What is an "insurance intermediary"?

An insurance intermediary is a professional who acts as a middleman between the insurer and the insured. This role is crucial in the insurance industry because intermediaries facilitate the exchange of information and negotiations between the parties involved. They may include insurance agents, brokers, or consultants who help clients understand their coverage options, assess their needs, and choose the appropriate insurance products.

By representing clients, they provide valuable advice and advocate on their behalf, ensuring that the interests of the insured are considered in the process. Additionally, they can help insurers reach a broader market and develop a stronger relationship with potential policyholders. Overall, the function of an insurance intermediary is essential for streamlining transactions and enhancing communication within the insurance market.