client base and previous experience. This is important for making sure you’re getting the right kind of advice for your life stage and personal circumstances.
3. How will you communicate with me?
Your insurance broker should keep in touch with you on a regular basis, whether by phone, email or newsletter. They should also be proactive in recommending changes or additions to your cover depending on market conditions or life changes such as the birth of a child or buying a new home.
4. What claims service do you offer?
Your insurance broker should handle all your claims queries on your behalf in order to free up your time. He or she should also deal with difficult claims, or if there are any disputes about how much cover your insurance provider is willing to provide.
5. Are you available after hours and on weekends?
This is particularly important should you be in an emergency situation and need advice, such as if you’re in a car accident and need to sort out your and the other party’s insurance situation.
6. May I contact some of your existing clients for a reference?
Speaking to your broker’s existing clients is the best way of establishing your insurance broker's reputation and making sure they’re giving you top-quality insurance advice.
7. How are you compensated for this service?
The insurance company that underwrites your policy will compensate the broker for his or her services, so you shouldn’t be charged any fees.
As a leading insurance provider in South Africa, Hollard has access to a network of insurance brokers who can take care of all your insurance needs – from car and household insurance to life and funeral cover. Find an insurance broker now based on your location and requirements.
