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An insurance broker acts on behalf of the client and can access products from multiple insurers. An insurance agent acts on behalf of a specific insurer and can only sell that insurer's products. Brokers have a legal duty to act in your best interest; agents do not — they work for the insurer.
The legal duty of loyalty is the critical difference. A broker is legally obligated to find the most suitable product for you across the market. An agent's job is to sell their employer's product. An agent may genuinely believe their insurer offers the best value, but they have no obligation or ability to compare alternatives. For complex risks or high-value insurance decisions, this distinction can significantly affect your outcome.
Online comparison sites are neither brokers nor agents in the traditional sense — they are referral services or lead generation platforms that earn a commission when you purchase through their platform. They typically do not provide personal advice and may not display the full market (insurers pay to be listed). A licensed insurance broker, by contrast, provides personalised advice tailored to your specific circumstances and has access to markets not available on comparison sites.
CoverMy connects you with licensed Australian insurance brokers who compete for your business.
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