Insurance brokers warn clients

HARARE - The Insurance Brokers Association of Zimbabwe (Ibaz) has warned prospective clients to shun sole agents who do not guarantee unbiased and professional expertise that secures the best coverage for their needs at the best price.

In a notice yesterday, the fraternity of players in the insurance broking sector said Ibaz members adhere to the insurance brokers’ code of practice and were the safest bet for those seeking to get their property insured.

The Ibaz code sets out the minimum service standards one can expect when they engage an insurance broker.

“Unlike insurance agents such as Banc assurance and sole agents who represent the insurers, Ibaz members will stand for the client in the event of a claim. While Banc assurance as well as sole agents are heavily compromised since they deal with only one insurer, Ibaz members are independent and they deal with the entire market selecting the best insurer for you. Conditional selling being practiced by some banks goes against consumer rights to choice,” the insurance brokers said in a statement.

“Members of the public are therefore encouraged to use Ibaz members when taking out insurance as this will guarantee them unbiased, professional expertise that secures the best coverage for their particular needs at the best price.”

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