Definition: Broking in insurance refers to a professional service that involves providing advice on insurance matters, such as policy analysis, risk assessment, claims management, and financial planning. Brokers typically work with clients who own or are interested in buying property or business insurance policies. A broker is responsible for making an unbiased decision on the best insurance coverage for their client based on their personal circumstances, preferences, and budget. They will also help to identify potential policyholders and provide them with information about different types of insurance products, such as homeowner’s, car, life, and health plans. Brokers can specialize in a particular type of insurance or industry, depending on their background and experience. This allows them to tailor their advice to the specific needs and requirements of their clients, while also providing them with relevant information to help them make informed decisions. Overall, broking in insurance is about providing clients with valuable and personalized advice that helps them choose the right insurance products and services for their unique circumstances and financial goals.
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