SGI CANADA Insurance Services Ltd. Alberta broker compensation
SGI CANADA Insurance Services Ltd. sells its products through a network of independent brokers who are committed to working in the best interests of customers. Representing a number of insurance companies, brokers provide professional advice and arrange for insurance coverage on behalf of their customers. SGI CANADA Insurance Services Ltd. believes this system provides customers with the opportunity to choose the best value for their money.
Brokers receive commissions in exchange for services they provide which, in addition to providing professional advice and arranging insurance coverage, include tasks like processing midterm changes requested by their customers and assisting customers in the event of a claim.
The commissions SGI CANADA Insurance Services Ltd. pays to brokers are based on a percentage of premiums written for the corporation. The following is a summary of the broker commission schedule.
Property:
- 20 per cent Standard Personal and Commercial
Automobile:
- 10 – 12.5 per cent Personal
- 10 – 12.5 per cent Commercial
- 10 per cent Recreational
Surety:
- 25 - 27.5 per cent all Bonds
In addition to regular sales commissions, SGI CANADA Insurance Services Ltd. brokers are eligible for a contingent commission when they write profitable business for the corporation. Contingent commissions are paid once a year and are based on the overall premiums and financial results generated by a broker for SGI CANADA Insurance Services Ltd. products – not on any particular account or group of accounts.
From time to time, as part of normal business practice, brokers and their staff are invited to participate in training and entertainment events. Brokers pay a fee to attend the annual
SGI CANADA Insurance Services Ltd. Brokers’ Convention which is primarily an educational event, but includes social activities as well.