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 being able to help future brokers with information to help them on their journey. From our presence at the Insurance and Risk Career fair at Humber College to helping people outside of a school setting, isure has you covered with everything you need to know when it comes to becoming an insurance broker in Ontario.
Humber College Insurance and Risk Career Fair
Back in March, a few members of our team made their way down to the Humber campus in Etobicoke to attend the annual Insurance and Risk Career Fair. There, nearly 500 different students were able to explore insurance as a potential career path with over 20 different companies. They learned about the process of becoming an insurance broker, the positions available, and whether or not this career path is right for them. Additionally, they made vital connections in the insurance world and learned more about corporate culture.
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 life, such as robberies and car accidents, by helping them submit their claims.
How do I become an insurance broker?
Becoming an insurance broker in Ontario is not as difficult as one may think. However, with that said, being able to excel in the world of insurance takes time, dedication, and a lot of 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
Today, the RIBO examination process is easier than ever to prepare for and take. To begin, you’ll want to head over to the Insurance Brokers Association of Ontario (IBAO) website. From there, you’ll want to choose one of their courses to prepare yourself for RIBO’s Level 1 examination. Though a course is not mandatory, it is highly recommended to pass your exam. IBAO has a few courses to choose from, each differentiating based on your availability and day-to-day life. Some courses are weekends-only for people who work full-time, as well as options for those who prefer to study at their own pace. IBAO recommends their weekday program, which proves to have the highest success rate.
From there, you will want to register for your examination. This can be done online or in person, depending on what you are comfortable with. Once you pass your final exam, you can begin looking for employment within one year of finishing the exam. Once employment is received, you may apply for your RIBO licence by contacting [email protected]. You must be employed by a RIBO-registered brokerage before you qualify as a registered insurance broker in Ontario.
There is a two-week waiting period to find out whether or not you have passed your RIBO exam. If you did, you can expect to become an insurance broker in just over a month. Once you pass your RIBO exam, you can now begin the process of applying for jobs and receiving your insurance licence. If you fail your exam, though, you are eligible to rewrite your test within eight months. When you receive a job offer from an insurance company, they will sponsor your licence. Congratulations, you are now an 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!
Becoming an insurance broker in Ontario 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, or if you’d like to apply for any current job openings, contact us at isure today!
