Independent fee-based advice: focus on insurance advisors

 

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At the Federal Association of Insurance Consultants e. V., there are currently almost 280 insurance advisors registered. In an interview with finanzen.de Stefan Albers, president of the professional representation, explains what services the insurance consultants offer and what costs consumers have
 
 
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Neutral insurance advice on a fee basis

If you are looking for the advice of an independent specialist in insurance matters, you can contact an insurance advisor. Nationwide, there are currently about 280 professionals who offer insurance advice on a fee basis. Above all, they differ from other insurance experts, such as insurance agents or insurance brokers, in one important aspect: the customer has to pay for their advice. He can expect a neutral council for that.

Independent advisor on insurance issues

The consultation of an insurance advisor can be useful both before and after the conclusion of insurance contracts, says Stefan Albers of the Federal Association of Insurance Advisors e. V. (BVVB). In an interview with finanzen.de, the president of the professional representation of insurance advisors recommends consulting before concluding a contract. Thus, “possibly insufficient or uneconomic contracts” can be avoided, so Albers. For what distinguishes the insurance advisor: He must in no way be in financial or economic dependence on companies or persons in which fees or commissions are paid in the insurance brokerage.

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“Insurance consulting is legal advice”

Due to its independence, the insurance consultant can look after and represent his client vis-à-vis the insurance industry – in the exclusive interest of the client, explains Albers. The specialist can assist in the agreement, amendment and review of insurance contracts. In addition, he may provide legal advice, if it is in the insurance case to the perception of claims under a contract. “Insurance consulting is legal advice,” says Albers. However: “The insurance advisor may only act out of court. In legal action, he supports the relevant lawyer with expert opinions. “

How to recognize an insurance advisor?

An insurance advisor must have taken at least the exam as an insurance specialist (BWV). “However, this admission requirement is far from sufficient in practice for providing legal advice,” explains Albers. Insurance advisers require a license from the relevant Chamber of Commerce and Industry for their advisory activities in accordance with § 34e (1) of the Industrial Code. For example, those interested in consulting can find out in the imprint of a provider or on their business card whether the expert is an independent and neutral advisor. In addition, insurance advisors are characterized by their affiliation to the BVVB, so Albers. These result in certain professional duties for the insurance advisor, which largely correspond to the regulations on the practice of the profession and the professional duties of lawyers.

What is the cost of insurance advice?

Legislators require insurance advisers not to receive commission from insurance companies. The advice is therefore for a fee, which the customer must pay. “The fee is calculated in line with the lawyers’ remuneration law often after hourly rates in the amount of gross about 150 euros per hour,” says Albers. Incidentally, the insurance consultant can be held liable for any wrong advice. For this reason, the BVVB members must adequately insure themselves against the liability risks arising from their employment. According to Albers, the experts have to protect themselves in terms of liability for a wrong advice with a sum insured of 1,230,000 euros for each insured event and 1,850,000 euros for all insured events of a year.