Interview with Jeffrey Wells, a retired insurance broker
Interview with Jeffrey Wells, a retired insurance broker
Jeffrey Wells has been retired from the insurance industry for about one year. He retired to spend time with his wife and grandchildren. Jeffrey was an insurance broker for 25 years. I had time to sit with Jeffrey and ask him a few questions about his career.
Question: You were in the insurance industry for 25 years. How did you get started?
Jeffrey: I didn't really set out to become an insurance broker. I worked a few sales jobs here and there. I decided I wanted to help people rather than just sell them something they are going to use once and then toss in the corner.
Question: What type of insurance did you sell?
Jeffrey: I sold all different types. My specialty was automotive but also property and casualty.
Question: You were an insurance broker. What's the difference between an agent and a broker?
Jeffrey: Well, both have to pass an exam to sell insurance. A broker will look at different insurance companies to try to get the best rate possible for the client. When the policy is written, the fee is written into the premium. So the insurance company pays the broker. An agent has to pass the same exam. An agency could have contracts with several insurance companies and write business for any of them. The difference is that the agent actually represents the company. A broker represents the actual person.
Question: So, you were licensed in Ontario?
Jeffrey: Yes. Each province and state has their own rules for becoming a licensed insurance agent. You have to complete 24 hours of study in Ontario. You have to be fingerprinted and you have to pass an exam that is specific to the area of insurance that you want to work in. After you pass the exam, then you take your fingerprints and you go apply for your license.
Question: This is the procedure now or from 25 years ago?
Jeffrey: That is the procedure now. I know that because my son just went through the process about a month ago.
Question: That's nice that your son wants to continue the family business. What are some areas that an insured should keep in mind when looking for a reputable insurance agent?
Jeffrey: You can choose an agent that exclusively writes business for one insurance company. You can choose an agent that writes for multiple companies. Those are called "non-exclusive" agents. You also have your choice between small, family run brokers or large brokerage firms. As with anything, a small business might be a little higher priced but you should get more personal attention than paying less and going with a huge company.
Question: If a consumer wants to go with an exclusive agent because they feel safer with one big name insurance company, what advice can you give them?
Jeffrey: Get everything in writing. Make sure you research that company as best as you can before you contact them. And don't sign anything unless you have read it and have had all your questions answered.
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