This February marks the second annual Insurance Careers Month, an international celebration of insurance professionals around the world. This is a month dedicated to education and outreach, a chance for insurance professionals to take pride in what they do, share their passion with the community, and make young professionals aware of the many career options in the insurance industry.
In that spirit, today we’re going to talk about a role that is very near and dear to our hearts at Staebler– being an insurance broker.
Insurance brokers are a critical part of the insurance industry. An insurance broker is the bridge between the consumer and the insurance company that makes affordable, comprehensive, and effective insurance possible and easier to understand.
The broker’s role is a unique one. They serve as an advocate for their clients, helping individuals and businesses determine exactly what kind of protection they need and how to achieve maximum value for their monthly premiums.
One of the most important qualities of an insurance broker is their independence. Brokers don’t work for a insurance company. They are not bound to one particular insurer, or feel the need to sell policies for one company over another.
Instead, brokers work with a wide variety of insurance companies. Because of this, they’re able to negotiate for the best rates and most favourable terms for the customer. Their expert knowledge of the field and ongoing familiarity with these companies ensures that they’re able to provide clients with a far greater value for their insurance dollar than if they were to go it alone.
Insurance brokers come from a wide variety of backgrounds. There are no formal degrees required to be a broker, but education is a big part of the role. After all, a strong understanding and expertise in insurance is crucial for a successful broker.
Of course, brokers also need to be personable. Despite the complexity of the industry, at its core, the insurance business is a people business. Brokers need to be approachable, friendly, and empathetic. The best brokers genuinely care about their clients and their well-being, it’s what makes them effective advocates.
Strong communication skills are absolutely essential. Serving as the bridge between consumers and the big insurance companies, a good broker needs to be able to break down the complex jargon and explain it completely and succinctly to their clients.
To become an insurance broker in Canada, you need to be licensed by the Registered Insurance Brokers of Ontario (RIBO). License requirements vary between provinces, but always involve examinations and continuing education as well as an on-going adherence to the standards and values of the industry.
The role of the insurance broker is unique, but vital. Insurance is a complicated business, but with a qualified insurance broker watching your back, you can be sure you’ll be getting great protection and a good deal.