Prospective Brokers

FAQs

• What are the services and benefits that PROLINK Broker Network provides?

  – An equity partnership with PROLINK Broker Network for a minimum of three years.
  – Access to markets. Direct contracts between you and multiple insurance markets.
  – Designated individual services.
  – Broker management system.
  – IT turn-key solutions and supports.
  – Training for you and your staff.
  – A track record of 70 successful brokers launched into the market.
  – Being a part of a network, which is much larger than a one-man shop, shingle type operation.
  – The strength of a $177 million+ network. Which gives the broker clout and added benefits from the markets.
  – Industry leading commission rates including sharing Contingent Profit Commissions.
  – E & O insurance for your brokerage.

• How many markets support PROLINK Broker Network?

  Currently, you gain access to the six leading markets in Canada.

• What are the business terms for the partnership?

  Business terms are customized to each partner and once the NDA is signed then we will have a full and open disclosure of those terms. In general, however, it is based on PROLINK Broker Network holding a minority equity share for three years at which point the broker has the option to buy out the share.

• How long is the process to launch a brokerage?

  Depending on whether you are coming from a direct seller or a broker, there are certain steps that can’t be triggered until the separation is formally documented. But once a brokerage is licensed with RIBO, most offices are operational within six weeks.

• Where can I open up my office? Are there territory restrictions?

  We are open to all locations in Canada, providing that the location does not infringe on an existing office. It varies according to urban and rural locations but in general it is about 2 kilometers for an urban location and 5 kilometers for rural.

• What if I want to leave PBNet?

  There is a 3-year start up period after which the broker has the option of buying PBNet out of their equity position at fair market value.

• Do you offer any bridge financing issues or facilities for start up brokers?

  We can assist in guiding you to financial institutions, whether it’s BMO with whom we have a partnership or others. Some insurance companies may be willing to provide financing as well.

• Is PBNet more interested in agents or existing brokers as partners?

  Both. We want to partner with agents or brokers who have a proven track record of successfully running their own office and the capacity and capabilities to become an owner operator.

• So what resources do I have to have in order to qualify to be a PBNet partner?

  We look for a minimum 5 years experience in an agency or a brokerage. We know on the broker side the reason you are coming to us is because you can’t do that on your own. You either bring a book of business or basically take what you have learnt over the 5 – 10 years of building a book of business. You will need to have an office and a phone.

• How many brokers buy out PBNet’s equity shares?

  About 10% mostly because of retirement. Only one or two have left for other reasons.