As we all know, insurance agents, insurance brokers, and insurance appraiser are known as the "three horses" of insurance intermediaries. Especially the roles of insurance agents and insurance brokers, both have an important impact on the marketing business promotion of insurance companies, and both obtain returns through commission returns, so they have great similarities in the insurance intermediary market.
But in fact, although insurance agents and insurance brokers are both insurance intermediaries and are both involved in insurance marketing, the two have significant differences in concept definition, business scope, position relationship, legal liability, etc.
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Concept definition and business scope
According to the provisions of my country's " Insurance Law ": an insurance agent is an institution or individual that charges commissions from the insurer based on the insurer's entrustment and handles insurance business on his behalf within the scope authorized by the insurer; an insurance broker is an institution that provides intermediary services for the insurer to enter into an insurance contract with the insurer and collects commissions in accordance with the law based on the interests of the insurer.
concept definition analysis
First of all, the definition clearly states that the insurance agent accepts the insurer's entrustment, collects commissions from the insurer, and performs relevant insurance services. The insurance broker does not specify who the insurer's entrustment, including whom the commission is collected, that is, the insurance broker has a legal opening for the insurance broker, that is, he can accept the insurer's entrustment, collects commissions from the insurer, or accepts the insurer's entrustment, and collects commissions from the insurer.
Secondly, in terms of organizational structure, the insurance agent can be a "institution or individual", while the insurance broker is clearly a "institution".
business scope is different
In terms of business scope, at present, the main market business of domestic insurance agents and insurance brokers in is to "promote policy transactions" and collect insurance commissions. However, from the perspective of international insurance broker business scope, insurance brokers can also undertake:
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includes risk assessment and policy diagnosis risk management work;
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includes family asset allocation planning, enterprise employee welfare plan , and financial management consulting work of enterprise asset preservation plan.
The above two types of work are not the insured company, and the returns received are not from the insured company's commission income, but from the consulting management expenses of the consultant.
At the same time, in terms of the sales of insurance products, insurance agents can usually only represent the insurance products of their own insurance companies, while insurance brokers are not bound by this. They can provide the best product portfolio based on the needs of policyholders. Of course, in the insurance agency system, professional insurance agencies can also represent products from multiple insurance companies, but the development speed and degree of domestic professional insurance agencies are relatively immature, and the market business scope is greatly affected by the degree of development.
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Position relationship and legal liability
Insurance agents and insurance brokers, since the two form different subordinate cooperative relationships with insurance companies, the position relationship between the two in market business is also different from the corresponding legal liability they bear.
Insurance Agent
Insurance Agent legally belongs to the agency relationship with the insurer, and his behavior should be deemed to be the insurer. The insurer's responsibility for the insurance agency shall be borne by the insurer within the scope of the insurer's authorization. At the same time, it is this agency relationship that determines that insurance agents are actually an extension of insurance institutions' business marketing, and their position is relatively more towards insurance companies.
Insurance broker
Insurance broker is legally representative of the insurer. His negligence, negligence and other acts cause losses to the insurer and the insured, and shall independently bear civil legal liability. In addition, in terms of role functions, according to the provisions of my country's "Insurance Law", insurance brokers must conduct relevant brokerage activities based on the interests of the insured, that is, maintain a role position consistent with the interests of the insured. Of course, for the current domestic insurance broker system, due to factors such as the insurance market, broker commission system, legal policy environment, etc., it is impossible to maintain an absolute role position. It can only be said that it is relatively tending toward policyholders.
In addition, from the perspective of career development, the core of the work of insurance agents is sales, so more of the training is sales skills; the core of the work of insurance brokers is consultation, so it is necessary to continuously supplement and learn a large amount of insurance industry knowledge and insurance market dynamics, which is of great help to improve professional qualities. Many insurance brokers have been insurance agents. Therefore, insurance brokers can be a brand new option for the career development of insurance agents.
As an important part of the insurance intermediary system, insurance agents and insurance brokers play different roles and have their own distinct role characteristics in promoting the development of the modern insurance industry. However, in the domestic insurance intermediary market, due to market environment and institutional development issues, the role characteristics of the two are not significant, so they are easily confused.
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