Sep 11, 2013 | News
Residents of Atlantic Canada are being urged to review their home insurance policies ahead of what is expected to be a challenging storm season.
The Insurance Bureau of Canada says homeowners should review their insurance policies before storms hit so they know what they are—and aren’t—covered for.
Amanda Dean, the Atlantic vice-president of the IBC, told the St. John’s Telegram newspaper that the bureau — the national trade association for home, car and business insurers — commissioned a report last year that suggests severe weather events will get steadily worse during the next 40 years.
“For the Atlantic region, including Newfoundland and Labrador, that means more hurricanes,” she said. “And if some of the predictions we’ve been hearing, certainly from meteorologists… this is going to be quite the hurricane season coming upon us this fall. We want to talk a bit about what consumers can do in advance of having to put in such a claim, so things you can do, knowing what you’re covered for, knowing your home insurance policy.”
Insurance brokers and agents are trained to walk people through their policy, Dean said. And it is important to know what your policy covers.
Dean used the example of sewage backups as something that’s covered by some policies, but not by others.
“Heavy amounts of rain can fall in a short period of time,” she said. “That overwhelms any system, and sewage and other waste water can back up into homes through the drains in the floors, the toilets, the sinks.”
Dean said it isn’t about encouraging people to buy more insurance, but about making sure they have coverage that fits their needs.
“It’s your possession. Let’s be honest: buying a home is probably the most expensive investment that we’re going to make in our lives,” she said. “Some folks, if you’ve had the mortgage paid off for years and you don’t have insurance, just think of what could happen financially. You could potentially be ruined during a hurricane. A tree limb tears off, comes through your roof and causes an extensive amount of damage. Where are you going to get the money from to repair that home?”
Since insurance is essentially a pool of money that might have many people drawing from it, said Dean, it’s in everyone’s interests to try to keep claims down so it’s there when it’s needed in times of major disasters, such as 2010’s hurricane Igor or the recent Alberta floods.
For more information about home insurance, contact your local licensed insurance agent or broker.
Insurance agents in Canada are continually upgrading their knowledge, with continuing education training for insurance agents being mandatory in most provinces, and they are your best source for insurance information.
Sep 9, 2013 | News
ILScorp has added two
new courses for BC insurance agents looking to enhance their Autoplan knowledge. “Introduction to BC Autoplan Insurance”
provides new orientation training for those wanting to learn more about ICBC’s Autoplan insurance in BC, while “ICBC Autoplan Coverages and Exclusions” provides in-depth insurance training on ICBC’s Autoplan insurance coverage and exclusions.
The material in the introductory course is tailored for beginners to the industry, while the Coverages and Exclusions course reviews more details about ICBC’s Autoplan. Both courses review: ICBC Autoplan coverages and exclusions; Accident benefits; Underinsured Motorist Protection; Hit-and-Run & UMP; Third-party liability; what ICBC covers and more.
As always with ILScorp insurance training courses, the emphasis is on providing high quality information. The information gathered for both courses been supplemented, in part, by a variety of insurance sources including:
ICBC; the BC Ministry of Finance;
Insurance Bureau of Canada; and the laws and regulations for BC’s auto industry.
Both courses are offered fully online in an interactive format, complete with pre-course knowledge assessment, and a post course exam. Each course should take about one hour to complete, and offers one continuing education credit hour.
Sep 6, 2013 | News
A recent poll from TD Insurance reveals that although 89% of Canadians feel they are ‘somewhat’ or ‘extremely’ likely to know what to do following an auto accident, only 31% know the exact steps to take. In a real-life situation, how prepared would you be to deal with an accident safely and efficiently?
“Fender benders resulting from drivers making sudden stops in intersections, or pulling out of a parking spot without checking first happen every day, so it’s important to be prepared and know what steps to take afterwards,” says Dave Minor, a vice president at TD Insurance. “The actions you take after a minor accident can affect your insurance coverage, so be sure to review the steps with your insurance provider when you renew your policy each year.”
