DLC launches new company

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The Dominion Lending Centres National Sales Conference officially kicked off with an opening address from President Gary Mauris, which included the official launch of its own insurance company.

“What is missing in our industry?” is the question Mauris said DLC is pondering.

“We’ve been looking at this for two years, we’re building a national insurance company,” he announced at the opening address of the Dominion Lending Centres National Sales Conference.

The company, called insureline, aims to be the largest property and casualty insurance company in Canada.

“Imagine an insurance company that helps you close on time, every time,” an ad for the company, played during the address says. “Welcome to insureline.”

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. It will offer home insurance, as well as a few others.

Others, such as term life and creditor insurance will not be offered.

According to the advertisement, it once took days to acquire an insurance quote. insureline, as an online brokerage, uses proprietary technology to find the right policy for the client. It also fills out the forms and provides quotes in minutes. 

The process will be seamless, according to the advertisement, with deals going from the DLC system to the insureline system automatically.

And although it’s an online platform, clients can also speak with a licensed agent if they choose to.

For DLC brokers, the addition represents an extra revenue stream, helping them deepen relationships with clients.

“insureline will be the largest property and casualty (company) in Canada,” Mauris announced to the almost 700 brokers in attendance.

Mauris’s address provided an overview, with MortgageBrokerNews.ca, where possible, to provide details around broker remunerative structures as they come in.
  • Rob Chandler on 2015-09-17 4:07:07 PM

    It doesn't seem like an insurance company, but an insurance broker....unless he has got his letters patent from OSFI.

  • len on 2015-09-17 4:11:57 PM

    Sounds like Brinco that launched last year with Verico

  • Henry on 2015-09-17 4:26:00 PM

    The question is How this new insurance will be better than CHMC or GENworth for the brokers to close more deals.

  • Ron Butler on 2015-09-18 10:06:30 AM

    This is a very smart play by Gary and Chris, the brokers and agents provide the leads in exchange for referral compensation and the insurance company grows and grows. Unlike the mortgage brokerage business P&C is a great level compensation renewal business with strong earnings as the book grows. We know who owns the insurance company and P&C companies in this country sell at very decent multiples once they mature. Congrats to Gary and Chris, a very intelligent monetization move.

  • Joseph Markham on 2015-09-21 10:34:18 AM

    Invis/Mortgage Intelligence offers the same with Unitas

  • Bill Nugent on 2015-09-21 11:01:59 AM

    Henry please read the article it is not default insurance.
    Congratulations Gary/Chris for a needed product for the broker.

  • Dawn Shantz on 2015-09-21 12:35:51 PM

    Another great initiative from Gary and Chris at DLC. Thank you for always looking for ways to improve our customers experience and our brokers income streams.

  • Steve on 2015-09-24 11:26:59 AM

    If mortgage brokers can offer/receive compensation for insurance products, insurance brokers should be able to offer mortgages. We need to level the playing field here considering the complexity of today's insurance policies. Funny how the whole value add for a mortgage broker is dealing with a professional yet DLC and other mortgage broker entities are trying to commoditize insurance products. What happened with dealing with a professional? Just my two cents from someone who has seen both sides of each business.

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