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These brokers are licensed business people who are regulated by the provinces and territories in which they operate.
The Portage Mutual compensates contracted independent brokers by paying them a percentage of the premium for providing objective advice to, as well as serving as knowledgeable sources of information for consumers looking to match their insurance needs to the most appropriate coverages available.
Brokers process all midterm changes required by their clients throughout the year as part of their service and also provide assistance in claims situations.
Commission rates vary by line of business as follows:
For many years, The Portage Mutual has recognized the importance of long term relationships with the brokers and provides qualifying brokers a company sponsored group retirement saving plan. The company matches broker contribution of 5% of commissions to the plan.
Brokers who provide the company with quality profitable business over the long term may be recognized through a Profit Sharing Plan contract. Payment under this agreement is dependent on a combination of volume of business and profitability. The Plan does not guarantee payment and in total would not normally exceed 1% of direct premiums written by the company for all brokers.
The Portage Mutual values the service provided by the independent brokers and on occasion may assist them in situations where loans are required to provide for succession of ownership or to expand their businesses. The rate of interest charged on these loans is similar to those charged by other financial institutions.
