Broker | Insurance Software development

What is the difference among Agency, Agent, Producer and Broker in the US insurance industry?

Author - Webner
5:06 am
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Agency and Agent:

An Insurance Agency sometimes called an insurance agent – is an individual or company authorized by a carrier (insurance provider or insurance company) to sell the insurer’s products in exchange for compensation. Agents are regulated by the laws of the state in which they work.

Agents act as representatives of insurance companies and may be captive or independent. A captive agent represents a single insurer. An independent agent represents multiple insurers. For example, Pacific Life in California is an independent agent. Western-Southern Life and New York Life are […]

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