There is one question that comes up very often. That question is what is the difference between an agent and a broker.
Starting out in the insurance industry, I represented one insurance company. I started out as an agent or a captive agent as it is described by insurance companies. Although this was a great way to get my feet wet as some would say, it also taught me that one insurance company wouldn’t work for everyone.
Because of this, many clients would be referred to a broker to make sure that their specific insurance needs were met. For example, a client came to me for life insurance when I first started out in the business. He was in his late 50’s and couldn’t pass medical underwriting because of some medical issues.
Researching what would work for him, I referred him to a local broker who found him a policy. There were no referral fees and no commissions, but resting easy at night is important to me so doing what was best for him is exactly what I did.
Another client needed health insurance and at the time, NH required medical underwriting. Again, the insurance company denied coverage for this woman and so she was referred to a broker that could secure coverage.
This happened again and again while working as a captive agent.
In 2008, I met a woman named Cecelia Espositio at a local networking group. She was the previous owner of Balanced Care and approached me after the meeting about the possibility of working together. She watched me do the right thing for clients by referring them out when the product I represented didn’t work. She was a broker.
This means that instead of just working for one insurance company, she represented all the major insurance carriers in the states of NH and Maine.
This also meant that she could find a company that would work for every client she came in contact with. It didn’t matter if it was Life Insurance, Health Insurance, or Medicare Insurance, there was always solutions to what the client needed.
As she explained this to me, it made perfect sense. Why not provide products that met a variety of needs?
Since doing the right thing for each client is a priority, being a broker would be beneficial for clients and for my peace of mind.
I did begin working for Cecelia in 2008 and in 2010, she sold Balanced Care to me. She is someone that I will be forever grateful for.
She taught me so much in the insurance industry and being a broker was just the start.
Being a broker does bring more responsibilites especially with the changes in the health insurance industry.
Every year prior to the Open Enrollment for health insurance, certifications have to be done on the Federal level as well as with each insurance company that I represent. Some of the insurance companies require face to face meetings to go over their plans, changes, etc.
With Medicare, the Annual Election Period (AEP) is between October 15th and December 7th. I begin my certifications for this in late July and dedicate about 20 hours a week during the month of August to get them all done. They include AHIP certification (American Health Insurance Program), online training and testing with ten different insurance companies. Passing AHIP requires a 90% and with each insurance company pass with a 85% or better. One of the insurance companies requires a 100% or you cannot represent that insurance company. Again, some of the insurance companies require face to face training.
Although the certifications take time and effort, the benefits far outweigh what is put into training.
Balanced Care believes in not leaving you vulnerable.
Balanced Care doesn’t want to leave you exposed on important insurance decisions.
Your life and your health are much to valuable.
As a broker, your value is all that matters.
Terri Trepanier is the owner of Balanced Care Health and Supplemental Insurance and a licensed insurance consultant and broker with Associated Brokers. Licensed in both Maine and NH, her specialty is working with small businesses, individuals, and families with their health and life insurance needs. She is certified to offer health plans both on and off the exchange and is contracted with every health insurance company that offers plans in both New Hampshire and Maine. Her other passion is assisting Medicare beneficiaries with their Medicare Supplemental, Medicare Part D Prescription Drug Plans, and Medicare Advantage plans. Terri has seen firsthand the importance of insurance products and how they help families. Her goal with Balanced Care is to “Insure Security and Peace of Mind One Family at a Time”.