Commission disclosure
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% – 25% | 12.5% – 20% |
| Travelers Essential | 20% | 12.5% |
| Coachman* | 20% | 10% – 12.5% |
| Commonwell* | 20% | 12.5% |
| Definity Insurance Company* | 20% | 10% – 12.5% |
| Echelon* | N/A | 12.5% – 15% |
| Facility (Nordic) | N/A | 7.5% – 12.5% (capped at $370) |
| Gore* | – | – |
| Intact Insurance* | 20% | 12.5% |
| Jevco* | N/A | 5% – 12.5% |
| Max Insurance* | 20% | N/A |
| Pafco* | 20% | 12.5% |
| Pembridge* | 20% | 12.5% |
| Portage La Prairie Mutual* | 20% | 12.5% |
| SGI Canada* | 20% | 10% – 12.5% |
| Travelers* | 20% | 12.5% |
| Wawanesa Mutual* | 20% | 7.5% – 12.5% |
| Zenith Insurance* | 20% | 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 Wawanesa, 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.
RIBO working with a broker fact sheet
RIBO Code of Conduct
Registered insurance brokers (like us here at Mitch) offer independent advice and Property & Casualty (P&C) insurance products from a variety of companies. Brokers must be licensed by the Registered Insurance Brokers of Ontario (RIBO). All RIBO licensees must carry an errors & omissions policy, as well as a fidelity bond, which is designed to provide customers coverage in the unlikely event that a broker mishandles their premiums. RIBO licensees are required to follow the RIBO Code of Conduct, which establishes rules and standards of professional conduct.
Providing an accessible and barrier-free environment is a shared effort, and we are committed as an organization to working with the necessary parties to make accessibility for all a reality.
How insurance works
You have the right to be informed about how your insurance premiums are calculated. You have the right to access your policy and be clearly informed about the coverage and the claims settlement process.
Broker compensation
You have the right to ask how a broker is paid, the insurance companies they represent, and be informed about any potential conflicts of interest the broker may have. All RIBO licensed brokers must disclose commission information at the point of sale which outlines how they are paid.
Understand your insurance needs
You should consider your insurance needs and prepare relevant questions before you talk to a broker. Ask yourself if there have been changes in your personal or business life that could impact your insurance needs. Make sure you provide a detailed and accurate explanation of your circumstances to your broker so they can provide informed recommendations that meet your needs.
Insurance quotes
When obtaining a quote, your broker should always present the best value products available based on your current needs, and document why certain coverage and product options, including lower cost options, which may or may not be appropriate for you. Brokers are also expected to comply with the Take-All-Comers rule.
Personal information
You have the right to understand how your personal information is used and protected. Ask for a copy of the privacy statement from your broker and the insurer.
Customer obligations
You need to ensure that you know and understand your obligations under your insurance policy. For example, your policy will require you to provide updates to your broker and insurer regarding any material changes in your circumstances.
Insurance claims
If you need to file a claim, you have the right to be informed about the procedures and typical timelines for settling your claim, and you may inquire about the status of your claim throughout the process. If your claim is denied, you have the right to an explanation as to why it was denied. Your broker is your advocate as you work through your claim with the insurance company and will liaise as required.
Making a complaint
You can make a complaint to RIBO if you believe your insurance broker failed to comply with the Registered Insurance Brokers Act, its regulations, or RIBO by-laws.
OmbudServices
In the event you have an insurance claim, your broker will provide you with information about the insurer’s claims process. For any unresolved disputes with an insurer, you may contact the insurer’s Ombudsman, who will attempt to resolve the conflict. If the conflict is not resolved, you will be referred to the General Insurance OmbudServices for P&C insurance.
Downloads
CISRO principles of conduct
The CISRO Principles of Conduct for Insurance Intermediaries reflect common regulatory standards for insurance intermediaries in Canada. The Principles outline professional behaviour and conduct expectations for the fair treatment of customers.
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