Importance of Working with a Licensed Insurance Broker
You’ve realized you need travel insurance, now what? How do you go about finding the right insurance plan to meet your needs? Many insurance seekers turn to the Internet to get started. The internet can be an excellent resource, however, online searches can return an overwhelming amount of insurance information.
Alternatively, you can ask a friend which insurance plan they purchased for their last trip, but how will you know if the insurance plan they purchased meets your needs? With countless travel insurance products on the market, how do you decide which one is right for you?
Working with a licensed insurance broker may be the answer you are looking for!
Benefits of Working with a Licensed Insurance Broker
What is the Role of a Licensed Travel Insurance Broker?
The role of a licensed insurance broker is to help you to understand the various products available and to find the right fit for you.
Your insurance broker will:
Collecting Personal Information
In order to find the right policy for you, the broker may need to collect and record your personal information. It is the broker’s responsibility to ensure your personal information is kept safe, private, and confidential. Your personal information can only be used for the purposes disclosed by your broker, to suggest and place insurance for you.
Your Broker Should Never:
There are some things your insurance broker should never do:
How Can I Confirm My Broker’s Qualifications?
Before working with an insurance broker, you can confirm your broker’s qualifications in most (but not all) provinces and territories by visiting your province’s insurance council’s website (listed below). These sites have a function which allows you to search for your broker’s (or insurance brokerage’s) license. If you are not able to search for your broker’s credentials online, you can contact your insurance council directly for confirmation of your broker’s active license.
The Canadian insurance industry is provincially regulated. Insurance Acts in each province are based on the Uniform Insurance Act, a federal body of legislation. Canadian insurance companies are either federally or provincially chartered, with the differences from province to province being minor.
You can also do a further search online, through websites such as LinkedIn to confirm their professional history. If you are not satisfied with what you find online, you can also ask your broker for references.
For further information about your province’s insurance acts and to search for licenses, visit their website:
Tips for Finding a Licensed Broker:
For more information about Travelance travel insurance plans or to find a licensed travel insurance broker in your area, call 1-855-566-8555.
Last updated: June 30, 2017