Success strategies for CAIB exams

Education
Success strategies
for CAIB exams
class and of your colleagues at work.
2.Participate in class. There are no stupid questions. It’s likely that you’re
not the only one who has that question; get an answer from the person
who knows.
By Michael Gaschler
W
ith five formal exam sittings per year and dozens of other exam dates,
there’s always an imminent opportunity to advance your professional qualifications.
Approach your CAIB, CPIB or other
designation just like any other work-related project. Commit to the process, take
deadlines seriously and prepare well.
Here are some tips to help with that
preparation. These suggestions should
prove to be useful whether you’re joining a class, studying on your own, or
rewriting an exam.
Preparing for your course
1.Make sure you have the current text
materials. (CAIB 1, CAIB 2 and CAIB
3 are 2005. CAIB 4 is 2006.)
2.Consider purchasing a copy of the
Glossary of Insurance Terms ($32.10
from IBABC) and keep it handy. Refer
to it whenever you come across words
or terms that are unfamiliar or unclear
to you.
3.Check out the online portion of the
course, especially if you’re challenging
the CAIB 1, CAIB 2 or CAIB 3 exams.
This is an excellent additional study
tool. (CAIB 4 will be available this fall
of 2007.)
4.Choose an attainable exam date. Remember, if you cancel or change your
exam date with less than one month’s
notice, you will be charged a deferral
fee.
2.Make notes and highlight areas in your
text book to help you in your review
prior to the exam.
3.Look at the checkpoints and key terms
at the end of each section of each chapter. These are an indication of what
you are expected to know.
4.Do the discussion questions at the end
of each chapter and answer all the questions in your study guide. This gives you
practice in writing out the answers.
5.Re-read your textbook, look through
the answers you’ve completed in your
study guide, check the key terms in
your student resource guide. To test
General study
1.Schedule your study time. Stay organized and stick to your schedule.
There’s nothing worse than going
into an exam and wishing you’d done
more studying. Make time. (Some
licensees with hectic home environments have booked themselves into a
hotel room for a couple days of quiet
studying prior to writing an exam.)

Continued on page 20
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Class-specific study
1.Prepare for classes. Read through the
materials prior to your class. This enables you to identify those areas that are
unclear and to ask questions both in
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THE BC BROKER june 2007 — PAGE 11
Detail Man
Ted Lewis’s propensity for research and fine print have already served
IBABC members well. His goal for his term as president will be to communicate
on issues of importance to brokers and the insurance industry.
By Stan Sauerwein
T
ed Lewis says a primary objective during his upcoming term
as IBABC president will be
communication. That’s great,
because it fits his style very well. The
affable Nanaimo broker feels hiring and
succession planning, staying on pace
with changing technology, and fighting
unfair regulation are all topics that need
discussion among brokers this year.
“Communication on the issues ought
to lead to broker solidarity and that’s
what I think we’ll need to face some of
these hurdles in the near future so we can
PAGE 12 — THE BC BROKER june 2007
come up with solutions,” he says.
Young Brokers Network,” he says. ConTed Lewis has been a stalwart voluntinuing the push initiated last year by his
teer within the IBABC for decades, and
predecessor Doug Guedes, Lewis says
he’s often been the ‘go-to guy’ when the
“perpetuation of the business and getindustry has faced turbid regulatory
ting new people interested in insurance
issues. Time and again he proved his
as a career is a challenge every broker
quasi-legal mind was more than a match
principal has to face right now.
for any legislative snarl bureaucrats or politicians might create Alberta has over 350 young people
to vex brokers. He’s repeatedly
involved in their Young Broker
been able to dig through the
bafflegab and decode it, and be- Network. They are so capable and
confident and enthusiastic!
cause Lewis thrives on studying
case law, he’s also had a talent
for sifting the past for ways to deal with
“We all have to support the effort to
present issues.
have a vibrant Young Broker Network in
In an oblique reference to his spareB.C. that matches what is already being
time passion for boating, Lewis says he is
accomplished in Alberta and Saskatchplanning to stand at the IBABC helm this
ewan,” he says. “I just came back from
year and watch the horizon for shoals.
Alberta and they have over 350 young
“In immediate-challenge terms for
people involved in their network. They
our businesses, I think one thing that is
are so capable and confident and engoing to be important for all of us is the
thusiastic! Seeing young people join the
www.ibabc.org
INSURANCE
PERSON
OF THE YEAR
YOU CHOOSE.
British Columbia’s general insurance community will be honouring,
again this year, one very special insurance man or insurance woman
at the 16th annual Salute insurance banquet in October.
And we need your help! Not only are you invited to attend on that
gala evening — you’re also requested to nominate a worthy recipient
for this prestigious 2007 award.
