It will come at no surprise that this article will ultimately recommend Northern Financial Group as your group benefits representative/broker. Nonetheless, the purpose of the article is to highlight what you should expect from your representative and discuss topics to help you compare representatives/brokers.
Why do you need a representative/broker?
Representatives/Brokers assist businesses and individuals in navigating the insurance landscape. They offer advice, recommendations and assess suitability regarding various insurance products.
Representative/Broker services – Specialist vs. Generalist
Northern Financial Group specializes in group benefits. We are happy to assist in finding additional coverage for owners, employees or other individuals. However, we focus our resources and services to businesses first.
A representative/broker who is a generalist will dabble in all areas of life insurance products and wealth management. They will have fringe understanding of each product but lack deep understanding and experience across all products. Bundling insurance products with one broker may be slightly easier administratively but a generalist will not be able to provide the same insight as a specialist.
Focusing our efforts solely on servicing businesses Northern Financial Group is a group benefits specialist with over 30 years of experience.
Differentiation Through Product Offering
Most representatives/brokers have access to the same products. These products generally consist of non-pooled plans and rates are based on your employees’ demographics.
Northern Financial has worked with underwriters to help offer more options to your business. Northern Financial group offers the traditional non-pooled products but is the only provider of the pooled Olympic Health Benefits Plan in Canada.
The pooled product is an exclusive offering – but if the coverage outlined in the Olympic Plan doesn’t suit your needs, we can also help you find non-pooled plans through top providers such as; Sun Life, Empire Life, Great-West Life and Manulife.
Different types of representatives/brokers – Direct vs. Independent
There are two (2) types of brokers/representatives in the group health insurance industry; independent (such as Northern Financial Group) and direct. Independent brokers work with all (or several) group health benefits providers to source the best pricing and product for your business. An independent broker (Northern Financial Group) does not have a preference on what company you sign up with. A direct broker only receives compensation if they place you with the insurance company they represent.
Service and Responsiveness
The representative/broker you choose should be responsive. They should be available to answer all questions and find solutions if issues arise. At Northern Financial Group we pride ourselves on quick response and resolution. This is why we offer quotes on our pooled product within 24 business hours of receiving your group information.