Minor offers the following tips to drivers:
- Keep calm – Being in an accident is stressful, but try not to panic or make rash decisions. Don’t accept money or admit fault for the collision, and don’t agree to just forget about it. Most drivers (87%) say they know not to accept money or accept fault, as this can affect the coverage their insurance company will provide for the incident.
- Safety first – Check to make sure everyone involved is safe. If anyone is injured, do not move them, doing so could worsen their injuries. If you’re able to safely move your vehicle out of the flow of traffic, and protect it from further damage, do so. “Your number one priority after getting into an accident is making sure everyone in the vehicle is safe. Once you’ve established the safety of the passengers, take steps to protect everyone from any additional damage by moving your vehicle out of traffic.”
- Call the police – Call 911 to report the accident if anyone is injured, if you believe that there is major damage to your vehicle, or if you think a criminal act may have been committed.
- Take notes – Include details of the accident and identification of the vehicles and people involved, including emergency personnel or witnesses on scene. If possible, take pictures or video, and/or draw a diagram of the accident scene to assist with documentation of a claim. Keep a notepad, pencil, and a checklist of things to do after a collision in your glove compartment, just in case.
- Call your insurer – Most insurance policies require you to report any accident involving loss or damage to people or property. If you don’t report an accident, it may affect your coverage down the road. If another driver involved reports the accident, their insurance company may contact your insurance provider, which could lead to cancellation or non-renewal of your policy if you have not reported the accident yourself. “Contact your insurance provider as soon as possible to inform them of the accident, not only to cover yourself and your car, but for help with how to handle the situation,” says Minor. “Your insurance provider can confirm all of the information you should be collecting from the other party. They can also offer a list of recommended repair shops in your area that can help with getting your vehicle back in shape even faster. Review your policy before repairs are made to make sure you understand the limitations of your coverage.”
TD Insurance commissioned Environics Research Group to conduct an online custom survey of 2,466 Canadians aged 18 and older, who have driven in the past 12 months. Responses were collected from February 7-18, 2013.
Do you provide your clients with information on what to do and who to contact in case of an accident. Are you familiar with how accidents can affect their auto insurance rates?
ILScorp, Canada’s leader in online insurance training has two new continuing education courses for BC Autoplan agents, as well at the Ontario Auto Expert course, to help you understand the auto insurance options available and better serve your clients.
Sep 4, 2013 | News
Are you looking to complete the Life Licensing Qualification Program (LLQP) for life insurance agents in Canada? Now you can prepare to write the exam with ILScorp’s first fully online Life Licensing Qualification Program in Canada. The online LLQP is a one-step licensing program designed to help you prepare to work in the life insurance industry.
The ILS LLQP insurance training program is a comprehensive streaming-video course, designed to give students the knowledge and skills to successfully challenge their provincial LLQP examination. The online training program provides six months of access to the LLQP Life Insurance Course in video format, a series of exam-type case studies, an online mock exam and your certification exam.
Typically students will spend between 80 and 120 hours preparing for the provincial LLQP exam, and with the ILScorp LLQP you can review any subject before moving on in the course. The ILScorp LLQP negates the need for a textbook, as all of the information to successfully challenge the LLQP provincial exam is included in the online course. Case studies, sample exam questions and scenarios are all part of the online curriculum.
Access the course whenever it suits your schedule, and from anywhere you have an internet connection. Work at your own pace and when it’s convenient for you.
The ILScorp LLQP online course is facilitated by Bob Ransom, CLU, CHFC and CFP. Mr. Ransom has been an active member of the Canadian insurance and financial services industry for more than 30 years. He has spent many of those years in the development and delivery of Accident and Sickness and Life Insurance Certification courses and related workshops. View a demo of the LLQP course here.