Nominees should be resident in B.C. and have made a significant
contribution to furthering the image of the general insurance industry
in this province. They will also have made a meaningful contribution
to the community in which they live and work and are considered
to be successful in their respective fields of endeavour.
2007 Rising Star Award
New this year, we also wish to honour a person in the “next
generation” who is a Rising Star both in the insurance industry and
in their community. We’re seeking nominations for a B.C. resident
with 10 years’ experience in insurance whose professional and
volunteer contributions and dedication to excellence have already
made them a leader and a role model in our industry.
Thursday, October 25 — Pan Pacific, Vancouver
For nomination and ticket reservation forms go to IBABC's website at
www.ibabc.org and click on the Salute icon on the home page.
industry with goals to own their business
builds my enthusiasm, too. I’m going to
be pushing hard to solidly establish support for the network in B.C. One of the
challenges for me will be making sure all
the broker principals buy in.”
Lewis feels a strong network could be
a tool the industry might use for recruitment, and an active example proving
that insurance can be a rewarding career
with future ownership opportunities.
“It’s one thing to pay lip service to a
network and another to support it. I want
to make sure IBABC brokers with young
people involved in their businesses are
willing to support the young people in
terms of getting involved. Once you have
an established network, it’s a whole lot
easier to encourage other young people
to take a look and to get involved. It may
be much more effective for recruitment

ENTRIES for consideration by the
selection committee can be
marked “confidential” and mailed to:
Award Chairman, Salute 2007,
1300 - 1095 West Pender Street,
Vancouver, B.C. V6E 2M6
or Emailed to Award Chairperson
Bill Corbett
at [email protected]
Nominations close June 30.
TICKET RESERVATIONS for the
banquet can be made by completing
the reservation form and mailing it,
with a cheque payable to
Salute Insurance Person of the Year, to:
Salute 2007 Tickets,
1300 - 1095 West Pender St.,
Vancouver, B.C. V6E 2M6
Individual tickets: $95 which includes GST.
Tables of ten are available upon request: $900.
Black Tie is preferred, or dark suit.
Insurance Person of the year
Salute 2007 is an all-industry event representing general insurance companies,
brokers and adjusters in British Columbia. Bill Corbett, Chair.
Salute alumni: Patti Kernaghan (‘06), Conrad Speirs (‘05), Vince Pritchard (‘04), John Toomer (‘03),
Terri Johnson (‘02), Ron Defieux (’01), Eric Laity (’00), Jake Brouwer (’99), Dave Clarke (’98), Mike Porter (’97),
Herb Osen (’96), Bob Vickerstaff (’95), Jack Hamilton (’94), Ron Newcomb (’93), John Glavin (’92)
Continued on page 26
www.ibabc.org
THE BC BROKER june 2007 — PAGE 13
Newsbriefs
a workplace injury during their first
month on the job.
WorkSafe BC’s new Occupational
Health and Safety regulations require
young and new workers to receive
safety orientation. Effective July 26, all
employers must ensure that a young or
new worker be given health and safety
orientation and training specific to his/
her workplace before the young or new
worker begins work. A young worker is
defined as being under 25 years of age
and a new worker is defined as being
new to the workplace, returning to a
workplace where the hazards in that
workplace have changed during the
worker’s absence, affected by a change in
the hazards of a workplace, or relocated
to a new workplace if the hazards in that
workplace are different from the hazards
in the worker ’s previous workplace.
Employers must document all their
orientation and training.
Information sessions are being held
free of charge. To find out the dates
and locations, go to www.labour.gov.
bc.ca/eao/
Hamilton tournament
a winner
The golf season for the B.C. insurance
industry started May 2 with IBABC’s
ninth annual Jack Hamilton Memorial
Classic at Northview Golf and Country
Club in Surrey. Even though it poured
In 2005 the Gore gang celebrated their top scores in that year’s company survey. Front row: VP
Terri Johnson, commercial lines manager Ron Krell, personal lines supervisor Terrilynn Halladay.
Back: personal lines supervisor Carmen Santiago and claims manager Pierre Chavigny. Missing
from the photo was Bruce Joynes, marketing, who was on the road, as usual.
Who is it going
to be in 2007?
IBABC members will again rate their
companies in the biennial company survey, which takes place over the coming
weeks, and the results will be published
in the August issue of BC Broker.
Gore Mutual will want to maintain its
narrow first-place position. Axa Pacific,
which placed a mere two-tenths of a
percentage point behind Gore in ’05, will
want to score a clear lead this time. All
the other companies that operate in B.C.
will want to move up in the poll.
Given the implementation of Bill 93
PAGE 14 — THE BC BROKER june 2007
this month, are we ready for an optional
auto insurance category in the survey
this year?
Stay tuned.
Brokers, watch for email notices and
links to the online survey site.
