From our work as a communications agency we have realized that covering the insurance activity is not an easy task, especially due to the specialized terms used and the varied amount of actors and related products.
That's why we took on the task of making this small glossary to dispel doubts and facilitate the work of you journalists, who are a key element in our commitment to get closer to readers and companies.
Insurance intermediaries
They are natural or legal persons in charge of advising and offering truthful information before, during and after the signing of insurance contracts. They have different classification and can be insurance agents (individuals), either exclusive or linked to several insurers, insurance agencies and insurance brokers. In addition to the work of linking the insured and the insurer, they play a very important advisory role and permanent support to the insured and are entitled to receive the payment of customer premiums, as well as compensation or reimbursement of claims for claims. They must be registered with the Financial Superintendency of Colombia, an entity that in particular is in charge of the surveillance and control of insurance brokers and of the agencies assimilated to them.
Insurance agents may not simultaneously exercise as exclusive insurance agents or as brokers or insurance agencies; they may not practice as insurance experts, or perform in management or administration positions in exclusive insurance agency companies or in insurance brokerage companies. All Insurance Intermediaries produce earnings through commissions given by insurers.
For their part, the exclusive insurance agents enter into a natural agent contract with a single insurance company. Likewise, the third party civil liability of these workers will be assumed by the insurer directly.
The insurance agencies, as the agents, legally depend on the insurers to which they are linked, not having independence, autonomy or professional responsibility of their own, which poses a very important difference with the insurance brokers that are independent legal entities with a very controlled regime of responsibilities, controls and supervised by the Financial Superintendence of Colombia.
Now, insurance brokers, as the class of intermediaries with greater specialization, organizational structure, service areas, links and networks of global partners, among which stands out the firm Corredores Colombianos de Seguros SA, Correcol, stands out, present and advise companies and individuals on the broadest and most favorable offer of the insurance market, suggesting to the insured the products or services that are best for them to acquire according to their needs. Insurance brokers know the products and services of all insurers, which allows them to create efficient, economic and impartial insurance packages, guaranteeing that clients always take the best alternative. Their income is also based on commissions paid by insurers without this entailing an extra cost for the insured.
Within its services, the insurance broker pays special attention to advising and helping the insured in sustaining and recognizing compensation related to their claims. They provide permanent support and advice to clients, with quick solutions in accordance with their expectations or needs and with the rights derived from the policies. These companies must have Errors and Omissions policies that allows them to guarantee support to customers against possible professional mistakes.
Insurance companies
Insurance companies or insurers are companies that specialize in creating, updating and offering insurance services in different fields and for all kinds of sectors or persons that develop lawful activities. Thus, they can not exercise any different activity for which they were created. They are also monitored by the Financial Superintendency. Their income is derived from insurance premiums and their financial yields.
Insurers can advise the user only on the services or products that each of them offers. One of the important differences with insurance brokers who have a global knowledge of the market offer is marked as they can advise their clients with greater knowledge, economy and independence.
Correcol S.A. S.A., has been the largest 100% Colombian capital insurance broker in the national insurance industry for many years. Through its team of highly qualified officials in different disciplines, added to a set of strengths and with a solid state-of-the-art technology, it achieves a clear vocation to provide the best service and focus all efforts to offer optimal protection to assets and interests of its clients
