Insurance Through Big Banks? No Thanks!
Days after CBC did a report on three TD Bank Group employees alleging immoral sales techniques, nearly 1,000 more big bank employees emailed in, backing up the claims.
Along with the initial complaints from the TD employees, employees for BMO, CIBC, RBC and Scotiabank also highlighted the pressures to upsell or increase limits, even when they knew it was not in the customers’ best interests.
According to an Insurance Business article on the report, a TD insurance agent was quoted as saying, ‘’We are straight up told to tell false stories (lie) to sell products.’’
While questionable sales techniques are hardly new to the world, it’s alarming that people whose customers, likely, trust the most with their money – bank representatives and their financial planners – are admitting to being pressured into deceitful practices for their company’s overall financial gain.
From an insurance perspective, deceitful practices could include:
- Adding unnecessary coverages
- Removing necessary coverages
- Withholding discounts
- Increasing deductible to an unrealistic limit
Insurance Broker Channel Benefits
An insurance brokerage, unlike a direct insurance provider (such as a bank), will work/partner with multiple insurance companies.
Taking advantage of the broker channel means you – the customer – are able to shop multiple markets, at one place. Looking at your insurance needs as a round peg, having multiple companies to place your business with means there’s far less of a chance an agent tries (or is forced to) make that round peg fit into a square hole.
Get a quote from Canada’s fastest growing online insurance brokerage here.