New regs for
young or new workers
The injury rate of young workers
is more than twice that of the overall
population, and the number of serious
injuries to young workers has seen an
upward trend since 2001. In addition,
regardless of their age, all workers have
five to seven times the risk of sustaining
(L-R) Victor Lange, Philip Reilly,
Jarryd Vaanholt and Rob Vaanholt.
rain as golfers made their way to the
tournament, it cleared up to be a terrific
spring day. This year, Amyn Amlani, Will
Cook, Scott Jamieson, Graham Doerr,
Chris Martin and Jeremy Green had a
crack at the Million Dollar Hole-in-one,
but alas, there was no instant millionaire
this year.
Troy Weibe was the low-net non-broker and John Bandreth was the low-net
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Sean Douglas
Troy Weibe
Ron Douglas
John Bandreth
broker. Mark Skorah was low-gross
non-broker, and Ron Douglas was the
low-grossing broker. Sean Douglas took
overall low net. Victor Lange, Philip Reilly
and Jarryd and Rob Vaanholt were the
first-place team. Gerry Parton, Tim Moreton, Dave Evanson and Greg Thompson
were the runners-up. Many of the industry’s women golfers were busy at their
desks keeping the industry humming
along and could not be spared for a day
of golf; the ladies’ low-net and low-gross
trophies were not awarded.
Brokers sponsor
dynamic new crime doc
The new Stolen Lives documentary on
auto crime, which premiered May 3, is
www.ibabc.org
THE BC BROKER june 2007 — PAGE 15
a product of many people’s passion and
commitment. It started with RCMP Sergeant Tim Shields and his colleagues in
Odd Squad Productions, who understood
the potential of film footage accumulated
through the Integrated Municipal Provincial Auto Crime Team (IMPACT) and
its highly successful Bait
Car program. Rod Poirier,
a broker with Prosperous
Insurance in Richmond,
who served on his regional
road safety committee and
Poirier
who chairs the provincial
Autoplan Broker Marketing Committee (ABMC), played a large
role in passing along Shield’s excitement
for the project and getting financial buyin from several regional committees and
the provincial level. A committee that
included fellow ABMC member and
Aon broker Sharon Knotts and CUISA’s
Roberta Kelly worked for several months
to coordinate the launch event and distribution, which it is hoped will include all
high schools in the province.
The result was that Autoplan brokers
are the title sponsors of a film that is
certain to receive wide acclaim when it
goes large over the coming months. For
more information on Stolen Lives, see the
ICBC Vehicle newsletter or go to www.
roadsafety.ca or www.baitcar.com. PAGE 16 — THE BC BROKER june 2007
IBABC President-elect Ted Lewis attended the Stolen Lives premiere on May 3 and thanked
Soledad Gri for sharing her story for the film. Soledad’s husband Brad was heading to
work when a drug-fuelled auto thief slammed into his car, killing him instantly. Her articulate account of the effects of that tragedy on her life and that of her young child is
one of the most powerful parts of the film.
www.ibabc.org
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THE BC BROKER june 2007 — PAGE 17
PAGE 18 — THE BC BROKER june 2007
www.ibabc.org
Brokers are a force
to be reckoned with
By George Cooke
L
ately, I have heard more than
the usual amount of discussion
regarding the political strength
of the various broker associations. Without question, politicians listen
to brokers, and if you really think about
it, it is easy to see just why.
Politicians will always listen to those
who have influence in their communities. Why wouldn’t they, since community support is necessary to be elected or
re-elected. The most significant factor in
this perception of influence is the level
of community involvement, in business
and philanthropic organizations, that
is typical of insurance brokers across
Canada.
Insurance brokers are seen as making
material contributions to the prosperity
and well-being of their communities by
operating successful businesses, providing local employment and by giving their
time and financial support to community
organizations. They are viewed as a beneficent force for consumers’ interests
because they or their representatives
listen and talk to literally millions of
Canadians every year. As a group and
as individuals, insurance brokers are
perceived as having a credible and legitimate voice in advocating the interests of
their clients and insurance consumers in
general. From the interests of big business located outside local communities,
independence, real and perceived, helps
as well.
Therefore, is it any wonder that, when
acting collectively with a common objective, insurance brokers are seen as a force
to be reckoned with?
Insurance brokers have built this level
of trust and perception of influence by
being involved. Those brokers who are
not involved ultimately won’t matter.
They can rest on the laurels of those
who preceded them for only so long.
Without local political strength derived
through visible local presence, future
www.ibabc.org
Bank Act changes, regulatory intrusion
or product enhancements will take
place without their voice being heard.
Consideration of brokers’ interests only
gains the necessary strength when it is
aligned with the interests of consumers
who are also voters.
Canadian insurance brokers have
proven they are a force to be reckoned
with beyond the political arena as well.
