The mediator is a consultant who advises the customer on the types of insurance and coverage that best suit their personal situation, analyzing the risks to which they are exposed and the financial losses that could arise as a result of a claim. This analysis indicates the type of insurance required by each customer to guarantee the correct coverage of their insured assets, or of their person.
In Spain, mediators have different names and characteristics, depending on their relationship with insurance companies:
- Agents: experts who work for one or more insurance companies. They may be:
- Exclusive agents: these work with a single insurance company.
- Associated agents: these work with several insurance companies.
- Bancassurance operators: experts who carry out insurance activity through the distribution networks of credit institutions. They may also be exclusive or associated.
- Brokers: experts who offer professional and independent advice to people who wish to take out insurance policies, without maintaining ties to particular insurance companies.
So that the service they offer is in line with the characteristics of the market, it is necessary for the insurance mediator to have a broad knowledge of insurance techniques. They are, therefore, an advisor to the customer, guiding them as to which insurance products are suitable for the coverage they need.