Processes To Know

Question 1

Intermediary Sales Process:

Answer 1

1. Source Clients (Referrals, Online Marketing, Insurance Aggregators, Advertising, Cold Calling, Track Expiry Dates, Upselling/cross-selling)
2. Identify Strategies
3. Qualify Prospects – Who are they, Location, Risk type, loss history, financial condition, service needs, LOA
4. Analyze Risk (Intermediary Risk Analysis Process – Identify, Measure, Control & Financial Risk)
5. Meet with Client (Client Sales Meeting Process)
6. Overcome Objections

Question 2

Intermediary Risk Analysis:

Answer 2

1. Identify Risk – What is exposed to Loss (Home, Car, Valuable Personal Property, Potential for lawsuits, etc.)
2. Measure Risk – How is it exposed to Loss (What perils can cause loss, physical & moral hazards
3. Control Risk – How to mitigate risk and reduce its impact (Sprinklers, vault for the jewelry etc.)

Question 3

Sales Meeting with Client:

Answer 3

1. Collect Information – Name, Address, Lifestyle, Martial Status etc.
2. Inspect Risk – Onsite Risk inspection or even asking the client to walk you through their business can help to identify different exposures
3. Reason for New Intermediary – Why do they want to change? High Premiums, Law of Service, Minimal Coverage? Poor Claims Experience?
4. Review Current Policies – Identify Gaps, or endorsements to get fuller coverage
5. Manage Client Objections – Ask if there’s anything to clarify, what they object to etc.

Question 4

Document Handling and Delivery

Answer 4

1. Evidence of Insurance Contract
2. Review by Intermediary for confirmation
3. Address any Discrepancies
4. Professional Delivery (Cover Letter Enclosed)

Question 5

Assisting Clients with Placing Property Insurance:

Answer 5

1. Analyze & Compare (Risk Analysis Process)
2. Collect Information (Loss History, Insurer inspections, property evaluations etc.)
3. Advise Clients
4. Market Offerings – Understand what different coverages are available for the different insurer and their nuances
5. Evaluate Property – Property Inspection

Question 6

Intermediary Function – Claims Process:

Answer 6

1. Submit First Notice of Loss (FNOL) - Name of Reporter, Contact Information, Circumstances surrounding the loss (time, location, cause, nature & extent of damage, and current location)
2. Walk Client through Claims Process
3. Advocate for the Cient
4. Explain – Roles, Policy Details, Timelines, and Insurer Position
5. Address Client Questions
6. Measure Claims Experience

Question 7

The Claims Process

Answer 7

1. Loss Occurs
   
   2. Notification to Broker or Insurer
      • Prompt reporting is required under Statutory Conditions
   3. Preliminary Assessment
      • Is coverage triggered? Is it a valid loss?
   4. Assignment to Adjuster
      • Internal or independent, depending on size/severity
   5. Investigation
      • Interviews, site visits, documents, photos
   6. Evaluation
      • Cause of loss, amount of damage, terms of coverage
   7. Settlement Offer
      • May be full, partial, or denied
   8. Payment or Denial
   9. Appeals or Disputes (if needed)

Insurers must act promptly and fairly. Delay without cause may violate provincial regulations or industry guidelines.