How to become an ICBC Autoplan broker

Learn how to become an ICBC Autoplan broker. Explore licensing steps, training requirements, and tips to succeed in British Columbia's auto insurance market

How to become an ICBC Autoplan broker

Guides

By

As every Canadian knows, auto insurance in the country is mandatory. No one can drive on public roads without auto insurance. If they do so, penalties include having their licence suspended, their vehicle towed and even hefty fines or jail time if the fines are not paid. This makes the job of an auto insurance broker, particularly in British Columbia, a viable long-term career path with good earning potential and stability.  

Knowing that this can be a long-term career with good income prospects, how do you become an auto insurance broker here? In this article, we delve into how to become an auto insurance broker the province.  

Pursuing this career can also be quite fulfilling, since you’ll be doing a service to the province and your fellow citizens. As an ICBC Autoplan insurance broker, you can make sure that motorists in B.C. have the basic level of protection with potential additional coverage. 

In this article, Insurance Business delves into topics about how to become an ICBC Autoplan broker. Apart from tackling the basics like what is an Autoplan broker, we’ll shed light on other important questions. We'll cover topics like how to get an ICBC Autoplan broker licence online, how much do ICBC insurance brokers make, and what’s required of this type of broker licence.  

What is an ICBC Autoplan broker? 

An ICBC Autoplan broker can be an entity or a professional who specializes in providing registration services and insurance with the ICBC Autoplan. Some of the tasks they do or services they provide clients include:  

  • buying, renewing, or canceling an insurance policy 
  • registering and licensing a vehicle 
  • informing clients about the Autoplan 
  • changing or enhancing coverage 
  • helping clients choose the appropriate insurance 

Essentially, Autoplan brokers are insurance brokers who assist motorists to acquire this specific insurance product to ensure that they adhere to the mandatory requirements for vehicle insurance in B.C.  

At present, there are about 900 Autoplan brokers servicing clients throughout British Columbia.  

The ICBC Autoplan and why it’s important 

Canada requires that all provinces and cities have their citizens take on auto insurance when they buy a car and before they drive on any public roads. In B.C., the required insurance is what’s known as the Autoplan, provided by the Insurance Corporation of British Columbia (ICBC).  

This is in accordance with the province’s insurance act, which requires all motorists to have the basic Autoplan, considered as “prescribed insurance”. Meanwhile, the motor vehicle act mandates that it’s illegal to drive a car in BC without the proper auto insurance.   

The ICBC Autoplan is specifically designed to provide basic car insurance coverage for all vehicles operated in BC This is to ensure that motorists have a degree of financial protection in case of an accident or the need to pay for liability claims arises. In B.C., this is the primary auto insurance option for residents and is also designed to conform with provincial insurance requirements.  

Key features of the ICBC Autoplan include:  

  • accident benefits – the Autoplan has benefits that cover medical expenses. This can include paying for rehabilitation expenses for injuries sustained in an accident. Note that this provided regardless of the party at fault  

  • basic insurance coverage – this includes basic third-party liability coverage, so motorists can have protection from claims arising from other individuals who sustain bodily injury or property damage from the accident 

  • hit-and-run and uninsured motorist protection – this is coverage in cases where motorists figure in accidents involving hit-and-run drivers or motorists who don’t have the prescribed insurance  

Remember, as a broker, your primary role is to work in the best interests of your clients. This includes researching the best possible car insurance options, negotiating the best payment plan with insurers and finding the most affordable and appropriate auto insurance coverage

Eligibility requirements to become an ICBC Autoplan broker 

The eligibility requirements for becoming an insurance broker include:  

  • Must be at least 19 years old at the time of application 
  • Have at least a high school diploma or GED equivalent and a college degree 
  • Must be officially licensed as an insurance broker in the province 
  • Pass a background check; have no previous criminal record or offenses  

Do you need a college degree to become an Autoplan broker? 

Yes, in BC not only do aspiring Autoplan brokers need a high school diploma or GED, but they must also have a college degree. Compared to the process of becoming an insurance broker in other provinces, British Columbia stands out as the only province that requires a college degree. 

While this requirement can be costly, the benefit of a degree is that it can make you familiar with the many complex terms of the insurance industry – knowing the general insurance essentials can give you a good head start on insurance. Aspiring brokers should take courses that may be helpful with their future careers, by taking law, business, economics, psychology, communication, or accounting.  

Steps on how to become an ICBC Autoplan broker  

The process for getting an Autoplan broker licence here shares many aspects of obtaining broker licences in other provinces, but with a few important differences. Here are the steps:  

Step 1. Take the requisite courses 

Once you’ve obtained a college degree, you can take pre-licensing courses. Note that these are optional but can be helpful in ensuring that you pass the licensing exams. You can try institutions like the Insurance Institute of Canada for their Broker Level 1 course, Douglas College’s pre-licensing course, or an online course from PNC Learning. 

