More about insurance brokers
Sometimes, especially when insuring businesses or complex personal risks, it pays to have access to an insurance expert who can spend time with you, review your unique situation, and provide advice and guidance on the type, extent and value of insurance required to protect your assets. This is where insurance brokers provide an important service.
What do insurance brokers do?
Insurance brokers are insurance professionals who act independently of insurers. They provide advice and arrange appropriate cover for you through one or more insurance companies.
When an insurance broker acts for you, its role is to thoroughly assess your situation, and develop an insurance package to suit your needs and protect your assets. This package may combine products from a range of insurers, or just one, depending on your needs.
Insurance brokers deal with the insurer on your behalf, and take responsibility for keeping you informed, up to date, and covered.
Insurance brokers may also act as agent of insurers when they arrange or issue insurance cover. Ask your insurance broker if you are not sure in what capacity your broker is acting.
What products can brokers sell?
Brokers generally sell a variety of personal and business insurances, along with a suite of associated products such as insurance premium funding.
Brokers can also access products which may not be offered directly to the public. This is usually due to the complexity of the products.
How are brokers paid?
Brokers generally receive a commission from the insurer on each policy they arrange on your behalf, and may also charge a fee to you directly.
How do I find a broker?
The National Insurance Brokers Association (NIBA) is the peak Australian professional body for insurance brokers. In total, NIBA represents an estimated 90% of all insurance brokers in Australia.
Visit the NIBA website for more information on finding a broker.
Any advice here does not take into account your objectives, financial situation or needs, which you should consider before acting on any of our recommendations. To decide which Allianz product is right for you, please carefully read the Product Disclosure Statement which is available on this website.
Allianz also distributes insurance, or underwrites policies, through a number of partners.
For more information on these partners, use the links below.
Financial institutions - www.allianz.com.au/partners/financial-institutions
Automotive - www.allianz.com.au/partners/automotive