What is an Insurance "Broker" and what value does one provide?

An insurance “broker” partners with a variety of insurance carriers, and serves as an independent advisor for its clients. Brokers are able to provide a range of coverage and pricing options, as well as unbiased carrier recommendations. Many insurance carriers partner with brokers as an effective means of distributing their insurance products to consumers. Carriers pay a percentage of each policy premium to brokers as a commission for their services. Thus, most brokers do not charge fees to clients, as they are compensated by their carrier partners. A broker differs from an insurance “agent”, as an agent typically represents one carrier (i.e. as opposed to multiple). Similar to an agent, a broker serves its clients as a primary point of contact for policy servicing, coverage questions, claims, etc., over the course of each policy term.