Insurance Brokerage Services
In many cases, customers who do not make use of insurance brokerage services and work directly with an insurance company through its agent, are not inclined to change their established long-term relationships. This is not a bad practice, but they should be aware that the insurance agent is the representative of one particular insurance company. Even if you are satisfied with the quality of the services provided by the agent, please be aware that the main function of the agent is to convince you not to change the insurance company even if the insurance company of the agent cannot offer insurance coverage that meets your needs.
Unlike an insurance agent representing a single insurance company, an insurance broker is independent and cooperates with many insurance companies operating both in Lithuania and abroad. The insurance broker should offer its clients the most appropriate insurance coverage that meets all the needs of a client at an optimal price.
The assistance of a professional insurance broker is especially relevant to companies facing high, complex, “non-standard” risk that is complicated and/or costly to insure. Insurance companies refuse to insure or insure reluctantly against such risks because they do not have sufficient financial resources, competence, reinsurance capabilities, etc. A good insurance broker will not only help you insure against such risk but will also advise you on how to reduce or manage it on the basis of other means than insurance.
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