Our Blog

Importance of Working with a Licensed Insurance Broker

insurance_broker_ male_in_meeting

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

  • Professional experience and recommendations
    • With the experience of a licensed insurance broker, you can be sure you are getting a plan that is right for you
  • Can be cost effective
    • Purchase the right amount of insurance for your needs, eliminating over or under insuring
  • Ease and convenience
    • A licensed insurance broker can offer you many options, in a one-stop-shop
  • Can save time
    • Let the broker present you with your options, no need to search and seek online or in offices
  • Provide you with better peace of mind
    • An opportunity to have your questions answered by a professional can help provide you with the Peace of Mind you need while travelling

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:

  • Advise you by using their professional experience and knowledge to recommend the appropriate policies and coverage to meet your insurance needs
  • Educate you on the various insurance products they are authorized to represent
  • Work in your best interests and advocate on your behalf
  • Answer your questions about insurance plans and insurance companies
  • Guide your through the insurance decision-making and buying process
  • Help you understand the claims process, should you need to make a claim
  • Service your policy to ensure it continues to meet your needs
    • Date changes, extensions, top-ups, etc.

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:

  • Pressure you into purchasing a policy you are not ready to or do not wish to purchase
  • Practice tied-selling
    • Making the sale of one insurance product conditional of another
  • Sell you unnecessary policies or coverages
  • Disclose your personal information to any third party (other than as required for the insurance process)
  • Sell insurance to you when they are not authorized or licensed to do so
    • Products sold by unauthorized/unlicensed agents may be considered void

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:
AB: http://public.abcouncil.ab.ca/agentsearch/agentlookupfrm.jsp
BC: http://www.insurancecouncilofbc.com/PublicWeb/SearchLicensee.aspx
MB: http://www.icm.mb.ca/agent-agency-search
NB: http://www1.gnb.ca/jims/search.aspx
NS: https://w5p1.gov.ns.ca/insurance/agent-search.jsp
ON: https://www5.fsco.gov.on.ca/alias2a/agents.aspx
PE: http://www.gov.pe.ca/insurance_agent_search/index.php
SK: https://www.skcouncil.sk.ca/search
Tips for Finding a Licensed Broker:

  • Ask Your Insurance Broker
    • Many insurance brokers carry a variety insurance products. Next time you plan to travel outside of your province or territory, ask your current insurance broker if he/she can help you find a travel insurance plan to suit your needs.
  • Ask Friends and Family for Recommendations
    • Most likely some of your friends or family members have purchased travel insurance before. Ask them about their experience and would they recommend the broker to you.
  • Call Travelance
    • A Travelance representative can help you find a licensed insurance broker in your area

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

Comments (4)

4 Replies to “Importance of Working with a Licensed Insurance Broker”

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Us

Phone: 1-855-566-8555

Email: info@travelance.ca

126 Catharine St. N., Hamilton, ON L8R 1J4 Canada

Follow Us On

Facebook-Travelance LinkedIn-Travelance Feed-Travelance