There are several ways to buy insurance: you can contact an insurance company directly, use an insurance agent or an insurance broker. We will explain the pros and cons of the different options.
Why would you contact an insurance company directly?
Insurance companies’ sales staff can only offer their own company’s products, which may or may not meet your needs or be the best value for money. In order to compare and choose the best option for you, you will have to contact multiple insurers and make a detailed comparison of the coverage by going through the fine print of the policy conditions, which is time-consuming and requires some level of knowledge of insurance.
Hence this is one of the reasons why Insurance Market was founded and is offering this exact detailed comparison for you. We rate all the policies.
Why would you want to use an insurance agent?
Insurance agents can help since they generally represent a few insurance companies (in Singapore a maximum of 3). Their advice is also not truly independent as their primary relationship is with the 3 insurance companies. Although they can offer some choice, they can only recommend the products of the insurance companies they represent, which again, may or may not be the right fit for your specific insurance requirements and personal situation.
Benefits of working with an insurance broker?
Insurance brokers work exclusively for you, the insurance buyer. They are not tied to a specific insurance company. Insurance brokers have a professional duty to take a thorough look at your personal needs and then search multiple insurance companies to find the best deal for you based on your particular situation. They will provide you with personalized advice and excellent customer service.
Insurance Market is a licensed broker, that offers a comparison of the major products and insurance companies in Singapore. After online comparison, you can also instantly buy your policy online and will get all the policy documents neatly in your secure online dashboard. As brokers, we will go the extra mile for you. We only care about providing you with a suitable insurance product irrespective of any other matter.
- We are a broker. An insurance broker is fully independent of insurance companies. This is different from an agent (who works for an insurance company).
- As a broker:
- we provide fully independent advice and comparison. For that, we have developed our own analysis, rating and comparison tools.
- We are supervised and regulated by the Monetary Authority of Singapore.
- we work for our clients only. For instance with disputed claims. We are free for clients to use because insurers pay us a commission on policies that we sell.
- We are professional and committed to providing our clients with the best price and total transparency.
- Our sales team is certified by the Singapore Institute of Insurance so they can give you the best advice.
- We hire the best insurance people in Singapore, so you can get the best service.
How to choose your insurance broker?
Choosing an insurance broker means that you have an insurance professional on your side when selecting the best policy for yourself and your family. They have a comprehensive in-depth knowledge of a great variety of insurance products. They are experienced and skilled in dealing with claims and will guide you through the often confusing and stressful claim process.
Insurance Market is a market place where we are serious about insurance and where professional parties come together to transact insurance only in the best and most responsible manner. Insurance Market offers a wide range of general insurance products (such as travel insurance, maid insurance, pet insurance and more) online and life insurance through personal advice from our qualified brokers. Please contact us at [email protected] or +65 69081811 if you have any questions.
