Functional roles of the insurance broker in the agricultural insurance market

Abstract

In modern conditions, the agricultural sector is one of the most risky branches of economy. Every year, farmers face significant losses due to various natural disasters, diseases and other factors that negatively affect their productivity. That is why insurance has become one of the most important tools that help farmers reduce their risks and maintain stability in the industry. However, in order for the insurance to be effective, it is necessary to choose the right insurance product and the company that provides such services. This is where insurance brokers come to the rescue, having the necessary knowledge and experience to help clients find the best solutions. One of the main functional roles of an insurance broker in the agricultural insurance market is to help clients choose an insurance product. Brokers must be familiar with all types of insurance that exist in the market and have an understanding of their advantages and disadvantages. They must be ready to provide clients with professional advice and recommendations on choosing the optimal insurance product, taking into account the specifics of business and the risks that may arise. In addition, insurance brokers play an important role in interaction with insurance companies. They should have a good relationship with the leading insurance companies and be aware of their offers and terms. This allows brokers to find the best conditions for their clients and negotiate optimal insurance conditions. Also, insurance brokers provide their clients with professional support and consulting throughout the entire insurance period. They help with the preparation of documents, conduct negotiations with insurers, ensure compliance with the terms of the insurance contract, help resolve disputes and other problems. In addition, insurance brokers play an important role in improving the agricultural insurance system as a whole. They provide insurance companies with feedback on customer reactions to insurance products and conditions, which allows them to improve and adapt them to customer needs. So, we can conclude that insurance brokers play an important role in the agricultural insurance market. They help clients find the best insurance products, provide them with professional support and advice, and contribute to the improvement of the insurance system as a whole. Therefore, choosing an insurance broker in the agricultural insurance market is an important step for farmers and other participants in this industry.

The impact of digital technologies on agricultural insurance

“…According to [17], for the development of agricultural insurance, the creation of a selfregulating reinsurance insurance company with state support is required, which would reinsure the risks associated with agricultural insurance.…”