What’s the difference between a broker and an agent?
We have discussed the power of an independent broker, and we will continue making that case. Today, we’ll look at the difference between brokers, agents and The Shepherd Group.
Because the market is saturated with service providers, we want to put you in the know so that you’re getting the right service from the right people.
Agents are working for the insurance companies. Their business is selling a given insurer’s products which means they limit your choice and may be unable to meet your needs.
On the other hand, brokers connect with many insurers which means they can offer you a very wide array of products. You have a lot more choice with a broker and they can always move your business from one company to another if they spot a better solution.
Moreover, when you have a claim, an agent will be representing the insurer’s interests, while a broker represents your interests.
So what’s the TSG advantage? Well, the word “broker” captures only a narrow slice of the insurance experience. Brokering, or sealing and completing, a deal is just one step in meeting a customer’s needs. This word reflects the traditional, transaction oriented customer service mindset.
Meanwhile at TSG, we’re going in as be in the know specialists to develop an advisory and lifestyle partnership with customers. We start by determining their needs and connecting them with the products they actually need. Once you become really present to your needs and discover the tools to meet them, you can make an informed decision.
Our service commitment goes beyond transacting an insurance policy for you. In fact, we are evolving toward a consultancy role. Even though consultancy can get a bad rap in some corners, our goal is to help our customers meet their needs at every stage of their lives.
Accordingly, one challenge we’re currently facing is setting expectations with customers around cost and fees. Yes, our services are sometimes pricier than our competitors because our service is highly customized and detailed.
For your hard earned money, you’re expert advice, compassionate support and a fierce fighter for your interests. Sometimes it seems like it’s you against the world, but we’re on your side.