Five tips to celebrate the fifth birthday of CAA-Quebec ’s insurance agency
Five years ago, CAA-Quebec Auto and Home Insurance Inc. opened for business and a new damage insurance agency was born. Maybe it’s not as exciting as an action movie with lots of explosions, but it’s really a great story. The story of two companies joining forces. The story of CAA-Quebec, there when it matters most.
Insurance may not be a hot topic for online get-togethers, but the more you learn, the simpler it gets. That’s precisely our goal: to explain the complicated language of contracts and the ins and outs of insurance in general, so people have a better understanding of the coverage and choices available to them. Today we have five expert tips from our vice president, Suzanne Michaud.
1. Know how much you’re worth How much is your house worth? What about its contents? Challenge: Estimate the value of all your property and make an inventory. The objective: avoid paying too much for coverage you don’t need or paying too little for insufficient coverage.
2. Know your insurance needs In other words, what risks are you exposed to? Two out of every five tenants don’t have home insurance. Is your car covered in the event of a flood? How about earthquakes? Barely 3% of people are covered for that.…
3. Shop around often In fact, it’s best to do it yourself. Insurers change their rates depending on how many losses they’ve covered. An insurer with the worst offer one year could make the best one two years later.
4. Bundle all your insurance under one roof. Insurers offer discounts to clients who buy both auto and home insurance from them. Sometimes that also applies to life and travel insurance.
5. Make sure you have a good credit report. Your credit score affects your premiums. Keeping your finances in order helps you save on insurance.
6. (BONUS!) Claim wisely. It’s a good idea to check with your insurer whether it’s better to report a loss or to pay for it out of your own pocket. Given the deductible and premium increases, claims under $1,000 are not usually worth it. More information and tips here.
Five surprising facts about CAA-Quebec ’s insurance agency
Prince Charming meets Snow White
The insurer backing CAA-Quebec is Prysm General Insurance, a subsidiary of Industrial Alliance (IA), created from scratch to offer auto and home insurance products tailored-made for CAA-Quebec clients. So Prysm is the result of a collaborative effort between CAA-Quebec and IA. Suzanne Michaud says that it was clear from the start that the two organizations shared the same values, including mutual assistance and cooperation. Even the in-house names for the project coincided: Prince Charming at CAA-Quebec and Snow White at IA!
A first time for everything
Given all the legal and regulatory aspects, setting up a new damage insurance company (Prysm) is not a common or easy endeavour, and there’s no instruction manual either. In fact it hadn’t happened in Quebec for decades! Thanks to the support of Autorité des marchés financiers, it was done quickly and efficiently.
An insurance agency created in a bunker, in a few months
Ms. Michaud recalls that the building where the employees of the two companies met looks like a bunker. And they put in some very long hours there. The new company was set up in less than a year. The small group had to take care of everything, including designing the agency’s offices on Grande-Allée in Quebec City. Suzanne Michaud is still proud of making sure there was a water line for the coffee machine!
Outstanding growth
The total value of the premiums in force at CAA-Quebec is now comparable to that of some of the major players, whereas five years ago, the client list had a grand total of 0 names.
Great jobs and great employees
Adding damage insurance to its business activities meant that CAA-Quebec had to learn fast, and its employees worked hard to promote its insurance products to members and gain their trust. CAA-Quebec went from ten agents at its launch to some sixty today. These are high paying jobs with attractive benefits and paid, industry-recognized training.
À propos de CAA-Québec
CAA-Québec, organisme à but non lucratif, assiste chacun de ses membres en offrant des avantages, des produits et des services dans les domaines de la mobilité, du voyage, de l’assurance et de l’habitation. La CAA est la marque de confiance numéro 1 au Canada selon l’édition 2020 de l’Index annuel des marques de confiance publié par l’École de commerce Peter B. Gustavson de l’Université de Victoria.
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