Pared down to its essentials, insurance is the process of lessening the burden of risk by spreading it out among a few to many. By doing so, the cost of distributing that burden of risk is made significantly lower. It can also be said that insurance is a way for individuals, organizations, and businesses to support each other in their time of need.
This is what can make insurance not only a profitable career but also a fulfilling profession. As an insurance broker, it’s your job to help people. The role that an insurance broker plays in everyday life is more important than many people realize. That’s why for those who want to break into this profession, the government requires that you have a licence. And to earn this, you will need to take the proper insurance broker courses.
Insurance Business will delve into some insurance broker courses you can take to get your licence. We’ll provide insight into the different insurance broker online courses available, if there are any free insurance broker courses online, and more to help you choose the right insurance broker certificate program.
As you take the first steps in getting into the Canadian insurance industry, you will discover that there are several types of licensing courses available. Keep in mind, however, that most provinces in Canada (except Quebec – more on this later) follow a standard practice of offering a three-tier licensing structure consisting of:
This basic licence allows accredited insurance brokers to operate under the supervision of a principal broker or level 2 or level 3 broker. To get to level 1 licensing, candidates must pass the foundational exam for insurance brokers.
When a licensed broker takes additional courses and exams, then obtains a level 2 insurance broker licence, they can directly work with clients without supervision.
The highest-level insurance broker’s licence enables its holder to go as far as operating their own brokerage business. Obtaining this level of certification requires individuals to take and pass advanced exams, while also having the relevant work experience.
The insurance broker licence courses vary by state or province, and there will be some differences in the content they cover. However, each state will generally have their own version of levels 1, 2, and 3. Here are the insurance broker courses to choose from by state:
Having a management or ownership role used to be one of the main requirements for obtaining your licence to practice as an insurance broker in BC.
However, recent changes were enacted, doing away with this requirement. The qualifications for securing a level 3 licence now only include a candidate’s experience and education. So, even if you’re not in a management position, you may take steps to get your level 3 licence in BC if you meet the other requirements.
Level 1: Aspiring brokers can take Level 1 competency classes offered by the Insurance Institute of Canada (IIC) and the Insurance Brokers Association of Ontario (IBAO) in preparation for the licensing examinations. IIC courses are held online while IBAO offers both online and in-person classes. Taking these preparatory classes, however, is not mandatory. The Registered Insurance Brokers of Ontario (RIBO) only requires candidates to pass the province’s licensing exam to obtain their entry-level licence.
Level 2 and 3: The IIC and IBAO also offer Level 2 and Level 3 classes for insurance brokers who aspire to progress to leadership roles. Just like entry-level courses, these aren’t compulsory. Candidates have the option of studying for the licensing exams on their own.
What’s unique about Québec is that the province does not subscribe to the same tiers or levels of insurance broker licensing. Québec achieves this by operating under the guidance of the Autorité des Marchés Financiers (AMF). For anyone who wants to practice as a licensed insurance broker here, they must take the AMF’s licensing exams.
In this province, aspiring brokers are required to go through a similar 3-level licence with a fourth optional level.
Below is a table showing the different regulatory bodies of the different provinces. These are the offices in each major province where you will likely have to go to send your application to become an insurance broker.
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Province |
Regulatory body for insurance broker licensing |
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Alberta Insurance Council |
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Insurance Council of British Columbia |
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Insurance Council of Manitoba |
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Financial and Consumer Services Commission |
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ServiceNL |
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Office of the Superintendent of Insurance |
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Registered Insurance Brokers of Ontario (RIBO) |
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Office of the Superintendent of Insurance, Department of Justice and Public Safety |
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Autorité des Marchés Financiers (AMF) |
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Insurance Councils of Saskatchewan |
There are several excellent broker programs you can take to learn the ins and outs of the Canadian insurance industry and best practices to secure your licence. Here are the top accredited insurance broker courses to choose from:
Course provider: Insurance Brokers Association of Canada (IBAC)
The FOI program is an introductory course for the Property & Casualty (P&C) insurance sector. This program can provide foundational knowledge mostly for those who are just getting into insurance, whether as an insurance agent or insurance broker.
