Vital to the insurance industry is the insurance broker, who acts as an intermediary between the insurance company and the client. Brokers utilize their in-depth knowledge of the insurance market to identify and arrange appropriate coverage policies. Brokers are independent and help their clients get the best deal by promoting products from more than one firm.
Tasks normally involve: collecting data from clients and assessing their risk profile and insurance needs; establishing and maintaining close relationships with clients; predicting clients' policy renewals and other insurance needs; negotiating with underwriters to determine the best insurance plan for clients at the lowest price; advising clients on risk management and implementing security measures such as surveillance cameras, lighting, or fencing to commercial properties; renewing or altering existing policies; advising clients when and whether they should make an insurance claim; acquiring new clients; establishing relationships with surveyors, underwriters, structural engineers, photographers, and other professionals.
Employers in Ontario require that applicants be connected with Registered Insurance Brokers of Ontario (RIBO), which is a self-regulatory organization regulating the licensing and ethical conduct of insurance brokers in the province. A RIBO-registered broker can expect to make between C
$33,279 and C
$47,017 per year.