Chain of industry
The field of insurance is quite complicated. There are so many companies, which are active in this area. W.A. Hienfeld, for instance, is an underwriting agency. This is completely different from an insurance agent. To gain a clear understanding as to the activities of the different parties, involved in an insurance transaction, we will explain the industry's chain of responsibilities.
The parties concerned
Reinsurance company
The company, where insurance companies may reinsure themselves for (a part of) risks they effect.
Reinsurance broker
The international operating professional advisor of insurance companies, who advises and mediates in effecting reinsurances with reinsurance companies.
Insurance company
The company, who bears the risk of the insurance.
Underwriting agency
The insurance specialist, who accepts independent standard and custom made insurances for one or several insurance companies, of which he has a power of attorney. He also is authorised to handle claims. W.A Hienfeld is, among other things, the specialist for group accident and group business travel and for all fine art insurances.
Insurer
The insurance company or underwriter (who offers the insurances).
Insurance broker
The professional advisor of the policyholder, who makes an inventory of the risks, analyses and gives advice about insuring the risks and who mediates, under the instructions of the policyholder, in effecting the insurances with insurers. For large and heavy risks he has access to the insurance bourse to conclude insurances on a co-insurance basis.
Co-insurance means: a type of insurance, of which a large and/or heavy risk is divided among several insurers on the insurance policy. Every insurer participates with a certain percentage of the risk and the broker arranges a 100% coverage.
Insurance agent or advisor
The professional advisor of the policy holder, who makes an inventory of the risks, analyses and gives advice about insuring the risks and who mediates, under the instructions of the policyholder, in effecting the insurances with insurers.
Policyholder (or insured person)
The (legal) person, who enters into the insurance contract with the insurer (the client).