Isn’t every company that sells insurance policies called an insurance company?
Insurance companies refer to companies that will launch their own new products (insurance plans). These companies usually have a larger scale. They will arrange everything from product development, front-line sales, underwriting, claims, complaints, and actuarial calculations. To ensure compliance with the requirements of insurance industry regulations and ethical standards. These companies will arrange their own staff to sell insurance policies, and will also cooperate with some insurance brokers to outsource the sales work to them. Common insurance companies include: Manulife, Prudential, China Life, AIA, etc.
An insurance company can also be called an “Insurer”, because the insurance company is the one who provides protection behind all the insurance policies on the market. If you need to make a claim, the one who pays is the insurance company. The person who purchases the policy is the “Policy Holder”. In the insurance industry, the word “person” does not necessarily mean a natural person with flesh and blood and human organs. “Person” can represent both a company and a natural person. Therefore, “insurer” and “Policy Holder” are not necessarily natural persons.
What is an insurance agent?
As mentioned earlier, insurance companies will also sell their own insurance products. Insurance agents will be categorized into independent agents or hired agents. In many cases, insurance companies will “appoint” some “Insurance Agents” to sell insurance policies. Speaking of entrustment, in fact, these insurance agents are not the “employees” of the insurance company, and the relationship between the two is a cooperative relationship, and the agents are self-employed to complete the sales tasks for the insurance company, therefore the the saying “employed” insurance agents that is commonly said in the market is not necessarily accurate. Insurance agents can also refer to an agency company or an agent that is a natural person.
Insurance agents represent the insurance company to open up the source of customers, provide the company with services such as selling insurance products and answering claims issues for customers. It mainly represents the interests of insurance companies, not the interests of policyholders. Insurance agents generally only sign cooperation agreements with one or several insurance companies. If the agent only cooperates with one insurance company, the two contracts will specify that the agent can only sell the products of that particular insurance company. Insurance agents mainly sell long-term insurance such as life insurance and critical illness insurance, so they can get more support from insurance companies.
Insurance broker? Is it a role like a star manager?
Insurance brokers and star managers have completely different meanings and roles. As mentioned above, the term Insurance Brokers can refer to companies or individuals. Insurance brokers are companies that sell other people’s insurance products. Usually, a brokerage firm will cooperate with more than one insurance company. The broker can provide products from multiple insurance companies for customers to choose from. After the insurance policy is sold, the insurance company will share the profits with the insurance broker company. Common insurance brokerage companies include: Convoy, Everbright Sun Hung Kai, AMTD, etc.
The insurance broker selects suitable insurance products on behalf of the client. The word “ insurance broker” can refer to an individual or a company. It is completely independent in identity and does not represent any insurance company. General insurance uses brokers to contact customers, such as car insurance, marine insurance, and fire insurance, which mainly represent the interests of policyholders rather than the interests of insurance companies. Insurance brokers have cooperative relationships with multiple insurance companies. For a broker, the more insurance company products they can sell the better. They do not have exclusive sales agreements with insurance companies. Therefore, insurance brokers have an advantage in product diversity and can objectively provide customers with products from multiple companies for purchase.
What does insurance intermediaries mean?
Insurance intermediaries generally refer to insurance agents (individuals) and insurance brokers (individuals), because these two types of persons only promote insurance company products to customers, and do not directly contract with customers or provide insurance compensation.
Where can you buy insurance?
As long as you are able to find an insurance intermediary who is willing to thoroughly explain the products they are selling (agents, brokers, or insurance salespersons in banks are also included in this instance), you will be able to buy an insurance plan that suits your needs with a peace of mind. You can ask friends if they have any recommended insurance intermediaries, if not, you can try to take initiative and do some searching on the web.
How can we help?
