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5 Information about the role of the insurance broker in the insurance sector: Get to know it

The insurance broker is known as the partner between the insurance company and the customer, and is not an insurance agent affiliated with a specific company, but is free to help the person from whom he buys the policy and, in return, the policy buyer pays his salary, and this is different from the insurance agent who follows the company and receives his salary from it and not from the buyer.

  • The importance of their work for companies is due to their important role in the success of the insurance process, since it is rare for the individual to seek insurance on their own for the risks that threaten them, either in themselves or in their money, due to low insurance awareness,
  • The companies have a group of intermediaries who advocate for insurance, explain its benefits and convince clients of the idea of ​​insurance, which is reflected in the development and progress of the insurance process to achieve the purpose of insurance, which it is to protect money, property and the prosperity of the national economy.
  • No natural or legal person is allowed to practice the brokerage profession or any activity related to insurance in Egypt without obtaining a license to do so from the Financial Supervisory Authority.
  • It is imperative that the broker preserve the name and reputation of the insurance companies, whether he works for them or other competing companies, and for this he must offer the insurance service honestly and accurately, and explain to the client when ask for the reasons for the price difference between the types of documents appropriate to your needs.
  • The broker must be interested in knowing the opinions of clients about the types of insurance offered or required, and the level of insurance service provided, and must inform the company of everything he has knowledge about, and work to eliminate the reasons for the client's complaint in addition to preserving the secrets of the company or companies for which they work.