Become a Broker
Transcription
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)
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