Insurance Broker Association Vice Chairman Wang Hsin-li "Hong Chun-p'ei Culture and Education Foundation" Public Interest Lecture

What is an insurance broker? What is the difference between an insurance broker and an insurance practitioner?

On October 18, the Hong Chun-p'ei Culture and Education Foundation invited Wang Hsin-li, Vice Chairman of the Republic of China Insurance Broker Commercial Association, to speak on "Insurance Brokers - Innovation and Breakthrough." Drawing on his many years of experience in the insurance brokerage and service industry, Vice Chairman Wang shared his insights, greatly benefiting the public.

Wang Hsin-li explained that insurance brokers are oriented toward the client's interests. The Insurance Act clearly defines an insurance broker as a person who, based on the interests of the insured, negotiates insurance contracts with insurance companies on their behalf, or provides policyholders with related services (risk management planning, consultation, claims applications or other insurance matters).

An insurance broker does not belong to any insurance company and can simultaneously provide product information from multiple insurance companies. Therefore, finding economical and affordable products that meet the insured's needs is the sole task; more importantly, the broker must assist the insured in choosing a safe and reliable insurance company, so that even if a claims incident occurs, reasonable compensation can be obtained, achieving the purpose of protection and providing clients with risk management for both "person" and "property."

An insurance agent, on the other hand, is like a miniature insurance company. In addition to being able to represent several insurance companies' businesses simultaneously, an agent can also draw on extensive practical experience to identify differences in administrative operations among insurance companies and immediately negotiate with the insurer for corrections to meet the insured's actual needs. Moreover, according to Article 8 of the Insurance Act, the applicant need not pay any additional fee to the insurance agent, as the insurance company pays it.

An insured person who purchases insurance through an insurance agent not only enjoys the standard services provided by the insurance company but also has access to professional services comparable to those of an insurance broker, fighting for reasonable rights and interests on behalf of the insured. Furthermore, given that an agent can represent multiple parties, in addition to professional insurance training, the agent can also provide value-added consultation services on policy-oriented insurance, tax law, civil law, trust law, consumer protection law and related financial regulations, giving the insured greater peace of mind!

Wang Hsin-li stated that buying through an insurance broker allows one to purchase a policy that better meets one's needs, because the range of products available to choose from is broader. However, no matter which party one buys a policy from, the key is still whether one understands exactly what contract one has signed for. If one is unwilling to spend a little time figuring out what kind of policy one is buying with premiums that easily run into tens of thousands of yuan each year, then buying insurance that meets one's needs is truly difficult.

Profile of Wang Hsin-li, Vice Chairman of the Republic of China Insurance Broker Commercial Association:

Wang Hsin-li has served as a lecturer for wealth management courses at the Securities Commercial Association, a lecturer at the 2009 Malaysia Chinese Life Insurance Seminar, a lecturer at the 2009 International Dragon Award IDA Annual Conference, an M.D.R.T. Million Dollar Round Table member, and a recipient of Taiwan's first CFP certified financial planner certification in 2005. He currently serves as Chairman of Wei Sheng Insurance Broker (Co., Ltd.), Vice Chairman of the Insurance Broker Commercial Association, and Chairman of the Republic of China Insurance Broker Association. He holds qualifications as a financial planning consultant, certified financial planning consultant, China (mainland) insurance agent, and has passed the financial planning personnel examination of the Banking and Finance Institute, as well as the life and property insurance broker special examination.