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.
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.
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.
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:
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.
And recently, based on the latest data published by the Insurance Commission, Trinity moved up from the 12th place (2019) to the 9th place (2020) in the list of the largest insurance brokers in the country in terms of premium production. Our business grew by 17%, and this was during the first year of the pandemic when the economy was severely affected. This could be attributed to the trust that our clients are giving us because of our unwavering dedication in serving them no matter the situation. We know that, when the going gets tough, it’s also the time that our clients need us the most.
At Trinity, not only do we provide an insurance policy, but moreover, we offer peace of mind.