What is an insurance broker?

June 22, 2022

What Is An Insurance Broker?

What is the difference between an insurance broker and an insurance agent?

The main difference between an agent and a broker is that an insurance broker is not employed by an insurance company. Instead, they represent their clients among multiple insurance companies.

This means that insurance brokers can help clients compare policies from a variety of insurers. This allows Brokers to give their clients more options. The more companies they represent, the easier it is to provide a custom, competitively priced policy. At PrimeService, we are partnered with all the major insurers in Ontario.

Registered Insurance Brokers of Ontario (RIBO) regulates the licensing, professional competence, ethical conduct, and insurance related financial obligations of all insurance brokers in Ontario.

How to become an Insurance Broker

Becoming an insurance broker requires three simple steps. Take a course to prepare you for the RIBO exam, pass the exam, and find a job within one year of passing the exam.

You can register for a course and the exam on the IBAO’s (Insurance Brokers Association of Ontario) website.

Why being an Insurance Broker is the right career for you

1. Fulfilling career

Some jobs need you to be in front of a computer everyday without any human contact. This can sometimes drain the life out of you if you are a social being.

An insurance broker’s job is to make new connections and build relationships. If you enjoy talking to people and helping them solve their problems, being an insurance broker can be very fulfilling.

2. Control of your income

One thing that attracts people to becoming an insurance broker is that there is no limit to the amount of money you can make. Your income completely depends on your work ethic and strategy. There’s no need to wait for a promotion to get a salary increase.

3. Job stability

As an insurance broker, you cannot get fired because you are independent and are not under any employment contract. And even if you do lose one or two clients out of hundreds, that still won’t leave you unemployed.

Lastly, people will always need insurance which makes it a very stable career. You can rest assured that you can continue growing your business to new heights each year.

How does PrimeService enable its Brokers to reach new heights?

At PrimeService, we assign a dedicated Producer Team Leader to each new insurance broker. The Team Leader will find each broker’s unique strength and train them to use it to grow their premium.

Our Support Team of CSRs and TSRs handle documentation and phone calls to lessen the workload of our Insurance Brokers. This lets our Insurance Brokers focus on their clients and growing their business.

We have a proven track record of launching new brokers into successful careers. Over the last several years, we have enabled several team members to reach new heights with our innovative training approach!

Interested in growing your business with us? Contact us or our Team Leader Sam Jazayeri to learn more about broker opportunities.

By Katia Barretto