October 21, 2015
Just when you thought the landscape wasn’t busy enough, with consolidations and brokerages getting bought up and Zurich deciding it doesn’t want to gobble up RSA; well, meet Dominion Lending Centres. They’re not ready to fill in the fine details around the major brushstrokes yet, but they do confirm that they’re starting up an insurance brokerage, InsureLine (due to get its own website shortly). They’ve also snapped up Aly Kanjy, former chief operating officer of the Sussex Insurance brokerage in B.C. and Alberta to be its new president and CEO.
Dominion’s director of public relations and communications David Texeira says the brokerage will start off with home and mortgage insurance products, though it’s looking at “all aspects” of the business, both personal and commercial lines. “The goal is to offer our complementary products to our clients and end-users, and with every mortgage, there’s a need for insurance—it just makes sense to offer that in-house… We have access to all these lenders. Why we would not offer this as a product line for the convenience of our customers just doesn’t make a lot of sense.”
When asked how InsureLine can go up against the major brokerages that have already captured a lot of market turf, Texeira pointed out Dominion Lending Centres has about 2,400 brokers while there’s another 1,300 brokers for its sister company, The Mortgage Centre. “So in terms of how we’re going to compete, it’s the same way that we competed when we started 10 years ago… offering services and making those deals that make sense to our clients.”
This story was originally published by Canadian Insurance Top Broker.