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AFSL 222640 · Global Mutual Funds Pty Ltd

What Insurance Brokers Do

An insurance broker analyses a client's risk exposure and sources appropriate insurance solutions from a panel of insurers. Their services typically include:

Risk assessment and identification of insurance needs
Comparison of policies across multiple insurers for coverage and value
Placement of general insurance (business, property, liability, motor, travel)
Life and personal risk insurance advice and placement
Policy renewal management and annual reviews
Claims advocacy and lodgement assistance
Certificate of currency management for business clients
Specialist cover sourcing (cyber, professional indemnity, directors' & officers')
Policy wording analysis and gap identification

How an Insurance Broker Can Help

Engaging an insurance broker may assist in several ways:

1
Accessing a broader range of products than purchasing directly from a single insurer
2
Receiving independent advice not tied to any one insurance company
3
Saving time by having a professional compare multiple policies and quotes
4
Identifying gaps in existing coverage that could leave individuals or businesses exposed
5
Having professional advocacy during the claims process
6
Navigating complex policy wordings and exclusions
7
Accessing wholesale or broker-only insurance products not available to the general public

Regulatory Framework

Insurance brokers must operate under an Australian Financial Services Licence (AFSL) or as an authorised representative of a licensee. They must meet ASIC Regulatory Guide 146 (RG 146) training and competency standards, maintain financial solvency, and comply with the Corporations Act 2001. From July 2025, new informed consent obligations require brokers to disclose commission rates and obtain documented client consent before receiving commissions from insurers.

Key Regulatory & Oversight Bodies

ASIC

Australian Securities and Investments Commission

ASIC regulates insurance brokers under the Corporations Act 2001. Brokers must operate under an AFSL and comply with training standards (RG 146), disclosure obligations, and informed consent requirements for commissions.

AFCA

Australian Financial Complaints Authority

AFCA handles complaints about insurance brokers and insurers. It provides free, independent dispute resolution for consumers and small businesses.

Key Qualifications & Requirements

Operating under an AFSL (as licensee or authorised representative)
Compliant with ASIC RG 146 training standards
Meeting ongoing CPD requirements
Member of AFCA for external dispute resolution
Maintaining professional indemnity insurance
Compliant with informed consent obligations (from July 2025)
Holding premiums in designated trust accounts where required

Why You May Need to Consider a Insurance Broker

There are a number of life events and circumstances where engaging a insurance broker may be worth considering. The following are common scenarios — this is not an exhaustive list and is provided for general information only.

Starting or growing a business

Business insurance needs can be complex — public liability, professional indemnity, workers' compensation, and business interruption cover may all be required.

Purchasing property

Home and contents insurance, landlord insurance, and strata cover involve significant policy variations across insurers.

Reviewing existing coverage

Circumstances change — an annual review with a broker can identify gaps or opportunities to reduce premiums without sacrificing protection.

Complex risk profiles

Businesses with unusual risks (e.g., cyber exposure, event liability, professional services) benefit from specialist broker knowledge.

After a claim

A broker can advocate during the claims process and help navigate disputes with insurers.

Where to Find an Insurance Broker

Locate a licensed insurance broker through these channels:

National Insurance Brokers Association (NIBA) — niba.com.au provides a "Find a Broker" tool
ASIC's professional registers — verify AFSL status and authorisations
MyMoney® Marketplace — post a brief describing insurance needs and receive proposals from verified brokers
Industry associations and business networks

Related Verticals

Financial and professional services are interconnected. Depending on the situation, it may be worth exploring these related service areas:

Important Notice & Disclaimer

The information above is general in nature and does not take into account individual objectives, financial situations, or needs. It is not personal financial advice or a recommendation of any particular insurance product. Before making insurance decisions, consider whether the information is appropriate for the circumstances and consider obtaining advice from a licensed insurance broker.

The final decision about engaging any professional service provider rests with you. MyMoney® Marketplace facilitates connections between consumers and verified service providers — it does not provide personal advice or endorse any individual provider.

General advice only — does not take into account your personal objectives, financial situation or needs. Consider whether the information is appropriate before acting on it.

MyMoney® Marketplace is operated by Global Mutual Funds Pty Ltd (ABN 20 090 555 436, AFSL 222640). For more information, please read our Financial Services Guide.

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