What is the primary role of a RIBO-licensed broker?

The primary role of a RIBO-licensed broker is to act as an intermediary between the client and the insurer. This function is fundamental to the brokerage system in the insurance industry, where brokers facilitate the process for clients seeking insurance coverage. They assess the needs of the clients, provide options from different insurers, and help clients understand the terms, conditions, and exclusions of various insurance policies.

By serving as a link between clients and insurance providers, brokers ensure that clients receive appropriate coverage tailored to their individual needs while also advocating for their best interests in negotiations with insurers. This role requires a deep understanding of insurance products, market conditions, and regulatory obligations.

Given the complexity of insurance needs and the various available products, brokers are essential in guiding clients through their insurance decisions, ensuring that they make informed choices rather than simply trying to maximize profits from sales. This intermediary function distinguishes the RIBO-licensed broker from other roles in the insurance industry, such as underwriters or legal advisors, who have different responsibilities.