Insurance brokers work for their customers. conduct of insurance brokers needs to be such that they always on customer side. Insurance brokers are regulated by RIBO.

A conflict of interest occurs when an individual or organization has multiple interests or obligations, and serving one of those interests could potentially work against or compromise the integrity of another. In simpler terms, it is a situation where personal, financial, or professional considerations may interfere with a person’s duty to act in the best interest of another party—such as a client, employer, or the public.

In the insurance industry, particularly for insurance brokers, the concept of conflict of interest holds significant importance. Brokers are expected to work on behalf of the client to secure the best insurance coverage at the most competitive price. However, if the broker stands to gain more by recommending one insurer over another (for reasons not aligned with the client’s best interest), a potential conflict of interest arises.

Aaxel insurance is an independent insurance brokerage and have no conflict of interest.