Posted in Finance, Accounting and Economics Terms, Total Reads: 303
Definition: Brokerage Department
Brokerage department is a terms used to define employees in an organization who have to acquire customers for their companies insurance policies. Depending upon the requirements of the customers, the brokerage department has to provide customized solutions which the customers can take.
For acquiring customers, the brokerage department has to provide multiple solutions, different types of insurances, investment options etc which would be beneficial for a customer to take. The main objective of the brokerage department is to carefully understand the individuals requirements, do a thorough research, give them multiple options and then start their policies.
Many a times the brokers do not take salaries or wages. Depending upon the type of insurances sold to customers, they charge a certain amount of fee for their service as a commission.