Course content: The course contains a myriad of basic topics. This includes the history of insurance, different roles in the insurance industry, insurance contracts, personal insurance, commercial insurance, and legal principles applicable to insurance.
Why it's recommended: Successful completion of FOI fulfills the insurance broker licensing requirements of several provinces.
Course provider: Insurance Brokers Association of Canada (IBAC)
The CAIB program gives aspiring insurance brokers a good chance of obtaining a nationally recognized professional designation. This program works well in enhancing the competence and confidence of most insurance professionals.
Course content: The CAIB offers several learning modules that cover personal lines, commercial lines, and management skills and knowledge to run brokerages. The modules include:
Why it’s recommended: Apart from the valuable knowledge and skills this program teaches, the program itself is very flexible. Course content is available in various formats, from online self-study, in-classroom sessions, and immersion courses.
Course provider: Insurance Brokers Association of Ontario (IBAO)
This is an e-learning certificate program that can enable seasoned personal lines brokers to break into commercial lines brokering. It is an ideal program for enhancing a broker’s skills and knowledge in commercial lines.
Course content: This program provides a comprehensive collection of courses meant to turn insurance brokers into specialists in commercial lines insurance. The course contains valuable instruction in commercial general liability insurance, commercial property insurance, client relationship management, and more.
Why it’s recommended: This is an extremely helpful and valuable course for brokers new to the commercial lines sector. Some of the course offerings, like client relationship management, can help new brokers become more successful in their careers.
Course provider: various provincial broker associations across Canada
The CPIB program lets those with the CAIB or CIP designation specialize in personal lines, commercial lines, or brokerage management.
Course content: The program consists mainly of three mandatory and three elective courses. These courses cover Law & Professional Ethics, Claims Administration, and Advanced Personal Lines – all of which are mandatory. Students of the program can choose any three for their elective courses from:
The IBAM shows an example of what you can expect from this course.
Why it’s recommended: The program offers a wide range of courses that can endow even seasoned insurance professionals with essential skills and knowledge to succeed in the P&C insurance sector.
Course provider: IIC
The IIC itself is the provider for courses that enable candidates to obtain not just an insurance broker certification, but also designations like Chartered Insurance Professional (CIP), Fellow Chartered Insurance Professional (FCIP). The IIC also offers Commercial Insurance and Risk Management certification programs.
Course content: The IIC offers a wide range of courses that deal with many aspects of different types of insurance. There are about 47 courses offered in total.
Why it’s recommended: The courses offered by the IIC can provide insurance professionals with a comprehensive and impressive framework for professional growth and development. Candidates can gain in-depth knowledge and practical skills that prepare them for complex insurance scenarios.
Is all the time and energy you may have to invest in taking these broker insurance courses worth it? This video may help you see the perks of becoming an insurance broker. The video presents the career of an insurance broker as an interesting one:
You may be pleased to know that there are some insurance broker courses available online – for free. Keep in mind, however, that these courses may not be as comprehensive as a paid course, and they may not provide sufficient preparation for your licensing exams. These free insurance broker courses lack in-depth discussions on insurance laws, regulations, and products.
Course provider: Allison
This free insurance broker course provides basic instruction on the essential principles and practices of the Canadian insurance industry. It gives basic knowledge about how to pursue an insurance broker career and tips on finding the right policy.
Course provider: The Institutes
Many insurance broker courses are included here for free, such as:
Course provider: Insurance Brokers Association Ontario (IBAO)
This course offers considerable preparation for the RIBO level 1 examination. It can also include the use of free resources and introductory materials, with some course content charging associated fees. Broker Launchpad can be valuable to new brokers, but they shouldn’t rely on it for their licensing exams.
There is a process to getting your insurance broker licence in Canada, and taking a good course to gain essential knowledge is one of the important steps. If you are new to the industry, consider taking courses that can give you an edge in your career for the long-term, and not just to get your licence.
Which of these insurance broker courses are you considering for getting your licence and jumpstart your brokering career? Tell us your story in the comments.
