What is the primary role of an insurance broker?

The primary role of an insurance broker is to act as an intermediary between clients and insurance companies. Brokers serve as advocates for their clients, helping them navigate the complex world of insurance by finding suitable policies that meet their specific needs. They assess the requirements of their clients, provide insights into various coverage options, and negotiate terms with insurers on their behalf. This intermediary position enables brokers to offer a range of products from different companies, ensuring that clients receive personalized advice and the best possible coverage.

While financial planning services and claims management are important roles within the broader insurance landscape, they are not the core function of an insurance broker. Similarly, evaluating risk and setting prices is primarily the responsibility of actuaries and underwriters within insurance companies. Thus, the most accurate description of an insurance broker's primary responsibilities centers around their role in facilitating the relationship between clients seeking insurance and the insurance providers themselves.