“No”. Over the past few years, insurance companies have taken partial or complete ownership of some brokerages.
Technically, “yes”, provided the brokerage represents more than one insurance company and is licenced as a broker, it remains a broker. But several things happen when independence is removed: firstly, the brokerage may tend to rely on the insurance company owner for most of its insurance policies, and secondly, other insurance companies contracted with that broker may terminate the broker’s contract, leaving clients with less choice.
Disclosure rules require brokerages to tell you if an insurance company owns any part of their business, but they will only tell you if you ask! So, be informed and ask the question, “Does any insurance company have any ownership in your brokerage?”
Yes. At isure.ca we believe to offer the consumer the full benefit of the brokerage system, the brokerage must be completely independent of the insurance companies it represents.
The answer is “NO”. While many of the direct insurance companies would want you to believe they are, the fact is insurance is a very complex product. Premiums will vary by postal code; make, model or year of the vehicle; age of drivers; driving history and experience; just to name a few. Premiums charged are greatly influenced by the amount of claims an insurance company pays out to policies holders across the province and country. At isure, we compare rates offered from our extensive list of insurance companies to find the best solution for you.
Insurance brokerages and individual brokers are regulated by the Registered Insurance Brokers of Ontario.
The Registered Brokers of Ontario (RIBO) is the governing body of insurance brokers and brokerages in Ontario. RIBO sets all standards for licensing, continuing education, and professional conduct. To learn more about RIBO, please visit their website www.ribo.com.
RIB (Ont) stands for “Registered Insurance Brokers in Ontario”. Individual brokers meeting the Registered Insurance Brokers of Ontario licensing requirements exclusively use the designation.
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As an insurance broker, isure.ca (through its parent company Belpac Capri Insurance Brokers Ltd.) is contracted with many of the largest insurance companies in Canada. When premiums, or your situation change (for example: moving to a new area, or changing cars, or getting tickets to name a few), isure can offer different insurance companies and the advice to address your needs.
Insurance Broker, Insurance Agent, Direct Insurance Company — What’s the difference?
Many people confuse brokers, agents and direct insurance companies. The basic difference between them is choice and independence.
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| direct insurance companies |
NO |
NO |
| insurance agents |
NO |
YES* |
| isure — simply the better broker |
YES |
YES |
| * This may not always be the case. Be an informed consumer and ask! |
Direct Insurance Companies — No Choice. No Independence.
Direct insurance companies offer policies directly to the consumer. They operate call centers (some outside of Canada) offering only their products. Call centers employees are not required to be licenced through the Registered Insurance Brokers of Ontario. Direct insurance companies offer the consumer no choice and no independence.
Insurance Agent Companies — No Choice. Some Independence.
Agents often work for independent insurance agencies contracted to only one insurance company. While their businesses are often independent, they offer the consumer no choice. Agents are not licenced through the Registered Insurance Brokers of Ontario.
Insurance Brokers — Choice and Independence
Brokers are the consumers’ only option offering independence and choice. Insurance brokerages are (typically) independently owned, offering insurance policies through insurance companies with whom they are contracted. Quality brokerages offer the choice of multiple insurance companies to clients. All insurance brokers are licenced through the Registered Insurance Brokers of Ontario.
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