read more: Insurance Opportunities in Canada’s Demographic Changes
Rupinder Hayer, President of Armor Insurance, said: Insurance business One of the biggest and most obvious challenges for brokers is the language barrier. “In North America, the terminology is very different from what most immigrants are accustomed to,” he said.
Armor adapted its strategy to meet the needs of immigrants and hired brokers from different cultures to reflect Canada’s multicultural society.
“Our intermediary team can serve clients in almost 17 different languages,” he said. “This improves the level of comfort for our clients and helps organizations guide their clients to brokers who understand the language and insurance culture of the immigrants.
“We have brought significant benefits to our clients in communicating their critical coverage needs and protection benefits,” Hayer said. “We cross-train our teams, talk to our clients and understand the differences in insurance languages around the world.”
Hayer points out that the diversity of brokers has increased over the last decade, including those with a wide range of language skills, but says that “there is still a long way to go.”
“Another difficulty is communicating the benefits of trading with a broker compared to shopping online for insurance,” he added.
Immigrants are studying different options and are often confused about how insurance business is being promoted in North America. According to Hayer, these clients are premium-led and potentially heading for self-service routes because they are unfamiliar with the workforce and do not have high salaries.
“All pennies are important,” he emphasized. “They aren’t used to paying the same premium price here compared to their home country, and they shop a lot in the first few years of immigrants.”
Based on population alone, Canadian premiums are much higher than immigrants expect. Insurance is usually lower in populated countries such as the United States, India and China.
“Insurance is a big expense for Canadian immigrants,” Hayer said. “There is a lot of prejudice about insurance, so brokers need to take the time to educate migrants about the importance of proper coverage.”
Brokers need to be transparent about how quotes are established, what affects pricing, and how coverage protects their finances in the long run.
“We also need to tell them how insurers offer better coverage options and claim processing than online self-service platforms,” he said.
Assuming that self-service is cheaper without understanding the complexity that can occur is a common misconception among immigrant clients that brokers must be aware of.
Read next: Key broker to support clients
“Unfortunately, the insurance system in Canada means that when clients are struggling to save money, they will pay higher premiums,” he continued. “It’s a contradiction for new immigrants because they are considered to have no insurance history.”
As an insurance community, Hayer says it’s important for brokers to deal ethically with immigrants and understand the importance of proper coverage and what the immigrants will do if a claim arises. I added.
“We are premium conscious and train our brokers to meet our clients as financial guardians,” he said. “Immigrants entering the country are skilled and educated workers and want a complete and comprehensive understanding of what coverage they have and why they are paying a particular price. I am thinking.”
How can an insurance broker help an immigrant client?
Source link How can an insurance broker help an immigrant client?