Why Should I Use an Insurance Broker? – Part 3

Jul 30, 2014
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Why Should I Use an Insurance Broker? – Part 3
In our previous post, we asked this question:
How many companies in Canada offer their own variety of insurance coverage?
Answer: 
There are over 200 companies providing insurance in Canada, each offering their unique coverage options to consumers. How much time do you really want to spend getting to know all the facets of each company’s offerings? As we mentioned in our previous post, you don’t want to be an insurance broker, but we do! And knowing the ins and outs of all the different companies is our job. There are only so many hours in a day—why spend time researching insurance when you could be spending it with your family or doing something you love?
Did you know the answer?
Now for this post’s question!
True or False: Insurance brokers are provincially regulated.
Check back for the answer in our next post!
In our previous two posts, we discussed a few of the reasons why it’s beneficial for you to choose working with an insurance broker over going directly to an insurance provider and trying to navigate the tricky waters of insurance yourself.
Yes, we’re biased—we’re an insurance brokerage, after all—but we’ve been brokering insurance in Kitchener-Waterloo for over 140 years now, so we’d like to think we know what we’re talking about! We’ve survived two financial depressions and two major world wars, and we believe it’s because of our dedication to providing the best service to the people of our community.
Because ultimately, that’s what being an insurance broker is all about. We’re here to help the people who come to us for insurance—we put people first, because by definition, being an insurance broker means working for the client. Not for an insurance company!
We’re advocates for the interests of those we serve. But perhaps you’re thinking, “why can’t I just call the insurance company myself?”
Well, technically you can pick up a phone and dial a number, but the majority of insurers are not licensed and cannot advise customers—they’ll just redirect you to a broker if you ask for advice or help. Moreover, insurance brokers have a special advantage in this area.
Let’s talk about it as we move forward with our series on why it’s beneficial to have an insurance broker on your side.
6) Do you truly have any clout with your insurance company?
Clout means the power to pull or influence a situation, someone, or something. Consider the implication here: Influence over an insurance company. Can you honestly say that you, the client, have that kind of direct influence over your insurance provider?
You are a loyal customer. You’ve been paying thousands of dollars every year in premiums. By virtue of those two facts, you’d assume that you’re important in the eyes of your insurance company, right? Unfortunately, that’s not always the case. In the insurance industry, money talks—the more business you have placed with them, the more they pay attention. Consider how hard it was for you or someone you know to get a claim dealt with the last time you or they made one.
Now consider that an insurance broker sometimes places several million dollars worth of business with an insurance provider, on behalf of multiple clients. With that kind of business all coming from one place—the brokerage—an insurance provider is much more likely to sit up and take notice.
Suddenly, they become much more concerned about our opinion of their service. We’re considered the “big customer,” someone they don’t want to upset. After all, we have options, and if they upset us? We’ll take our clients and their millions worth of business elsewhere. That’s how we are able to fight for you and work on your behalf—the weight we can put behind each and every client we represent gives us the kind of clout an independent individual simply can’t have.
And when it comes to your clout with us? Well, we understand just how hard it is to win the confidence of a new customer. The best advertisement for us is a loyal, satisfied, long-term client… and that’s all the encouragement we need to do our best for you.
7) How do I know I’m getting the best bang for my insurance buck?
We work for you. We have your best interests at heart! That means we’re constantly comparing rates, especially when we notice that circumstances change—for you, or within the industry. We believe in open communication with each and every client, so you can request a quote at any time and ask as many questions as you need to.
It’s our job to keep a close eye on price and coverage for over 12 of the major insurers in Ontario. That ensures that you get the best value for your needs.
That’s our job—that’s what we’re here for!
It’s this kind of dedication to value and service that drives us forward. It’s what motivates us to do the best work at our job, so that you can have the freedom and peace of mind to do yours.
Still have questions about insurance brokers and how using an insurance broker can work for you? We’re happy to take your call at any time! We’re here to work for you, and that includes providing you with assurance before you ever commit to using a broker. Allow us to ease your mind—give us a call today.

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