2CExam provides HKSI LE, IIQE, EAQE and SQE related exam preparation materials. We sell mock question banks for IIQE Papers 1, 2, 3, 5 and MPFE in Chinese and English; and bibles for IIQE Papers 1, 2, 3, MPFE in Chinese. We also offer 1 on 1 tutorial services. Besides, we have also made free tutorial videos for IIQE Papers 1, 2, 3 and MPFE and posted on public channels such as Youtube/ Bilibili/ Tencent/ Iqiyi. 2CExam has been an exam training expert for years. Should you need any help please visit www.2cexam.com or contact us through:
Phone +852 2110 9644 Email: [email protected] Wechat: hk2cexam WhatsApp: +852 9347 2064
Please support us by leaving comments and likes if you think this article helps you!
You can scan or click on the QR codes to visit our social media.
Latest Article
Categories
過往文章
Contact US
-
Phone:
+852 2110 9644
-
Email:
-
WhatsApp
+852 9347 2064
-
WeChat
hk2cexam
Interesting Articles
Is the Securities, Insurance or Real Estate Industry Better? Comparing Incomes amongst Finance Industries
Securities and Banking According to statistics on the Internet and our experience, in Hong Kong, even for some common junior or middle-level positions in the financial/ securities industry, such as risk analyst, research analyst, and compliance officer, the average base salary is between HK$20,000 and 30,000 per month. Many people who have sufficient work experience…
What is updated in 2022 in IIQE Paper 1 Insurance Exam Study Manual? Is the 2017 or older version sufficient for the upcoming exams?
The 2021 version of IIQE Paper 1 was officially applicable to exams in 2022 Insurance Authority has taken over the supervision of the insurance industry for more than two years. The IIQE Paper 1 (Insurance Intermediary Qualification Examination) finally put the new regulatory structure in the study manual, and the new study manual can be…
5 Reasons You Should Not Study Only the IIQE note
Students who are taking the IIQE or took it before would know that the study note is a several-hundred pages exam coverage full of long paragraphs. Not to mention the length of the texts, the expression of ideas requires the readers a lot of concentration to understand. Thus, some candidates think only studying the mock…
Can’t Earn a Lot with Low Educational Background? 3 Major Industries You Can Make a Fortune in
In today’s society, because of education inflation, having only a college degree may not help you get a job with a high salary. While there are many people who don’t actually have a particular career path inclination, as long as the salary is good enough, people choose that path. In fact, there are three major…
10 Tips for Preparing the HKSI LE Securities Exam
Many people think that the coverage of the HKSI LE securities exam is broad, and we are here to help you. The following are 10 small tips to improve the efficiency of revision and enhance the understanding of concepts! Improve Studying Efficiency Question Answering Skills How can we help? 2CExam provides HKSI LE, IIQE, EAQE…
How to change the game by passing the IIQE exam even with a low educational background?
You do not need a strong educational background to be successful in the insurance industry Always feel that your salary is low, and you cannot be promoted due to a low educational background? Do you want to have higher achievements and a faster and more professional career path? In fact, education is not the main…
9 Easy Secrets for Preparing the HKSI LE Licensing Examination
Before taking the HKSI LE securities exam, students need to do some preparations: 1. Registration Students need to register for the exam on HKSI’s website first. 2. Download the study manual Students can download it for free after registration. 3. Search 2CExam’s free video courses Our senior tutors has navigated the…
5 Reasons You Should Not Study Only the HKSI LE manual
Students who are taking the HKSI LE or took it before would know that the study manual is a several-hundred pages exam coverage full of long paragraphs. Not to mention the length of the texts, the expression of ideas requires the readers a lot of concentration to understand. Thus, some candidates think only studying…
5 Key Points Mainlander Candidate Must Know When Partaking in the HKSI LE Exam
What is the HKSI LE exam? The full name of the exam is called the Licensing Examination, or LE for short. The organizer of the exam is not the Securities and Futures Commission (SFC), but a non-government organization named Hong Kong Securities and Investment Institute, or HKSI for short. Generally speaking, this exam is…
Why do people still buy materials from 2CExam while PEAK provides free study notes?
In addition to organizing IIQE exams, VTC PEAK Academy will also provide students who take the IIQE exam with the exam coverage called the Study Note. It depicts what is covered in the exam with hundreds of pages and full of paragraphs. It is lengthy and contains a lot of datas and examples that…