In the world of insurance there are those who provide insurance cover and then there are those who buy it. However, somewhere in the middle, there is also another form of seller - the insurance intermediary.
As with most forms of intermediary, those within the insurance industry don't actually offer the cover themselves. Effectively they join the buyers with the providers. Intermediaries are popular, and for a number of good reasons.
They could help to save you money
It might sound a little unlikely, but by using a third party you can often save yourself money - even when compared to visiting the insurance company directly. It is certainly common practice for intermediaries to negotiate special deals with insurers to make sure that their customers enjoy the best deal.
This benefits all parties of course. You, the consumer, could get to save a little extra cash. The insurance company gets a new policy holder who could potentially stay around for a number of years (thus justifying any slight discount provided). Then of course the intermediary will receive some form of commission payment for supplying a new customer to the insurer.
As such, this type of mutual benefit ensures that intermediaries continue to thrive and attract new customers in huge numbers.
Reduce time spent looking for a good deal
One of the main bugbears that people have when shopping around for a new policy is the length of time it takes to compare quotes and terms of cover. You can spend hours hunting for a great deal, only to then find out that you could have saved more elsewhere or that it doesn't include all of the features that you wanted. It's an annoyance that many would rather do without.
With so many insurance providers out there, doing a thorough job of collecting quotes and viewing all of what is currently available is a real time drain. That's not to say that it isn't worth the effort, but many people simply don't have a few hours spare to try to skim a few pounds off the top of their policy.
One application for a whole range of companies
Following on from the time-saving theme's of above, one of the major advantage of intermediaries having access to a number of insurers is that you only have to complete one form to apply for all of them. As such you won't need to tell each company your annual mileage, remember your licence plate 5 times or fill in all personal details over and over again.
When you use an insurance intermediary one application form will allow you to provide all necessary information to numerous parties. Then, rather than comparing the prices yourself, they will also show you what the cheapest option available is. If you're not happy with that offer you can walk away and try again elsewhere.
So the intermediary acts as a kind of shortcut for both parties. Insurance companies can make sure that they're providing quotes for more people, generating further business. Whilst the customer can save the hassle of searching around and also hopefully cut the cost of buying a policy too. It's a very simple system really, but one that has proven to be hugely effective.
Vincent Rogers is a freelance writer who writes for a number of UK businesses. For cheap car and home insurance, he recommends Budget Insurance
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