A: An Insurance Broker(IB) in Malaysia is a corporate body consisting of professionals, providing insurance advice, consultancy and/or placement of insurances on behalf of clients. Insurance brokers bring together insurance companies and those who want insurance. They are most useful to those needing several types of insurance protection and to those whose large risks must be divided among many companies.

A: An Insurance Broker(IB) by virtue of being a professional is better qualified to provide you with solutions and/or advice on technical insurance matters. An IB is also liable to you, the client by virtue of an appointment. As such, they would place your interest first instead of that of an insurance company.

A: Both are intermediaries. However an Insurance Broker(IB) by virtue of appointment represents their clients whilst an insurance agent represents their principals which are Insurance Companies. An IB would thus be able to deal with any insurer/reinsurer locally or globally to ensure that you get the coverage as per your requirements.

A: Most appointments do not incur any consultation fees. However there are circumstances where the appointment is specifically for consultancy only whereby an agreed fee will be payable.