HOW TO SELECT AN INSURANCE ADVISOR FOR YOU

Doctors of BC

Insurance advisors play an important role in helping physicians choose the best insurance for their practice-style and assets. They also provide products to support physicians in the event of an accident, disability, or death.

There are two types of insurance advisors that a physician could interact with when choosing insurance: agents and brokers. An insurance agent is someone who represents one or more insurance companies and has been granted permission to sell their insurance products. Agents will not promote products other than those they have permission to sell. On the other hand, an insurance broker is someone who represents the client, or in this case, the physician. A broker will interact with insurers on behalf of the physician to solicit the most appropriate insurance options. Doctors of BC Insurance Advisors are brokers – they have exclusive access to Doctors of BC association plans and individual plans available in the marketplace. They make recommendations based on the member’s needs.

Agents and brokers can be compensated in a multitude of ways. Most are commissioned. Choosing between a commissioned or non-commissioned advisor is critical when considering insurance options. Doctors of BC Insurance Advisors are unique in that they are salaried employees, with a mission to provide unbiased advice. Non-commissioned advisors do not receive bonuses or incentives for selling plans. Commissioned advisors are typically compensated with a percentage of premium, so the more costly or higher volume a client purchases, the higher the commissions generated. Choosing a noncommissioned advisor means that the physician will never feel pressured to opt-in to unnecessary insurance plans or options.

Another important consideration is that non-commissioned insurance advisors are more freely to invest time in building long-term relationships with their clients. Non-commissioned advisors can take a personalized approach to understand the evolving needs of physicians and recommend products accordingly. By staying connected and responsive, noncommissioned advisors establish a partnership that remains beneficial and relevant throughout the physician’s career.

Finally, if you’re working with a noncommissioned insurance advisor, ask if they are associated with any for-profit organization. For example, do they get referral fees or bonuses if they refer you to other services? Ask if your advisor works with clients outside of their not-for-profit capacity. For example, do they have an independent commission based advising business on the side?

Shopping for insurance may seem like an overwhelming task but knowing that physicians have options when choosing an insurance advisor can make it easier to secure the best insurance to fit their needs. Doctors of BC employs 8 salaried, licensed insurance advisors across the province to serve members, including residents. Their mission is to provide every member with the right plans and the best advice to provide financial peace of mind. Schedule a free appointment at insurance@doctorsofbc.ca