https://www.insurerbrain.com/w/index.php?action=history&feed=atom&title=Definition%3AInsurance_intermediary 2026-06-13T21:02:19Z Revision history for this page on the wiki MediaWiki 1.43.8 https://www.insurerbrain.com/w/index.php?title=Definition:Insurance_intermediary&diff=7772&oldid=prev 2026-03-10T13:19:54Z

<p>Bot: Creating new article from JSON</p> <p><b>New page</b></p><div>🤝 &#039;&#039;&#039;Insurance intermediary&#039;&#039;&#039; is any person or entity that acts as a go-between connecting insurance buyers with [[Definition:Insurance carrier | insurance carriers]], facilitating the [[Definition:Insurance placement | placement]], negotiation, or servicing of [[Definition:Insurance policy | insurance]] and [[Definition:Reinsurance | reinsurance]] contracts. The term is deliberately broad, covering [[Definition:Insurance broker | brokers]], [[Definition:Insurance agent | agents]], [[Definition:Managing general agent (MGA) | MGAs]], [[Definition:Coverholder | coverholders]], and [[Definition:Surplus lines broker | surplus lines brokers]], among others. While each type of intermediary occupies a different position in the [[Definition:Distribution channel | distribution chain]], they share a common function: bridging the gap between risk and capital.<br /> <br /> 🔄 How an intermediary operates depends on the nature of its relationship with the parties involved. An [[Definition:Insurance agent | agent]] typically represents the insurer and sells that carrier&#039;s products, whereas a [[Definition:Insurance broker | broker]] represents the buyer and shops coverage across multiple carriers to find the best terms. An [[Definition:Managing general agent (MGA) | MGA]] goes further, wielding [[Definition:Delegated underwriting authority (DUA) | delegated underwriting authority]] that allows it to bind coverage, issue policies, and sometimes handle [[Definition:Claims management | claims]] on behalf of the insurer under a [[Definition:Binding authority agreement | binding authority agreement]]. Regardless of the specific role, intermediaries must hold appropriate [[Definition:Insurance license | licenses]] in the jurisdictions where they operate, and they owe duties of disclosure, competence, and — depending on the relationship — fiduciary care to the parties they serve.<br /> <br /> 💡 Intermediaries are the circulatory system of the [[Definition:Insurance market | insurance market]]. They provide access to specialized markets that buyers could not reach directly, offer advisory expertise on coverage structure and [[Definition:Risk management | risk management]], and handle the administrative complexity of [[Definition:Policy administration | policy placement and servicing]]. For carriers, intermediaries represent a variable-cost [[Definition:Distribution channel | distribution channel]] that extends market reach without the overhead of a direct salesforce. In recent years, [[Definition:Insurtech | insurtech]] platforms have begun reshaping intermediary functions — automating quoting, comparison, and binding processes — though the advisory and relationship dimensions of the role remain difficult to fully digitize, particularly for complex commercial and [[Definition:Specialty insurance | specialty]] lines.<br /> <br /> &#039;&#039;&#039;Related concepts&#039;&#039;&#039;<br /> {{Div col|colwidth=20em}}<br /> * [[Definition:Insurance broker]]<br /> * [[Definition:Insurance agent]]<br /> * [[Definition:Managing general agent (MGA)]]<br /> * [[Definition:Coverholder]]<br /> * [[Definition:Delegated underwriting authority (DUA)]]<br /> * [[Definition:Distribution channel]]<br /> {{Div col end}}</div>

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