Concept Of Intermediaries In Insurance Business
A basic definition defines an intermediary as ‘action between two parties - mediatory’ or ‘situated or occurring between two things - intermediate’. The latter form refers more to a position within a process or level of achievement. The former, by contrast, refers to an intermediary as an agent in some form, as ‘one who acts between others - a do-between or mediator’, or as ‘something acting between things persons or things’.
As actors then, what intermediaries do is mediate, they work in-between, make connections, enable a relationship between different persons or things. Indeed in common parlance the meaning implied by the concept intermediary tends to refer to a neutral player trying to mediate between different sets of interests.
The assumption of neutrality is however, problematic. Rather than focus on everything as an intermediary, the interesting question is to ask in what ways, where, when and how particular things, people, organisations etc. are/ become defined as ‘intermediaries’. Further still, there is the question of the active role that intermediaries play in defining the relationship between other actors.
In Insurance industries, an insurance intermediary is a person or a company that helps you in buying insurance. Insurance intermediaries facilitate the placement and purchase of insurance, and provide services to insurance companies and consumers that complement the insurance placement process.
Traditionally, insurance intermediaries have been categorized as either insurance agents or insurance brokers.
A basic definition defines an intermediary as ‘action between two parties - mediatory’ or ‘situated or occurring between two things - intermediate’. The latter form refers more to a position within a process or level of achievement. The former, by contrast, refers to an intermediary as an agent in some form, as ‘one who acts between others - a do-between or mediator’, or as ‘something acting between things persons or things’.
As actors then, what intermediaries do is mediate, they work in-between, make connections, enable a relationship between different persons or things. Indeed in common parlance the meaning implied by the concept intermediary tends to refer to a neutral player trying to mediate between different sets of interests.
[Post Image Courtesy of Stuart Miles at FreeDigitalPhotos.net]
The assumption of neutrality is however, problematic. Rather than focus on everything as an intermediary, the interesting question is to ask in what ways, where, when and how particular things, people, organisations etc. are/ become defined as ‘intermediaries’. Further still, there is the question of the active role that intermediaries play in defining the relationship between other actors.
In Insurance industries, an insurance intermediary is a person or a company that helps you in buying insurance. Insurance intermediaries facilitate the placement and purchase of insurance, and provide services to insurance companies and consumers that complement the insurance placement process.
Traditionally, insurance intermediaries have been categorized as either insurance agents or insurance brokers.
Insurance Law And Practice - ICSI
Concept Of Intermediaries In Insurance Business
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