Abentras conveniently provides employee benefit program brokerage services as well as individual life and disability brokerage services throughout the Southeast. If you’ve never worked with a broker before, we understand that the process may be unfamiliar to you. We’ve provided general material below that explains what a broker actually is, and why you would trust someone like Abentras to manage your group employee benefits.
Broker/ Insurance Agent Background:
Insurance agents and brokers play an important role in the lives of individuals and businesses alike. They help people obtain the necessary coverage they need in order to avoid or allay the effects of many of life’s pitfalls. Insurance agents typically work on behalf of a particular insurance company, while insurance brokers, on the other hand, usually work independently and try to match clients up with a company whose policies are best for the broker’s client. By being independent, at Abentras you can rest assure our singular priority is you.
The primary responsibility of insurance brokers is to serve as a liaison between you and insurance companies. They identify insurance policies that fit your specific needs. Although some brokers sell insurance as a representative for one company, others may work independently and coordinate with multiple companies. Abentras affords you options that you wouldn’t normally have access to.
Brokers are available regardless of your insurance needs. As a consumer, you may be looking for life, health or property plans. However, the broker’s job does not end once you find a suitable plan; they are also available to assist you in handling claims or understanding insurance laws. They maintain client records, which could be helpful if you misplace your policy documents. Some agents may have customer service professionals assist you as well, according to the Bureau of Labor Statistics. With Abentras, you have peace of mind with every plan we implement, as we are your partners and stand by you throughout the entire process…not just in the beginning.
When choosing an insurance broker to work with, look for someone who not only is licensed but also is willing to build a relationship with you. According to the Michigan Economic Development Corporation, you should get references from others in your area to aid you in your search. Talk with potential brokers about your expectations and their experience before going forward.
Broker/Insurance Agent Duties:
Marketing & Sales:
Insurance sales agents and brokers are usually referred to as “producers” within the insurance industry. This means that they are responsible for producing new business for the insurance company for which they work. In the case of a broker, this would mean producing business for multiple companies. In order to produce, most insurance agents are expected to market and sell the products their company offers to people who need them. This means that agents must find people with a need and fulfill it. This can usually be accomplished through networking with other business professionals, cold call marketing efforts, buying mailing lists and sending correspondence to people, and through daily face-to-face encounters with the general public. Once they have identified a need, both agents and brokers are expected to close business by meeting with clients and writing a policy on their behalf.
Insurance agents and brokers also perform various administrative duties and tasks. This is especially true for those that might be new to the industry and do not have their own administrative assistant or secretary to perform these tasks for them. Administrative duties can include writing reports, completing correspondence with clients through letters or email, making phone calls to clients that may have questions regarding their policies, and maintaining all of the pertinent records for their current clients. Along with maintaining client records, insurance agents and brokers have a legal duty to safeguard that information so that it does not fall into the hands of someone who might use it in a malicious manner.
Insurance sales agents and brokers have a duty to learn also. This means that they have a duty to their clients to learn as much about them as possible in order to provide them with adequate coverage to meet their insurance needs. It also means learning as much about them as possible in order to protect the company the agent represents. For instance, agents selling life insurance policies must learn as much as possible, within reason, about potential clients and their health so that they do not write a policy for someone who knows he is dying from a disease or condition. The same is true regarding health insurance. By not writing policies for those with obvious preexisting conditions, agents and brokers can save their own company from undue financial loss.
At Abentras, we will exhaust every effort to provide you the utmost in service and expertise when it comes to creating, implementing and managing your group employee benefit plans.
Benefit Administration is what we do…and we do it well.
Trust us to save you time, money, paperwork and headaches.