Corporate policy

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Mitch brokerage and broker definitions 

 

Mitch is an independent insurance brokerage and distributor for over 70 Canadian insurance companies, enabling us to provide highly competitive coverages and rates for auto, home, business, life, health, travel, pet and other kinds of insurance to Canadian consumers online. Mitch employs licenced, professional brokers to advise and represent consumers in their search for insurance that best suits their coverage needs and budget.

The term “independent” means that Mitch is not an agent for any single insurance company. Our trained, professional brokers identify and negotiate the best coverage, service and price options for insurance on behalf of our customers from a range of providers. Our brokers are also responsible for stewarding and renewing customer policies, managing any mid-term changes, and advocating for customers if there is a policy issue or claim. The term “brokerage” means that Mitch is a distribution channel for a large number of insurance providers, offering a wide variety of insurance products. As an insurance distributor, we bare the costs of customer acquisition and marketing, business production, administrative and processing services, and any related travel costs.

 

Broker compensation 

 

Compensation for our services is paid in the form of a percentage of commission that the insurance provider builds into your total premium. As part of our commitment to transparency, we have provided a schedule of commissions sorted by insurance provider and product class.

 

Companies

Property

Automobile

Aviva* 20% 10 – 15%
CAA Insurance Company* 20% 12.5%
Coachman* 20% 10% – 12.5%
Echelon* N/A 12.5% – 15%
Economical Mutual* 20% 10% – 12.5%<
Facility (RSA) N/A 6% to 11% Capped at $250
Gore* 20% 10% – 12.5%
Intact Insurance* 20% 12.5%
Jevco* N/A 12.5%
Pafco* 20% 12.5%
Pembridge* 20% 12.5%
Perth 20% 12.5%
Portage La Prairie Mutual* 20% 12.5%
RSA* 20% 10% – 12.5%
Travelers* 20% 12.5%
Unica* 20% 12.5%
Wawanesa Mutual* 20% 7.5% – 12.5%
Various Specialty Markets 10% – 15% 7.5% – 12.5%

Commission percentages apply to new business and renewal policies and are paid to the broker annually. In the case of Aviva Canada, we also have a financial loan relationship in place. You will be notified in the event of any commission increase or other material change in compensation implemented by your insurance company.

*The success of insurance companies relies on business selected and priced to ensure total premiums exceed claims paid. To encourage growth of profitable business in desired classes, many insurers provide incentives under Contingent (Profit) Commission contracts. An asterisk is shown in the chart above for companies offering programs.

Based on proprietary formulas involving: overall premium volume; growth percentages; profitability (loss ratio); business retention rates; and other service initiatives, we may qualify for compensation under the Contingent Commission programs of insurers. In addition, our principals or other personnel may be invited to attend periodic educational or sales conferences sponsored by insurance companies.

For information specifically related to commitments made by insurance companies, you can refer to the Consumer Code of Rights and Responsibilities provided with your new business policy, or refer to the corporate website of an individual insurance company.

 

Please do not hesitate to contact us if you have any questions related to this declaration or any other matter involving your insurance. 1-800-731-2228