THE ADVANTAGES OF THE INSURANCE BROKER:
Independence: Brokers cannot have any kind of binding agreement with an Insurance Company; therefore, they guarantees their Partner the access to a wide range of Open Architecture solutions.
Focus: relying on an independent intermediary allows the Partner to dedicate more time and energy to its core business.
Risk: relying on a Broker substantially reduces regulatory or intermediary risk, especially when one compares an independent intermediary to an agent or an in-house broker.
Territoriality: a Bank or any other entity, either Italian or foreign, that sells insurance policies to clients who reside fiscally in Italy without being registered on the IVASS register, operates in the absence of authorizations with a high exposure to administrative sanctions and criminal charges.
Responsibility: the contractual responsibility related to the needs analysis, to the prior adequacy assessment of the proposed solution, as well as to the signing of the paperwork, is the Broker’s and not the Partner’s (signalling vs. co-intermediation model).
Global Market Vision: the impartial positioning of the Broker allows him to intercept all the "latest news" on the market and to test the responsiveness of each individual Company.
Conflict of interest: a truly independent Broker does not, in any way, compete with its Partners. It does not seek or acquire direct clients, does not offer asset management services, wealth planning, trust services or legal and fiscal advice.
Experience and Reliability:a good Broker translates these two elements into long-term relationships with its Partners and with the Insurance Companies, from whom he can obtain – for the clients’ exclusive benefit – particularly favourable conditions.
Cost and transparency: in accordance with the EU IDD legislation.