What is a broker's primary role in insurance?

The primary role of a broker in the insurance industry is to represent the insured, which is correctly identified in the selected answer. Brokers act as intermediaries between clients who are seeking insurance coverage and the insurance companies that provide this coverage. Their main responsibility is to find the most suitable insurance policies that meet the needs of their clients.

Unlike agents, who typically represent one or more insurance companies and work primarily for the insurers, brokers focus on serving the interests of the insured. They analyze the market, assess the client's specific insurance needs, and provide counsel on the various options available. This allows brokers to advocate for their clients in negotiations with insurers, ensuring they receive favorable terms and coverage.

In contrast, developing pricing strategies, representing the insurer, and underwriting policies are roles typically associated with insurers and their agents rather than brokers. By focusing on the needs of the insured, brokers play a crucial role in the insurance process, helping clients navigate complex insurance products and make informed decisions.