The Importance of Broker Selection:
People want options, especially when buying insurance. People want to shop and find the best pricing. This often leads to getting multiple insurance brokers involved which is not the best strategy.
The ability to leverage quotes is limited when there are multiple brokers working on the same account. If an insurance carrier wants to win a deal they can sometimes apply credits against their quote. A good broker will also negotiate with the carrier and always ask if there are credits available. Carriers are not willing to do this when there are multiple brokers because they know that the broker they are working with only has access to a few markets versus the entire space. Why would they reduce the value of their quote if they don’t know all of the other options being made available for this client?
Most people do not realize that insurance carrier’s are the one’s that determine pricing and rates. Working with XYZ broker is not going to get you a better price from the same carrier than ABC broker. You want a good broker that will fight for you and make sure you get the best pricing.
One last thing to note, getting multiple brokers involved will also burn out markets and create more work for everyone involved - including the client.
Conclusion: Pick one broker and stick with them!
