How to Work With an Insurance E-broker

If you are in the market for insurance or Medicare and prefer an online shopping method, it’s possible to work with an e-broker. These remote professionals and digital platforms help customers connect with insurance companies to compare and enroll in multiple policies. Understanding the benefits and challenges of e-brokerages will help you find convenient and affordable coverage without getting scammed, confused, or discouraged.

Understanding Insurance E-Brokers

A traditional insurance broker is an optional intermediary between customers and insurance carriers. These professionals operate during standard business hours and often charge sizable commissions and fees in exchange for their services.

Alternatively, e-brokers operate through online platforms and phone or email. These centralized databases allow for convenient, side-by-side policy comparison, alleviating the pressure of buying directly from an insurance company or traditional broker pushing a financial agenda. However, digital marketplaces can present unique complications, especially for people less comfortable with technology.

Benefits and Challenges of Working with E-Brokers

Benefits 

• Convenience and efficiency. E-brokers allow customers with computers or smartphones to immediately compare insurance policies without scheduling in-person appointments or enduring long hold times.
• Access to a broader range of insurance products. E-broker databases compile insurance policies from all over, providing customers access to a greater variety of policies that fit their needs.
• Less pressure to purchase. E-brokerages can only connect clients to their preferred insurance companies. Though e-brokers may have partnerships or commission models with some insurers, there is less incentive to upsell customers or push enrollment because e-brokers do not directly sell products.

Challenges 

• Navigating digital platforms. Navigating online marketplaces can be difficult or uncomfortable for those less familiar with technology.
• Ensuring the broker is legitimate. Due to the anonymous nature of the internet, unsuspecting customers could fall for well-disguised scams.
• Still must work with an agent to buy. E-brokers cannot finalize your purchase and help you pay fees. Instead, they must redirect you to a licensed insurance agent to do so. However, some e-brokers do have licensed agents on staff to help streamline the process.

How to Work With an E-Broker

While your experience with an e-broker will vary depending on your specific needs and budget, following these steps will ensure the easiest path to finding the right policy.

1. Get an idea of what insurance coverage you’d like. Doing independent research on policy types, bundling options, and coverage limitations will help an e-broker narrow the choices.
2. Research your preferred e-broker(s). Compare customer reviews of various brokerages. A platform with poor ratings or a mysterious online footprint could be a scam.
3. Get your documents and information ready. E-brokers need information about your personal life and finances to direct you to applicable policies. Having these documents prepared in advance will save time and confusion.
4. Engage with the e-broker. Once you have a general idea of your needs and budget, create your online account to begin your insurance shopping experience.
5. Ask questions to get answers. If your e-brokerage employs customer service professionals, call or email their hotline to inquire about policy details. If not, you can still defer to their digital assistants for search adjustments and clarifications.
6. Make your decision. After narrowing down your options, inform your e-broker of your final preference. From here, they can transfer you to a licensed insurance agent to complete your purchase and enroll in coverage.

Who Can Help With Policy Questions and Updates? 

Once an e-broker has redirected you to the licensed insurance agent, they have completed their role in the buying process. While they can still help with future searches, they cannot directly answer detailed questions or adjust a recently purchased policy. From this point forward, you must defer all inquiries and requests to a licensed agent employed with the insurance carrier.

Insurance agents deeply understand their company’s products and can update your plan as your needs change.

All in All 

E-brokerages combine the resources of remote professionals and extensive online databases to connect customers to Medicare, health, auto, home, and life insurance policies aptly suited to their unique needs and budgets. After helping you narrow your options, your e-broker can direct you to the carrier of your choice. From there, you can enroll in coverage, pay applicable fees, and receive insurance benefits.