The world of becoming an insurance broker can be stressful and sometimes confusing. But, at the end of the day, it’s extremely rewarding. At isure, we take pride in providing future brokers with the information they need to support their journey.
From our presence at the Insurance and Risk Career Fair at Humber College to helping people outside a school setting, isure has you covered with everything you need to know about becoming an insurance broker in Ontario.
How Do You Become An Insurance Broker In Ontario?
To become an insurance broker in Ontario, you must pass the RIBO (Registered Insurance Brokers of Ontario) Level 1 exam, complete approved training (recommended but not mandatory), and be employed by a RIBO-licensed brokerage. Once hired, your employer will sponsor your licence application.
Steps To Become An Insurance Broker In Ontario
Step | Explanation |
Step 1 | Confirm this is the right career path for you |
Step 2 | Enroll in RIBO exam preparation (optional, but recommended) |
Step 3 | Register for the RIBO Level 1 exam |
Step 4 | Pass the RIBO exam |
Step 5 | Get hired by a RIBO-licenced brokerage |
Step 6 | Apply for your RIBO licence |
Step 7 | Begin working as a licenced insurance broker |
Networking in Insurance & Risk Career Fair
Every February, we make our way down to the Humber campus in Etobicoke to attend the annual Insurance and Risk Career Fair. There, nearly 500 students explored insurance as a potential career path with over 20 companies. They learned about the process of becoming an insurance broker, the available positions, and whether this career path is right for them. Additionally, they made vital connections in the insurance industry and deepened their understanding of corporate culture.
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Is A Career As An Insurance Broker Right For Me?
To proceed with the first steps in becoming an insurance broker, you must first make sure this career path is right for you. An insurance career comes with a plethora of benefits. It’s a stable, recession-proof industry because people will always need insurance. Do you enjoy analytics and numbers? Do you enjoy people and sales?
Perhaps an insurance career is right for you! As an insurance broker, you can take pride in helping people get the best deal available to them. Furthermore, you’ll be able to help them through challenging periods in their lives, such as robberies and car accidents, by assisting them in submitting their claims.
How Do I Become An Insurance Broker?
Becoming an insurance broker in Ontario is not as difficult as one may think. That said, excelling in the world of insurance takes time, dedication, and considerable skill. You will need to begin by studying and passing your Registered Insurance Brokers of Ontario (RIBO) exam. This exam can be taken online or at the Bay Street location in Toronto.
RIBO Examination Process
- Visit the Insurance Brokers Association of Ontario (IBAO) website and do your research on the different available RIBO Level 1 exam preparation courses.
- Choose a study option that fits your schedule. This could be a weekday, weekend or self-paced program.
- Prepare for the RIBO Level 1 examination. Though study courses are optional, most candidates find them helpful.
- Register for your RIBO exam online or in person.
- Write and pass the RIBO Level 1 exam.
- Wait approximately two weeks to receive the results of your exam.
- Begin your job search after passing the exam; from there, you have one year to secure employment.
- Accept a position with a RIBO-registered brokerage.
- Have your employer sponsor your RIBO application.
- Apply for your RIBO licence once you meet the employment requirements.
- Receive your licence and begin working as a registered insurance broker in Ontario!
Training And School
So, you’ve learned all about the RIBO examination and the process of becoming an insurance broker. But, how do you prepare for your exam? There are many ways to go about this. As mentioned above, there are many courses available that will help you study and prepare for your RIBO exam. If you’d like to take a step further, many colleges across the province, like Humber, offer insurance courses. If willing, these courses can do wonders in helping you become the best insurance broker you can be. As a bonus, college courses are also a great way to make connections with future employers and insurance companies!
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How To Become An Insurance Broker: Frequently Asked Questions
How long does it take to become a broker in Ontario?
Generally, it takes a few months to become an insurance broker in Ontario. It depends greatly on how quickly you complete your exam preparation, pass the RIBO exam and secure employment.
Do you need a college degree to become an insurance broker?
No, a college degree is not required to become an insurance broker in Ontario. However, just like other fields, insurance courses and business education can greatly improve your chances of success.
Is a career as an insurance broker in demand in Ontario?
Yes. Insurance brokers are always in steady demand. This is because the insurance market is a required service in both personal and commercial markets.
Is the RIBO exam difficult?
Most people consider the RIBO exam moderately challenging, so you’ll need to prepare and study thoroughly before taking it. This is especially true for those new to insurance concepts.
Start your Insurance Broker Career Today
Becoming an insurance broker in Ontario requires dedication, preparation, and a commitment to helping others, but the rewards can make the journey well worth it. Whether you’re interested in building a long-term career, developing professional expertise, or helping clients protect what matters most, the insurance industry offers a stable and rewarding path forward.
Overall, this process takes work. However, if you enjoy helping people and want to be a force in the insurance industry, it may be the right career path for you! For any insurance-based questions, contact us at isure today!
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