Become a Broker

possible CAREER OPTIONS IN A BROKERAGE
CUSTOMER SERVICE REPRESENTATIVE (CSR):
Involves providing the consumer with expert
knowledge and choice in the marketplace. They assist
their clients to find the right coverage to protect
their homes, vehicles, and other belongings against
loss. This includes arranging the policy, processing
changes, advising the client and facilitating claims.
CSR job titles range from junior to senior.
Approx. Salary Range: $33,000-$120,000*
How to Register
For further information on the RIBO
Level I & II licensing courses, or to
obtain a registration form, please
visit our website or contact our
office.
Online
www.ibao.org/education/becomea-broker/
Phone
416.488.7422 or 1.800.268.8845
TECHNICAL SERVICE REPRESENTATIVE (TSR):
This role consists of inputting data and vital
information into a variety of computer software
programs and broker management systems.
Email
[email protected]
Approx. Salary Range: $20,000-$47,000*
MANAGEMENT/OWNERSHIP:
Responsible for organizing and coordinating office
operations and procedures in order to ensure
organizational effectiveness and efficiency. A RIBO
Level II license is also needed to achieve this status.
Approx. Salary Range: $42,000-$400,000*
Our Location
Insurance Brokers Association of Ontario
1 Eglinton Avenue East, Suite 700
Toronto, Ontario M4P 3A1
CLAIMS SPECIALIST:
Some brokerages have staff designated to assist
clients with the claims process. They ensure that the
process is proceeding in a quick and efficient
manner and ensure that the client receives the
settlement that they are entitled to, and are content
with the service and/or repairs.
Approx. Salary Range: $51,000-$125,000*
PRODUCER:
Assist clients to find the right coverage to protect
their business against loss, including arranging the
policy, advising the client and facilitating claims.
Approx. Salary Range: $30,000-$100,000*
For additional course offerings,
go to ibao.org and get started.
*All salary range figures taken from the Engage HR™ 2014 Broker Compensation Study
www.ibao.org
Interested in protecting consumers’
rights when it comes to insurance?
Choose one of the most satisfying careers in the insurance
industry – become an Insurance Broker.
Brokers sell all types of property and casualty coverages
including home, business, and automobile insurance.
HOW TO BECOME AN INSURANCE BROKER
step 1
what is a broker?
Insurance brokers are insurance experts who
represent the consumer’s best interests and
shop from multiple companies for the best
product and price. They provide independent
advice at the time of a purchase and a claim.
They do not work for an insurance company.
Select your learning
preference to
prepare you for the
RIBO Level I exam.
Facilitated (in-class) Study
* Two-week course, or
weekend warrior
Pass the RIBO
Level I exam.
step 2
Which course option is best for me?
OR
Self-Directed Study
* Online or textbook
only
The passing grade on the
RIBO level I exam is 75% or
above.
You also must fulfill the “only business or employment” requirement,
in which your primary employment must be an insurance broker/life
agent, before moving forward with Step 3 (e.g. You cannot work fulltime as a real estate agent and part-time as a broker).
did you know...
67%
of all property and casualty insurance (home,
auto & business) sold in Ontario is written by
insurance brokers?
There are a number of different career paths within
a brokerage in which you can choose from. In many
brokerages, the jobs and functions are tailored to
their specific business operations, creating a wealth of
additional and unique opportunities.
Some brokerages hire candidates with a high school
diploma; however, most recruit those with a college or
university degree.
To be an insurance broker in Ontario, you must be
licensed by the Registered Insurance Brokers of Ontario
(RIBO). Get your RIBO license through IBAOeducation.
The following chart is IBAO’s steps on How to Become
an Insurance Broker, for those new to the industry.
Please note this is a general guideline and may vary on
a case-to-case basis.
step 3
Gain employment
at a RIBO registered
general insurance
brokerage firm.
Employment (sponsorship)
is not required to write
the examination but is a
requirement for registration
for your licence.
step 4
Once registered, all
licensed insurance
brokers must
comply with RIBO
continuing education
requirements.
IBAOeducation offers a
variety of training options
including webinars,
e-learning, seminars, and
designation programs.
Check out our website for
more information.
what else do you need to know?
Cost and Fees (All fees listed are tax exempt.
Discounted pricing available for IBAO members.
See RIBO brochure for more details)
Two-week course + textbook: $785
Weekend warrior course + textbook: $825
Online course + textbook: $399
Textbook only: $250
RIBO Exam (additional fee separate from IBAO
offerings): $180, $90 for rewrites - payable to RIBO
Refer to our RIBO Level I brochure for
course descriptions. Two-Day Review
for RIBO Level I (additional guidance/
refresher for exam) also available.
how do I book the exam?
For the two-week course only:
Exam documents are collected in-class
and the exam is written in the same
venue on the last day of the course.
All other IBAO courses or self-study:
Exam must be booked independently
through RIBO. Contact RIBO for
availability.
how can i find a job?
We recommend visiting
www.myinsurancejobs.ca to
upload your resume for free
and browse various insurance
positions.
how many training hours do i need?
For newly licensed individuals,
8 continuing education hours
are required every year between
October 1st and September 30th.
Visit www.ribo.com for more
information.
what’s next after ribo level i?
Exam Document Checklist:
•
Canadian Accredited Insurance
Broker (CAIB) designation
provides you with fundamental
insurance business and technical
training (offered through IBAO)
•
RIBO Level II (unrestricted
licence) to become a principal
broker or to open your own
brokerage (offered through IBAO)
Completed RIBO Level I application forms
Cheque issued to RIBO for $180 exam fee
Two passport sized photos, signed at the back
Criminal background check (within 6 months)