An insurance agency, sometimes referred to as an insurance brokerage or self-employed agency, brokers, writes, solicitates and binds policies for a number of insurance providers on behalf of the customers. They are never directly employed by any single insurance company. Rather, they are hired by the customer companies in order to perform the function assigned by them. However, it is often seen that these companies prefer to deal with agents, who are actually a part of their own insurance brokerage firm, which is run from a separate office. You may want to check out Wilkinson Insurance for more.
Insurance agencies perform a number of functions. The most important function of an insurance agency is to get the best premium deals that can be beneficial for the clients. However, this does not mean that they do not perform any other functions at all. One of the most important functions of an agent is to carry out the duties defined by the policy. For instance, if you are looking for life coverage, they will search for life insurance policies that offer maximum coverage and pay the highest premiums.
Most insurance agencies also perform secondary functions, which are advantageous to both the insurance companies and the customers. For instance, underwriters are responsible for performing the risk-based underwriting for insurance agencies. Underwriters can help the companies to reduce their risk while offering the customers with the best possible coverage for their needs. Finally, many agencies also perform data conversion tasks for data management purposes.