Are you sure that your current insurance policy has the most comprehensive coverage and cost-effective program?

Do you have an idea of the specialization and services of each and every insurance provider?

Is managing and handling your company’s insurance requirements your only job?

If your answer to any of these questions is NO, then it’s time to get the services of an Insurance Broker.

What is an Insurance Broker?

To have a clear definition of an insurance broker, it would be beneficial to look at how the Insurance Commission, the insurance regulator in the Philippines, defines it:

From the Insurance Code of the Philippines, an “Insurance Broker shall mean any person who for any compensation, commission, or other thing of value, acts or aids in any manner in soliciting, negotiating, or procuring the making of any insurance contract or in placing risk or taking out insurance, on behalf of the insured other than himself”.

Also stated in the Insurance Code: “No insurance company doing business in the Philippines, nor any agent thereof, shall pay any commission or other compensation to any person for services in obtaining insurance unless such person shall have first procured from the Commissioner a license to act as an insurance agent of such company or as an insurance broker”.

From these stipulations, an Insurance Broker is a professional firm licensed by the Insurance Commission that helps clients assess and procure insurance protection.

But how is an insurance broker different from an insurance company/provider?

An insurance provider is the one that enters into a contract with the client and takes on the risks of the insurance. On the other hand, generally, an insurance broker assists the client in selecting the most suitable insurance policy among many insurance products (from various insurance companies) and facilitates the procurement of the chosen policy on behalf of the client.

Then, how is an insurance broker different from an insurance agent?

Generally, an insurance agent represents a specific insurance company, so the products that he/she offers are just within the portfolio of that particular insurance company. On the other hand, an insurance broker represents the client and is usually independent of any insurance company. This is why an insurance broker can offer different insurance policies from various insurance companies.

What does an Insurance Broker do?

An insurance broker should be after the best interest of the client, and with this in mind, the following are the most common tasks of a broker.

  1. Identification of the client’s needs and risks. An insurance broker will sit down with a client to determine the latter’s situation and needs. In this way, the broker will have an understanding of the risks and will be able to provide appropriate advice on how to mitigate these risks and what insurance products will be needed.
  2. Recommendation of cost-effective insurance programs through an intensive canvass. With its extensive network of insurance providers, an insurance broker has access to insurance products available in the market which will enable the broker to make comparisons and provide a recommendation to the client. Some factors to consider in making the recommendation are the cost of the insurance policy, coverage and benefits, and the insurance company’s integrity and stability.
  3. Procurement of the agreed insurance program on behalf of the client. Once the client has already decided on the insurance policy, the broker will initiate and carry out the purchase of the policy from the insurance provider. This will be monitored until the insurance policy is delivered to the client.
  4. Assistance in claims settlement. The service of an insurance broker doesn’t end with the purchase. The true test of an insurance broker is during claims settlement. The insurance broker will help the client in filing the claim and following-up with the insurance provider for updates. However, the insurance broker CANNOT guarantee that the insurance provider will pay any amount as a settlement.
  5. Provision of other services such as policy audit and renewal reminder. Especially for non-life insurance and HMO, most policies are only valid for one year, and before the policy expires, the insurance broker will notify the client that the policy is already due for renewal. The process of understanding the current risks of the client will commence and another cycle begins.

Benefits of getting an Insurance Broker

Contrary to popular belief, an insurance broker is MORE THAN just an intermediary. It can offer services that are proven valuable to clients. The following benefits are just a few:

  1. Clients can leverage on the vast experience of an insurance broker in choosing the right and cost-effective insurance protection for them.
  2. Clients can focus on their core job or function since the Insurance Broker will take care of their insurance needs.
  3. Clients can count on the Insurance Broker to help and represent them during filing, processing, and settlement of claims.

However, not all Insurance Brokers are created equal

Although Insurance Brokers should have one goal – and that is to ensure that the best interest of the clients is well-taken care of – not all can offer the same level of service because every insurance broker has its resources and capabilities.

We at Trinity are very much competent to provide sound advice to our clients. With over 30 years of experience in the insurance industry, we have extensive knowledge in offering CUSTOMIZED and COST-EFFECTIVE insurance programs that are suited to our clients’ needs, and this is coupled with PROFESSIONAL and PERSONALIZED service which have been our focus since the beginning.

Through Brokerslink, we have global reach and capabilities in risk management, consulting, and reinsurance. This has allowed us to provide better service not just to our local clients but also to our multinational ones.

Being an independent broker, Trinity can make crucial decisions and adjustments faster, depending on the clients’ needs especially when it comes to dealing with insurance companies and handling insurance claims.

At Trinity, not only do we provide an insurance policy, but moreover, we offer peace of mind.

If you want to know more about Trinity, please visit our website or follow this link: