Different definitions
An insurance agent is an institution or individual that collects commissions from the insurer on the basis of the insurer's entrustment and handles insurance business on behalf of the insurer within the scope authorized by the insurer. An insurance broker is an institution that provides intermediary services for the insured to conclude an insurance contract with the insurer based on the interests of the insured, and collects commissions according to law.
Different legal responsibilities
The insurance agent and the insurance company have an agency relationship, and the insurance company is only responsible for the consequences of the insurance agent's actions within the scope of authorization. Insurance brokers and customers are entrusted and entrusted. If the insurance broker's fault causes losses to the customer, the insurance broker shall bear the corresponding economic compensation liability to the customer and bear the legal liability independently.
The interests of the representatives are different.
Insurance agents represent the interests of insurance companies. Insurance brokers accept clients' entrustment and represent their interests.
The number of products provided is different?
An insurance agent can only represent the products of one insurance company, and the products are single. Insurance brokers can provide products from many insurance companies to meet different insurance needs of customers.
Take a different stand
Insurance agents generally only state the advantages of their products, because the products they represent are single. There are many products that insurance brokers can represent, and they can objectively analyze the advantages and disadvantages of each product.
Different insurance modes
According to different situations, for example, different insurance companies have different exemption quotas for medical examination, and non-healthy customers can choose the ideal result to underwrite after taking out multiple insurances at one time. Insurance agents can't do this.
Extended data:
Modern insurance brokers have a history of one hundred years. In some developed countries, insurance brokers are an important form of insurance marketing. In contrast, China's insurance brokerage industry started very late, and it was not until 1999 that the first three national insurance brokerage companies were approved for construction, with a development history of only 19 years. The famous insurance brokerage companies in China include Mingya Insurance Brokerage Company, Fan Hua Insurance Service Group, Lee Wing-tat Insurance Brokerage Company and Datong Insurance Sales & Service Company.
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