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Who is an insurance broker?

Investing has become very easy in these days mostly because of Brokers. There are two different types of Brokers :

  • Stock Brokers
  • Insurance Brokers

1. Stock Broker

A stock broker is a person who is licensed from the concerned authority to trade in shares. Brokers also have direct access to the share market and can act as an agent in share transactions representing his clients. For this service they charge a fee (which is also called as Brokerage). They can also offer additional services like advice on shares, debentures, government bonds and listed property trusts and non-listed investment options (cash management trusts, property and equity trusts). In addition to the above said services, a stock broker can plan, implement and monitor his clients’ investment portfolio, conduct research and help them optimize your returns.

2. Insurance Broker

An insurance broker acts as an intermediary between his clients and insurance companies. Clients may be individuals, small and medium commercial business houses and organisations. Brokers use their in-depth knowledge of risks and the insurance market to find and arrange suitable insurance policies for their clients based on the needs and requirements of them. Insurance brokers, unlike tied agents, are independent and offer products from more than one insurer, to ensure that their clients get the best deal.
There are two different types of Insurance Brokers:

  • 1. Direct Broker
  • 2. Composite Broker

1. Direct Broker

Direct Broker deals with Both Life Insurance and Non Life Insurance Products offered by all the companies.

2. Composite Broker

Composite Broker deals with Life Insurance, Non-Life Insurance and Reinsurance.

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