Choice. Advice. Advocacy.
How consumers buy every-day products is changing rapidly, but there's one thing that you can still count on: There's an insurance broker in your community who's there for you providing the right insurance coverage, trustworthy advice and service in the event of a claim or change that affects your policy.
The services an insurance broker performs
The broker advantage
You can expect a fair transaction
When things don't go as expected
Identifying an IBABC-member broker
The services an insurance broker performs
A broker's services don't end with the sale of the policy; they start there. These services include:
- Pre-sale due diligence that includes assessing needs, obtaining quotes. Depending on the property being insured, this might include performing an insurance valuation, taking photographs or obtaining an inspection report
- Explaining terms, conditions and premium changes; this might include comparing the coverage offered by two or more insurers
- Making recommendations on the best coverage in an unbiased manner, and providing decision time and space
- Providing information on how to manage or reduce risks
- Providing administrative follow-up, such as mortgagee changes, certificates of insurance
- Providing advice and revisions at policy renewal or mid-term if required; this could involve amending policies as a result of material changes, such as a move or the sale of an asset
- Being available to answer questions. The vast majority of brokerages are well established in the community and insurance is their primary business
- Ensuring claims are fairly handled; brokers make a positive difference to the insured's payout from the insurer in a substantial number of claims
- Heading off potential claims or coverage problems by being hands-on with the customer
THE BROKER ADVANTAGE
Your insurance broker is one of your key advisors, along with your accountant, lawyer and banker. Your insurance broker is licensed and meets ongoing educational requirements to maintain that licence, assuring you of expert, unbiased advice. Whether it's finding the best coverage at the best price or negotiating your next claim, your local insurance broker helps you protect your family, your possessions and your business.
Choice
Brokers assess the needs of the community and forge relationships with the insurance companies whose products are best suited, enabling them to match their customers' needs to available coverage options.
Advice
Just as with your other key advisors, you'll get the best advice and service if you develop a relationship with your insurance broker. By getting to know you, your broker can help adapt your coverage as your family grows or your business evolves.
Flexibility
Most people prefer to have a face-to-face conversation with a broker to discuss coverage, at least at the outset. For most of your dealings with a broker, you can communicate in the ways you are most comfortable or that fit into your busy life, such as email or telephone.
Trust
Insurance brokers work to a principle of utmost good faith. Your insurance broker puts your interests first, before those of the insurance company. Buying from a broker means you can buy with confidence knowing that the recommended coverage is right for your needs.
Advocacy
Your insurance broker is your advocate if you make a claim to ensure the insurance company acts promptly and fairly. When you have to make a claim that's when you learn the true value of having a local insurance broker who is nearby. The disappointment of a refused claim lasts much longer than the satisfaction of initially "saving" a few dollars.
Knowledge
Being local and committed to your community, your insurance broker can help you reduce your risk and exposure by providing information about local road safety, home security, emergency preparedness, and other issues specific to where you live and work. Brokers act as a local resource centre for safety information and crime prevention. Brokers are part of your community's emergency response team. They will be among the first to respond to your needs in the event of a catastrophe in our community. By getting the best insurance - you're investing in your own community.
You can expect a fair transaction
Insurance protects your most important assets and makes it possible for you to obtain credit, free up capital and create wealth. Property and casualty (P&C) insurance brokers take their role in protecting people's assets very seriously.
When you buy P&C insurance you can expect to receive a fair transaction based on these principles:
- Your interests come first, before the interests of P&C insurance brokers and the companies they represent.
- You should expect to have your P&C insurance needs assessed by that individual and, when he or she makes a recommendation, to be offered products that meet your needs.
- You should expect a P&C broker to enable your purchasing decision to be based solely on the attributes of the insurance product or service being offered, including the value of the services of the P&C broker.
- You should expect your instructions to be carried out faithfully. Your P&C broker must not transact business which is unlawful.
- You should expect your transactions to be handled with professionalism by a qualified P&C broker. If you have any doubts you may inquire about the P&C broker's qualifications or conduct with the appropriate regulatory body. In B.C., the Insurance Council of B.C. has the government mandate to regulate and govern the insurance brokerage industry. For information go to www.insurancecouncilofbc.com.
- You should expect to have your personal information safeguarded and only used for the purpose for which it was originally collected, unless you have given permission for it to be used for other reasons. Your personal information may be divulged without your consent to law enforcement agencies when required or authorized by law.
- You should expect to be informed if he or she has a conflict of interest, and you should be given the opportunity to halt further dealings with him or her.
- You are entitled to receive all relevant information before making a decision about a financial product. This includes product features, risks and benefits, and the company involved.
- You should expect to have any complaints dealt with in a timely and forthright manner. In the event that a dispute with an insurance industry practitioner cannot be resolved, you should be given information about available avenues for resolving your complaint.
wHEN THINGS DON'T GO AS EXPECTED
In your dealings with a P&C insurance broker, you should always seek further information if you do not feel comfortable with your level of understanding of products or services that you are purchasing. Asking questions will help you avoid any potential misunderstandings regarding the information that is being presented to you.
Occasionally a misunderstanding or failed expectation can occur. In that event, first let the manager at the brokerage know about your problem. In many cases it may have been due to a lack of communication and can be easily rectified. Give the brokerage manager the opportunity to correct the problem.
Next, there are a number of organizations that can assist you, depending on the nature of the problem:
Identifying an IBABC-member broker
This information is brought to you by the members of the Insurance Brokers Association of B.C. To find an IBABC-member broker near you, click here.
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