Insurance broker vs agent in Singapore: who acts for you and how each is paid
By the TRS broking team24 Oct 20265 min read
The short answerAn agent represents one or more insurers and sells their products. A broker represents the client, compares cover across insurers and must be registered with MAS. Brokers are usually paid commission by the insurer, sometimes a fee from the client, and disclose how they are paid.
Who does each represent?
An agent acts for the insurer. A broker acts for the business buying insurance, which matters most when terms are negotiated and when a claim is disputed.
| Broker | Agent | |
|---|---|---|
| Acts for | The client | The insurer |
| Insurers offered | Several | One or a few |
| Regulation | Registered with MAS | Appointed by an insurer |
| Typical pay | Commission or fee, disclosed | Commission from the insurer |
When does a broker add the most?
When cover is complex, several insurers need comparing, or a claim needs arguing on the wording. Liability, construction, marine, cyber and employee benefits are typical examples.
Want this checked against your own policies?Talk to a broker
How to check a broker?
Confirm registration on the MAS register, ask which insurers they place with, and ask how they are paid.
Frequently asked questions
Does using a broker cost more?
Commission is usually already built into the premium. Ask the broker to disclose how it is paid.
Related cover
Sources
General information only, not advice on any particular policy. Cover depends on the policy wording and the insurer's terms.