I never touch on this topic before...
Talking about Insurance... some people get taboo with it... what more if you are telling them about Insurance Brokers...
First thing in their mind would be to associate this profession with land broker etc... a middle man who only know how to earn commission... Some may even associate brokers with an agent... This is a totally wrong concept...
Firstly, Insurance Brokers is a professional body and expert in Risk advisory and Management. To be an Insurance Broker, you must be qualified i.e. degree or professional qualification and the license is only issue by Bank Negara Malaysia under strict guidance & scrutiny.
Their role is more like a lawyer who represent client in the court of law or legal matters... Insurance Broker represents corporate client in the risk analysis, management and transfer in the insurance / risk management field...
In fact, to certain extent, Insurance Brokers tasks is more than other professional profession like lawyers, engineers, architects & engineers to name a few... this is because, in each Insurance Broking firm, they normally employed people from these background to cover all element of risks... So to compare them with normal Insurance agent is an insult to the profession.
Even to own or operate an Insurance Broking firm the cost is even higher and more stringent than opening legal firm, clinic, engineering firm etc... As a result only giant corporations can own an Insurance Broking firm... amongst the giants that own an Insurance Broking firms are Sime Darby Group, Tradewinds Group, CIMB Group, Mara Group, Johor Corp, Antah Group, Sarawak state (through Amanah Saham Sarawak), Kedah state (Kedah SEDC), Selangor state (Selangor SEDC), Maxis/Bina Riang, FELDA Group, Tune Group and many more...
And amongst the conglomerate that used Insurance Brokers as their advisors are PETRONAS, ESSO, SHELL, MAXIS, Sime Darby, PTP, Malaysia Airport, MAS, Air Asia, PAAB, TNB Group, Telekom Group, CIMB Group, Bank Islam, SIRIM, MDeC, MMC, Malakoff, Tanjong Plc, MISC, Prasarana, MRT, Bernas, Gamuda, YTL, 1MDB, UITM, UM, UUM, Pantai Group and all other international companies like Dell, Intel, Motorola, Samsung, Microsoft etc...
Will share more about this profession and business in near future...