Agent vs Broker
Agent and broker are two professions that do business by being a middle-man between a company, such as an insurance company or a real estate developer, to the customer. Agents and brokers facilitate the transaction and information between the companies and the consumers.
Who is an Agent?
Agent can be a person working as an insurance agent or a real estate agent. Usually, an agent is representing the insurance company he is working for. They process all the paperwork relating to insurance policies and claims and usually end their relationship with the client once the transaction is done. It is not the work of an agent to give you different options of which plan is better.
Who is a Broker?
Broker is a person that is usually representing the customer and not the company. Brokers should have certifications and must be duly licensed to perform this profession. It is his role to lay down all the cards in the table, so to speak, so that customers will be better informed. Most brokers are not working for a certain company but are working on commission basis, which allows them to carry multiple services which will benefit potential customers.
Difference between Agent and Broker
When wanting to get an insurance policy or buy a real state, you will need the help of an agent and a broker. Agents are the link between you and a company serving as intermediaries between the two parties and typically working on administrative tasks such as completing your papers and checking if you are qualified. On the other hand, brokers are there to help you, the customers, to have the wise decision by helping you get information on different insurance policies or real estate prices and helping you choose the ones that fit your needs.
Agents and brokers are the people you should go to when getting insurance or a home, they are there to help you.
• Agents are usually working on administrative tasks and paperworks unlike brokers who are at the forefront of selling and giving advice to clients.
• Both should have certifications and licenses to be able to work as a professional in this field.
• Both works as middle-man, agents represent a company while brokers represent the customers.
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Insurance agent is the representative of an insurance company. And on the other hand, broker is the representative of the customer or the policyholder.