A wholesale insurance broker plays a key role in helping clients find cover for hard-to-place risks. Find out what this job entails in this guide
A wholesale insurance broker plays an important part in helping retailers access coverage for complex risks. This kind of partnership not only benefits both parties, but the insurance buyers as well.
In this article, Insurance Business highlights the crucial role wholesale insurance brokers play in the insurance-buying process. We will discuss the benefits these industry professionals bring to the table and how they differ from other types of brokers. We will also give you a rundown of what to consider when searching for a partner wholesaler. Read on and find out everything you need to know about what a wholesale insurance broker does in this guide.
What is a wholesale insurance broker?
A wholesale insurance broker is an industry professional who acts as an intermediary between a retail broker and an insurance carrier. These sales professionals rarely interact with insurance buyers. Instead, retail brokers turn to them for policies that cover hard-to-place risks and sell these to their clients.
According to the International Risk Management Institute (IRMI), wholesale brokers often specialize in one line of coverage or “in a line of coverage that’s unusual.” This gives them easier