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DIFFERENCES
BETWEEN INSURANCE BROKER AND AGENT
 BROKERS |
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- Providing professional
advices on all insurance related matter.
- Representing client
legally.
- Registered and Licensed
under Bank Negara Malaysia (BNM) Uphold and abide by the
rules of Insurance Act 1996.
- Not tied to any Insurance
Company.
- Continuity in insurance
business.
- Qualified and Professional
compulsory to have a "Professional Indemnity"
insurance cover.
- Brokers were given a
license specially to provide insurance services.
- With the technical expertise,
Brokers are able to handle and manage high and large risks
insurance coverage.
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| AGENTS |
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- Selling insurance for Insurance Company
- Representing Insurance Company
- Self/Own Company only Registered with Register
Of Companies
- Tied up with only two (2) Insurance Companies
by Agency Agreement
- Because its self/own Company status, the
continuity in insurance business will be affected if the
agent closed his business
- As an Agent, they only need to sit for "Insurance
Proficiency" examination no Indemnity Insurance cover
- For an Agent, insurance business is mainly
their side business
- Based on the above, Agent have very limited
expertise to manage high and large risks insurance
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