Insurance boils down to one thing – Trust. Without it, the contracts are not worth the paper they are printed on. We want to peel back the onion on whom you should place your trust. When we look at the word “trust,” we see strong characteristics such as: loyalty, honesty, protection, certainty, faith, reliability, and transparency.
With the constant changes in technology, business and culture; it is important to find a company or business that you align with and can build a strong relationship with. Online trust can be found in different ways, through Google reviews, testimonials, referrals, word of mouth, branding, social media, location or good old fashioned – personal relationships.
“What does this have to do with a broker vs a direct writer?”
When you’re dealing with an insurance “broker,” you are dealing with a person or business that handles multiple insurance markets on your behalf. Our job is to take your policy requirements to market and shop it around until we find a market to fit your needs. Price, Coverage and Reputation are important factors when distinguishing which company we advise you to write with. At the end of the day, our job is to represent the best interests of you – our client.
A direct writer (“Agent”) handles the sales process, the underwriting and the claims process entirely. This is found commonly with banks (TD) or direct insurers (Bel-air, Sonnet, etc). These direct writers offer their own products and services, at a price they dictate, and then support those products with their own claims service. While this may not seem much different, they do all in fact work for the same company. The loyalty of the salesman and the claims adjuster are in alignment – with their employer.
“How do we know you aren’t “aligned” with an insurance company?”
We are held accountable by the insurance act, code of conduct and insurance by-laws along with ethical obligations that come with our insurance designations. This means not only do we need to disclose any and all facts of the risk to the insurer as they are entiteled to all information relevant to the risk. We are required to inform you of any information that you may need to be properly informed on your claim and coverage. If there’s a discrepancy between you and the insurance company on an interpretation of wording or claim, our job is to fight for the rights of our client and advise you on what your next steps should be. We are in YOUR corner. Our loyalty is with YOU.
At Mello Insurance, our insurance brokers are here to help support you. We are not tied to one insurance company and therefore we have your best interests at heart. If you are having problems with your insurance claim and feel like there is unfair treatment, we are there to help. We will help interpret the insurance wordings and provide the expertise needed to know what is or is not covered on your policy. We understand the friction and frustration when it comes to big corporations and the red-tape involved when buying insurance and filing an insurance claim. We are here to help you fight against the insurance “loopholes” that plague our industry. Therefore, we partner with reputable companies who provide customers with the best coverage at the best price and if they fall short of that, we are here to help keep them accountable.
This circles back to trust and transparency. Who do you want in your corner when devastation strikes? A broker who fights for you or a direct writer fighting for itself? We may be biased as a broker, but if you’re insured with a direct writer, it is worth raising the question.