“I think it’s going to a tremendous opportunity for DLC
brokers because the DLC
agent name will be in front of a client on their annual insurance renewal every year,” Dustan Woodhouse
, a B.C.-based broker with Dominion Lending Centres
, told MortgageBrokerNews.ca reaching to the announcement at company’s annual national sales conference. “It’s a great opportunity to add one more touch point.”
broke the news in his address to brokers at DLC
’s national sales conference in Whistler. The goal, he said, is to make insureline the largest property and casualty insurance company in Canada.
The broker compensation structure is still yet to be finalized due to the differences in provincial regulation, according to Aly Kanji, president and CEO of insureline.
Still, brokers are excited about the potential for an added revenue stream.
“It’s definitely a great way to make extra revenue with very little effort involved,” Pradeep Malik, a broker with Dominion Lending Centres
Clear Trust, told MortgageBrokerNews.ca. “There will really be no extra work involved for the client and we are able to provide something for them they already need.”
Pradeep says the seamlessness of being able to offer a mortgage and homeowner’s insurance will especially benefit brokers working with first-time homebuyers because it will cut down on the things a client has to deal with prior to purchasing that first home.
insureline is an online brokerage catering to the mortgage broker industry that will function in much of the same way -- by aiming to shop for the best insurance for clients at the best rates through a number of insurance providers.
“We have a lot of insurance companies that we will be working with as well,” Malik said.
It’s not just the extra compensation brokers are excited about, but also how it will help them build better relationships with clients.