Activities of insurance agents and brokers

NACE code 66.22 covers the activities of insurance agents and brokers, a crucial component of the insurance industry. These professionals play a vital role in connecting insurance providers with individuals and businesses seeking coverage for various risks. As intermediaries, they help assess client needs, recommend suitable insurance products, and facilitate the purchase and management of policies. The activities under this NACE code contribute to the efficient functioning of the broader financial services sector and the overall economy by ensuring adequate risk management and protection for a wide range of stakeholders.

Insurance agents and brokers typically follow a standardized process when assisting clients. This involves conducting thorough needs assessments, researching and comparing available insurance products, and providing recommendations based on the client's specific requirements. They also handle the application and underwriting process, ensuring that all necessary documentation is completed and submitted to the insurance provider. Ongoing customer service, policy management, and claims assistance are other key responsibilities of insurance agents and brokers.

The primary inputs required for the activities covered under NACE code 66.22 include a deep understanding of the insurance industry, relevant regulations, and client needs. Insurance agents and brokers must possess strong interpersonal and communication skills, as well as the ability to analyze complex financial information and risk profiles. Access to up-to-date information on insurance products, pricing, and market trends is also essential for providing comprehensive and tailored advice to clients.

The main output of the activities under NACE code 66.22 is the successful placement and management of insurance policies on behalf of clients. These policies can cover a wide range of risks, including life, health, property, liability, and more. The output of this industry is consumed by 65.11 Life insurance and 65.12 Non-life insurance, as well as by individual and business clients seeking insurance coverage.