What is the role of an insurance broker?

The role of an insurance broker is primarily to assist their clients, often referred to as the insured, in identifying and obtaining the most suitable insurance products that meet their needs. This involves analyzing the coverage options available from various insurance companies, allowing the broker to provide personalized advice based on the specific circumstances of the client. By comparing different policy features and prices from multiple insurers, brokers serve as a guiding resource, ensuring that their clients make informed decisions about their insurance coverage. This function is essential, as it helps individuals and businesses find the right protection tailored to their unique situations without being limited to a single insurance provider's offerings.

The other roles mentioned, such as representing an insurance company, investigating claims, or setting premiums, are typically functions associated with insurance agents, claims adjusters, or the insurance companies themselves, rather than the job of a broker. Therefore, understanding that brokers focus on helping clients navigate the marketplace and find the best insurance solutions distinguishes their critical role in the insurance industry.