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Expertise and service at no cost to you

We partner with independent insurance brokers who compare products and pricing across several insurance companies to get you the best coverage and price.

Brokers work for you, but are paid commissions by insurance companies for the services and value they provide. These commissions are fairly standard across the industry. We believe in being transparent with our customers, and that’s why we make this information on broker compensation available for you to see.

Standard commissions we pay brokers

Definity Insurance Company (Economical Insurance)

A multi-line general insurer operating in most provinces 

 

Private passenger vehicles 10 – 12.5%
Personal property
(e.g., homeowners, tenant)		 17.5 – 20%
Commercial vehicle 7.5 – 12.5%
Commercial property 20%
Surety 20 – 25%

Other types of broker compensation

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    Processing & underwriting opportunities

    Some brokers also process and underwrite policies for higher commissions from time to time. These arrangements have no impact on the cost of your policy.

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    Profit sharing

    When we have a profitable year, our broker partners can share in that profit. This agreement is based on the broker’s entire volume of business with Economical Insurance (not individual policies) and represents approximately 3% of Economical’s total earned premium.

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    Business loans & investment

    Occasionally, Economical Insurance offers financial assistance in the form of debt or equity to support a broker partner’s operational needs, business development, or perpetuation plans. Our broker partners remain free to offer other insurance companies’ products, and they should disclose any such relationships to their clients. We don’t expect these arrangements to affect the advice given to you.

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    Portfolio transfers

    Brokers regularly assess and review insurance providers to ensure they’re partnering with companies that meet their standards — and your needs. If a broker chooses to change to an insurance company they feel offers better value to their customers, they can do so through what is known as a portfolio transfer. Also called a portfolio rollover, this occurs when a broker transfers a full or partial book of business to Economical from another insurance company (or companies). We support independent brokers who transfer clients to Economical Insurance through training, technology, and financial support.

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    Events & nominal gifts

    On occasion, we invite our broker partners or their office staff to participate in events or travel opportunities to thank them for their expertise and dedication. We may also send small gifts in recognition of a long-term business association with the company, stellar product awareness, sales and training initiatives, and participation in company focus groups. These prizes are tokens of our appreciation and do not interfere with your broker’s commitment to putting your needs first.

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