The ILScorp LLQP course is available for $299.95. For more information about this and other online insurance courses, visit ilscorp.com or call 1-800-404-2211.
Sep 3, 2013 | News
Satisfaction among small business insurance policyholders is significantly higher when insurance brokers and agents provide their clients with more guidance, according to the latest survey from J.D. Power in the United States.
Small business insurance customers are more likely to be satisfied with insurance agents or brokers who understand their customers’ needs, and meet with them in person to discuss their insurance.
Overall customer satisfaction among small business insurance customers was 777 points on a 1,000-point scale, according to the survey, based on 3,742 responses from insurance decision-makers in businesses with 50 or fewer employees that purchase general liability and/or property insurance.
When agents or brokers understand their customers’ business and provide guidance on risk, the satisfaction score was much higher, at 835 points. If neither of those expectations are met, satisfaction is around 645 points, according to the J.D. Power survey.
Policy offerings, rather than price, were the primary reason for selecting an insurer, the survey results suggest. The level of service provided is the primary reason customers said they stay with their insurer for more than two years.
“Small business customers who are highly satisfied with their insurer are more likely to work with just one insurance provider for all their insurance needs, as well as purchase more products, on average, from their carrier.”
Overall satisfaction was comprised of five factors (in order of importance): interaction; policy offerings; price; billing and payment; and claims.
Customer satisfaction was highest among businesses with 11 to 50 employees (at 790 points), compared with businesses of four or fewer (769 points). J.D. Power attributes this to brokers and agents interacting more with larger customers. Three times as many deal are made outside of the broker’s office with these larger businesses.
“Providing face-to-face consultation, from policy review to helping customers understand price adjustments initiated by the insurer, is crucial for customer retention and satisfaction,” said Jeremy Bowler, senior director of the insurance practice at J.D. Power.
“Those small business customers who have regular face-to-face contact with their insurance agents are more likely to understand their coverage, its value and the reason for a price adjustment should one occur. These customers are more likely to be satisfied and loyal to the insurance brand than those who don’t have regular in-person interactions.”
Bowler also noted that satisfaction is higher when insurers inform small business customers about price changes in person (823 points) than when they inform customers by phone (805) or email (783).
Tell us: How do you interact with your business clients? Are you seeing more success selling face-to-face with business decision makers?
ILScorp offers a variety of commercial insurance training courses. Visit www.ILScorp.com for more details
Sep 3, 2013 | News
CE with ILS – fast, easy, done!
Ontario insurance agents – your Continuing Education deadline is now only a few weeks away, and ILScorp is ready to help you complete your CE courses quickly and easily. With more than 50 newly updated, accredited Continuing Education courses now part of the ILScorp suite of CE classes, Ontario insurance agents can earn their CE credits online in time for the Sept. 30th deadline.
In Ontario, Principal brokers and deputy principal brokers are required to complete 10 credits per year, with 5 in the management category, and all other licensed individuals require 8 CE credits. The year runs from Oct. 1- Sept 30.
ILScorp offers more than 160 online General Insurance training courses designed to help insurance professionals meet their mandatory licensing requirements and receive the most relevant and up-to-date information in the industry.
All ILScorp courses are accredited and are written by insurance training experts. These text and video courses engage the user, so the learning experience is both interesting and entertaining. The online format allows you to access your courses anytime, anywhere, and at your convenience. A 6-month subscription to our General Insurance continuing education courses is only $175, which allows you to choose from more than 160 accredited online CE courses. Or, purchase courses on an individual basis.
The ILS General Insurance Training Course Catalogue includes the following course categories: Personal Lines; Commercial Lines; Automobile; Farm; and Professional Management and Personal Skill.
With more than 23,000 annual subscribers to our online training programs, ILS has been Canada’s leader in online insurance training and career development since 2001. ILScorp offers your best option for insurance industry continuing education credits.
Call 1-800-404-2211 or go to www.ILScorp.com and get started today.
