Difference between an agent and a broker
Agent vs broker:
An agent and a broker both usually perform the same kind of a duty in being the mediator or the middle man during business transactions between a company and its customers. They intervene in these transactions and provide their services so as to make these deals as less cumbersome as possible to both the parties.
An agent usually represents a company. He is an employee of the company and he is the person that the consumer or the client of the company gets in contact with regarding the transactions between the company and the customer. This mediation usually makes these interactions much easier for both the parties as the agent usually visits the client in question and provides him or her with all the information needed regarding the product or the services that the company supplies. There are many types of agents, insurance agents, real estate agents, etc to name a popular few.
A broker usually represents the customer and not the company. This is a profession which requires the brokers to have the certifications and be duly licensed to perform the functions of his duty. His role is in providing all the details about a company from which his client wishes to obtain a product or a service from so that his client will be better informed regarding the offer. Most brokers work individually on a commission basis as opposed to working for a certain company which allows them the opportunity to provide a better service to the potential customer at the same time, carry out multiple services at the same time.
What are the differences between an agent and a broker?
If one needs to obtain an insurance policy, the services of an agent and a broker are needed. Whereas the agent works as the intermediary between the client and the company, preparing the administrative documents and other procedure, the broker helps the client to make the wisest decision in introducing him or her to different insurance policies, their benefits, etc, helping the client in choosing the best product or the service that fits his or her needs. herefore, the main difference between the agent and the broker in that the agent works on behalf of a company whereas a broker works on behalf of the customer.