What is a primary function of insurance brokerages?

Insurance brokerages primarily sell and advise on insurance products, which is their fundamental role in the financial services industry. Unlike agents who typically represent specific insurance companies, brokerages work with multiple insurers, allowing them to offer a broader selection of options to clients. This enables them to assess various policies and find coverage that best fits the client's needs, whether it be auto, health, life, or property insurance.

Understanding the dynamics of insurance brokerages helps clarify why other options do not align with their primary functions. Providing direct stock trading services is a characteristic of brokerage firms focused on investments rather than insurance. Offering only savings accounts pertains to banks or financial institutions rather than insurance brokerages. Operating solely online doesn't accurately represent the diverse business models present in insurance brokerage, as many operate through traditional brick-and-mortar offices or a combination of both online and physical presence.