If you’re beginning your journey into shopping for corporate insurance, you’ll quickly discover that not only do countless plans exist, but so do a variety of different distribution channels in the market. You’ll find one company calls its staff “agents”, while another touts the talent of its “brokers”. And then there’s us – the benefits consultants. While these titles may seem similar, there are some foundational differences you’ll want to know before getting advice from a professional.
Agents
Insurance agents sell a specific company’s insurance to consumers for a commission. In other words, they can guide you in selecting the right insurance but represent the insurance company in the transaction. They often sell policies with the goal of making the most money for the carrier.
There are two types of insurance agents: captive agents and independent agents. Captive agents typically represent one carrier, while an independent agent may be able to align with more than one. Because these agents are only insiders with specific insurance companies, they don’t have access to all of the policies that could be a match for you. Their exclusivity limits the consumer’s options when comparing different products.
Brokers
While insurance agents work on behalf of an insurance company, a broker works on behalf of the consumer. These agents serve as a distributor – independent from any insurer – giving them the ability to gather a wide range of plans from multiple carriers with no strings attached.
Brokers can solicit a variety of price quotes, but that’s as far as they can go. You cannot purchase your coverage directly from brokers as they do not represent any specific insurance company. Instead, they will point you to the carrier after you choose the benefits that align with your company’s needs.
Consultants
Like brokers, benefits consultants work on behalf of the client. What sets consultants apart, however, is their personable approach to the insurance buying process.
At Grigg Group, we treat our clients like family, working closely with you to understand your company’s coverage goals. We act as your representative in researching policies, terms, conditions, and prices, offering comparative and objective analysis on all available benefits packages.
As group insurance experts, we offer impartial advice on matters relating to your insurance needs and identify aspects of policies you may not have considered. Grigg Group’s consultants can also handle claims to completion. In addition to supporting you, the business owner, our team conducts employee meetings to ensure your staff understands their benefits.
The Grigg Group understands there is no blanketed solution for your business. Our goal is to ensure every need you have is well-covered without overpaying. Let us do the work. You just need to make the final decision. If you’d like to set up an employee benefits consultation, fill out the form on our Contact Page and one of our experienced team members will reach out to you.