Distribution changes in other jurisdictions were lauded as an imminent and
pressing danger to their continued survival. Bankassurance and direct sales
were the way of the future, and those
who thought otherwise were dinosaurs
doomed to failure.
Here we are many years later and,
notwithstanding the huge investments
made to create demand for direct sales,
brokers remain a strong and highly valued distribution channel in our marketplace. In fact, brokers are so strong and
highly valued that insurance companies
are falling over themselves to get in on
the action. If you can’t beat them, join
them – or similar logic – appears to be
the new order of the day. More accurately
in the Canadian context, if you can’t beat
them, pretend you are them!
Even as growth of direct or quasidirect sales encroaches on what has
historically been the brokers’ share of
the market, brokers today continue to
have all the tools and clout to maintain
and gain market share.
Independent brokers have built a
strong brand based on the goodwill
they enjoy with consumers, and this
goodwill has been painstakingly built by
generations of brokers. Consumers and
communities have been well served by
their efforts, and the loyalty insurance
consumers have demonstrated to the
brand is a testament to this. The independent broker brand, based on a ‘core
competency’ that cannot be replicated,
would be the envy of any Fortune 500
company.
As a group, insurance brokers have
enormous clout because they, collectively, retain control of the market.
I will never be convinced that consumers, either individually or collectively, are
better off when they buy from a direct
insurer, no matter how good they are or
how they present themselves. Brokers
play a critical role, individually and as a
group, that keeps the system working in
the interests of their clients and insurance
consumers in general.
Last year, I observed that one of the
most important questions to consider
in predicting the future of the Canadian
marketplace was the degree to which
insurance brokers would participate in
the survival of their own channel. That
question remains.
Brokers have options. They can rely
on advice from many quarters, even
those who prosper from the failure of the
channel. They can allow themselves to
be convinced by those who predict that,
once again, the future of their channel
is limited, doomed, not economically
feasible, or whatever fear tactic is in
vogue at the moment. They can buy into
the idea that consumers are driving the
demand for direct sales. They can ignore
the efforts to shape consumer demand
and accept the idea that responding to
consumers’ buying preferences through
innovation inside the broker channel
just can’t be done. They can even be a
benefactor to their competitors by sharing the goodwill they have earned with
consumers.
There are other options, however.
Independent insurance brokers can use
their collective influence to limit the
market advantages they are currently
conceding to their competitors. They
can get involved and stay involved, in
their communities and in their associations, using their talents and their clout
to increase their market share. They can
reclaim their enthusiasm and confidence
in the channel by believing in their value
and their ability to deliver a better deal
to insurance consumers. They can accept
the value they add to their communities
and acknowledge that this is valued by
their neighbours. They can recognize the
power they have and use it.
I don’t have to spell out what options
I’d recommend you choose. The future
of the independent broker channel is in
your hands. For many reasons, not the
least of which is for the sake of Canadian
communities and Canadian consumers,
I hope you choose wisely. H H H
George Cooke is president and CEO of The
Dominion of Canada General Insurance Co.
THE BC BROKER june 2007 — PAGE 19
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yourself you may find it helpful to
make flash cards.
6.Save your practice exam. Challenge your
preparedness with the practice exam
just a few days before your examination
date. There’s no point in testing your
knowledge before you’ve studied.
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Exam day
1.Give yourself plenty of time to get to
your exam. Make sure that you know
where you’re going and what time
you need to be there. Arriving at your
exam late and stressed isn’t going to
improve your performance.
2.Read the instruction sheet provided
separately with your exam. If the
instructions printed on the front of
your exam booklet conflict, defer to
the instruction sheet.
3.Read through the entire exam before
beginning. Do the questions you can
answer with no difficulty first, then
work on the harder questions. Allocate
time for each question to ensure that
you don’t run out of time.
4.Read the question carefully. Does
the question ask you to list, explain,
contrast or compare? These key words
tell you exactly what the marker is
looking for. You won’t get marks for
providing what’s not asked for, but
you also won’t get full marks if you
list when the question has asked you
to explain. This is especially important
in the CAIB 4 exams.
5.Write as clearly as possible. If markers can’t read the answers, they can’t
award marks. Clearly number each
answer in the answer booklet.
6.Re-read your answers and double
check that you have completed all the
questions. Take care if you decide to
change an answer, especially multiple
choice questions – your first choice
is usually correct, so think carefully
before making the change. Take care
that you haven’t confused similar
words such as ‘insured’ and ‘insurer’
or missed out key words such as ‘no’
or ‘not’ as this can completely change
the meaning of your sentence.
Remember, exams can be extremely
stressful. Don’t make it harder on yourself than you need to. Having a plan and
being prepared from start to finish can go
a long way towards relieving that stress
and improving your overall score.
See page 30 for upcoming C.E. seminars. H H H
Michael Gaschler is licensing course coordinator
for IBABC. [email protected]
www.ibabc.org