Are Insurance Brokers all the same?


The simple answer is no. Insurance Brokers can be different in several ways, including some that are not technically brokers. These include:

  • ‘Traditional’ Insurance Broker - a stand alone business that is not aligned to any particular market or group. EBM are one of the largest brokers of this type in Australia.
  • Cluster Groups - popular for smaller brokers as they provide a “buying group” for insurance policies and assist as a “back office service” for smaller operators (such as negotiating rents and office space etc.). They essentially operate similar to a franchise group.
  • Trade Associations - have evolved from acting as insurance agents to creating broking agencies to assist its members. These brokers exist solely to service the needs of their member organisations.
  • Authorised Representatives (AR’s) - these (AR’s) are really sub contractors who rely on another brokers licence in order to operate their business, they do not hold their own Australian Financial Services Licence (AFSL).
  • Transactional Online - many insurance brokers are establishing transactional models by utilising the internet and offering insurance for a wide range of product types. Personal insurance is the most common and are offered essentially on a take it or leave it approach.

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