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Insurance broker is a meditator between the cedents or the direct insurance companies and reinsurers and in London reinsurance market reinsurance placing for both facultative and treaties can't accepeted unless offerings and introduced through a registered broker.I
. Insurance agent that who repesent the direct insurance company and buy insurance on behalf
Both of them are doing these jobs for payment of insurance brokerage and insurance commission paid by the insurers and insurance company respectively.
Thanking You.
Insurance brokers are established as an independent bodies to procure insurance business from the market & to provide insurance services to their customers with the help of insurance companies, in consideration of this they are receiving commission from insurance companies.
On the other hand, insurance agents are insurance company's own employess who are insurance service advisers/providers to the customers on behalf on insurance companies.
