We are pleased to advise that a new 10-year insurance affinity agreement has been reached between the AMA and TD Insurance Meloche Monnex (TDIMM), effective November 1, 2018, for the provision of a competitive home and automobile insurance program for AMA members.
An important highlight of the new agreement is the creation of a profit-sharing process that allows the AMA to share in profits the partnership might generate. This would be similar to our continuing model on the AMA group insurance products (e.g., disability, term life) that allows us to apply profits to premium reductions, plan improvements or to mitigate rate increases.
This new fund starts from zero, so it will take at least three years to allow it to generate profits – and profits are not a guarantee every year. A Program Oversight Committee, consisting of AMA and TD Meloche Monnex representatives, will oversee the funds and determine how they will be used. All monies in the fund are for the exclusive benefit of AMA members insured through TDIMM.
It is a reflection of the size and strength of the AMA program, and the relationship that we have developed over the past 34 years, that one of Canada’s foremost financial institutions would agree to a profit-sharing model with one of its most valued clients.
Other highlights of the new agreement:
- TDIMM has committed to having a team of experienced, dedicated senior analysts available exclusively for AMA members through a dedicated toll-free number.
- TDIMM has committed to maintaining a consistently competitive home and automobile insurance program from product and pricing perspectives.
- TDIMM is developing a high net worth program for which many members will qualify. This program will offer customized products and personalized service from dedicated advisors.
- TDIMM will be providing additional funding in the form of scholarships and/or bursaries. This may mean additional funding for the current TD Insurance Meloche Monnex/AMA Scholarship and/or the development of new bursary programs.
- TDIMM is committed to providing “legendary customer service” to AMA members, which will be monitored by AMA management.
The TDIMM home and automobile program currently insures over half of all AMA members. Members who are clients with TDIMM can look forward to continued exceptional service. We encourage members not currently insured with TDIMM to consider them at your next renewal.
Banner photo credit: Kai Kalhh, pixabay.com