Insurance brokers can be best described as a kind of super-independent agent. Brokers can offer a whole host of insurance products and services for an individual or a prospective policyholder to consider. Brokers are required to have a broker’s license issued by OJK (Otoritas Jasa Keuangan – Finance Service Authority) which typically means that the broker will have additional technical and professional expertise as compared to an insurance agent.
Insurance brokers also have a higher duty towards their clients. These brokers have the duty to analyze a business, interpret the data from various databases and secure correct and adequate coverage for the insurance business. This is a higher duty than the pure administrative duty of the insurance agent.
We are independent, and although we represent several insurance companies, we work for you, our customer. We are independent. We are able to “shop” many companies for the best policies and prices for you. You have choices when it comes to buying insurance.
As insurance brokers, we are objective. We are not employed by any insurance companies. A broker’s only allegiance is to get the best insurance for the customer. Insurance brokers have in-depth knowledge of insurance, provide personal service and are licensed by OJK (Otoritas Jasa Keuangan – Finance Service Authority) . We are members of the APPARINDO (The Association of Indonesian Insurance & Reinsurance Broker) which represents a network of independent and professional brokers.
The key benefit of using insurance broker is that you can quickly survey a broader array of insurance products from multiple insurance companies who are competing for your business.
And if you still find yourself confused about the difference between an insurance broker and an insurance agent, here’s all you need to keep in mind: A “captive” insurance agent represents just one carrier. While both “independent” agents and insurance brokers represent multiple carriers. For simplicity’s sake, just think of brokers as being “super” independent agents.