What are the good signs or practices by which I can determine that the service provided by an insurance broker is of good quality?

The quality of an insurance broker is reflected in their communication, the documentation they provide, and the support they offer throughout the insurance process. A high-quality insurance broker asks detailed questions, compares offers from multiple insurance companies, explains the key differences between policies, and provides assistance with claims after the policy is in place.

How can I determine whether my insurance policy is generic?

An insurance broker is best placed to assess whether your policy is tailored to your needs. You can also review the policy yourself and consider whether the included risks are genuinely relevant to your situation. If they are not, the policy may be too generic.

What are the actions of a high-quality insurance broker?

A high-quality insurance broker takes time to understand your needs, asks relevant questions, compares offers from several insurance companies, explains the differences between policies, and continues to provide support after the policy is purchased, including assistance with insurance claims and important renewal deadlines.

What are the actions of a low-quality insurance broker?

A low-quality insurance broker asks few or no questions, relies on assumptions, sends only one insurer's draft policy instead of comparing multiple options, and contacts clients only when it is time to renew the policy or issue a new invoice.

How can I determine whether my insurance broker is good? How can I find a high-quality insurance broker?

Q: How can I determine whether my insurance broker has compared the offers from all insurance companies?

A high-quality insurance broker will provide a comparison showing the insurance companies that were evaluated, the strengths and weaknesses of each offer, the risks covered, and other important details. If you receive only one insurer's draft policy, ask how many insurance companies were compared before making your decision.

Q: Can I call my insurance broker outside normal business hours? Will I have to pay for that?

Many high-quality insurance brokers provide support outside normal business hours because taking the correct action immediately after an incident is often essential. Before choosing a broker, ask whether 24/7 support is available and whether any additional charges apply.

Q: Can insurance brokers have an interest in a particular insurance company?

Although the question is understandable, insurance brokers are legally required to represent the interests of their clients and remain independent of insurance companies. Their responsibility is to recommend the most suitable insurance solution based on the client's needs.

Guntis Zoldners

Jul 7

3 min read

top down view of a desk with the hands and laptop of a high-quality insurance broker.

Insurance brokers offer valuable services, including comparing policies from multiple insurance companies, handling claims, and analysing risks.

If you've worked with a broker before, you'll know how much easier it is than managing insurance yourself. However, not all insurance brokers provide the same level of service.

The vast majority of insurance brokers in Latvia (around 95%) are paid exclusively by insurance companies, meaning their services are generally free for the client. Since price isn't a differentiating factor, the real question is: how do you identify a high-quality insurance broker?

What are the signs of a high-quality insurance broker?

You can judge the quality of an insurance broker by their communication, the documents they provide, and the level of service they deliver before and after you purchase your policy.

What to expect from a high-quality insurance broker

A high-quality insurance broker will know how to ask the right questions in order to understand your wishes and the actual object that you want to insure.
A good insurance broker will prepare a comparison of offers, in which you will clearly be able to see the included risks, the most important differences between the offers, offers from several insurance companies, and they will also be able to answer all unclear questions.
After the policy has been prepared, a good broker will help register claims, advise you on how to act correctly in your own interests, and remind you about important deadlines.

What to expect from a low-quality insurance broker

A low-quality broker will not ask questions, will try to guess everything, and will prepare an inaccurate policy.
An inadequate insurance broker will send only the draft policy of one insurance company.
A second-rate broker will contact you only when the policy needs to be renewed and a new invoice has to be prepared.

How can I determine whether my insurance broker has compared the offers from all insurance companies?

If you use the services of a high-quality insurance broker, they will provide you with an evaluation of the offers, in which you will be able to see:

the insurance companies that were compared,
the strengths and weaknesses of each offer,
the included risks,
and so on.

If you use an insurance broker who sends you only one insurer's draft policy, then ask them how many companies they compared, and carefully consider whether it would not be better to use another insurance broker who performs their work completely and to a high standard.

FAQ

How can I tell if my insurance policy is generic?

Of course, an insurance broker is best able to determine this.

On your own, you can read through the policy and think about whether the risks included in it are actually relevant to you. If they are not, then that is most likely your answer.

Can I call my insurance broker outside normal business hours? Will I have to pay for that?

Most high-quality insurance brokers, who understand that the most important thing is to act correctly immediately after an accident occurs, provide 24/7 support for their clients.

Perks provides this free of charge.