Step 2. Pass the licensure exams 

After taking the appropriate prelicensing courses or completing self-study, you must pass either the Fundamentals of Insurance exam (best for new brokers) or the Canadian Accredited Insurance Broker (CAIB) 1 exam.  

Step 3. Get employed at an insurance brokerage 

An important part of how to become an ICBC Autoplan broker is to get hired at an insurance brokerage. As part of the licensing requirements, the Insurance Council of British Columbia requires aspiring insurance brokers or insurance agents to already be employed within the industry.  

Step 4. Submit your licence application online 

After completing the prelicensing courses and passing the appropriate exams, you may apply for a broker licence with the Insurance Council of British Columbia. Because this is an application for the General Salesperson’s Licence, you need to mention that you intend to become a specialist of Autoplan transactions. 

You can do the licence application process online, and these are the steps:  

  • Log onto the ICBC online portal.   
  • Fill out the application forms and upload your exam results and a government-issued ID with a photo.  
  • Provide proof of your employment at an insurance brokerage firm. 

Step 5. Take the suitability assessment 

Once you’ve secured employment at a brokerage firm, passed the licensing exams and applied for an ICBC Autoplan broker licence, the Insurance Council will conduct a suitability assessment. This will include making background checks and a check on your past professional conduct, if applicable.  

Step 6. Wait for confirmation 

In about 10 to 15 business days after submitting your licence application, the Insurance Council of British Columbia should send you a confirmation email if they approved your application. Candidates who receive confirmation of their licence can officially operate as an Autoplan insurance broker in the province.  

Step 7. Pursue your Continuing Education credits 

Brokers must pursue continuing professional development to maintain their licence. This means obtaining Continuing Education (CE) credits every year. Accumulating CE credits involves taking special courses on ethics, industry trends, and best practices.  

Step 8. Renew and maintain your licence as required 

As a broker in BC, you will need to renew your licence, update your CE credits, and pay the necessary fees. You must also keep accurate records of course completion for audits.  

Important notes on the ICBC 

Those new to the insurance industry, especially in BC, may notice that the acronym ICBC can pertain to two separate and distinct organizations operating within the province. Here are their important differences:  

  • Insurance Corporation of British Columbia – This is the organization that aspiring Autoplan brokers should be mostly concerned about. It is the sole provider of basic auto insurance in BC, although it also offers additional coverage. This body also offers services like driver licensing, vehicle registration, and vehicle inspections. ICBC bases its premiums on a client's driving history, location, and type of vehicle. 

  • Insurance Council of British Columbia – The Insurance Council, meanwhile, is a regulatory body that ensures licensed insurance agents and adjusters act professionally. It is also tasked with promoting industry growth in the province, protecting consumers, and issues licenses to insurance agents, brokers, and salespersons. Whenever licensing is discussed, it’s the Insurance Council that is referenced.  

How much does an Autoplan broker make?  

According to Glassdoor.ca, an Autoplan broker who works for the Insurance Corporation of British Columbia can have a pay range of around $38,000 to $42,000 per year. This amount consists of a base salary and additional pay. As for the earnings of other types of brokers, you can refer to our guide to know how much brokers in BC earn per year.  

Can a broker from another province become an Autoplan broker in BC? 

Yes, this is possible for as long as they meet certain requirements. If you are already a licensed broker from another province and want to practice as an auto insurance broker in BC, here’s what you can do:  

1. Apply for the same certification – if you are already a licensed broker, you may not have to go through the entire licensing process again; apply for the same certification in the province. You can contact the Insurance Council of British Columbia to confirm if you are eligible.  

2. Have the required documentation ready – prepare the relevant documents for your application as an insurance broker in the province. Keep the following handy:  

  • Proof of current license status from your home province; have a Certificate of Authority ready if you cannot obtain confirmation online 
  • Confirmation that you intend to do business as a broker in BC  
  • Proof of employment with an insurance brokerage in the BC  

3. Take the Ethics and Council Rules course – unless you are exempted, you must take the Insurance Council’s ethics and rules course. This covers the ICBC’s rules and regulations.  

4. Wait for your application review – once you’ve submitted your application, required documents, and taken the Ethics and Rules course, the only thing to do is wait for the council’s decision. This usually takes 10 to 15 business days.  

5. Wait for confirmation – you should receive a confirmation email from the council’s licensing team. If your application is approved, you can practice as an ICBC Autoplan broker.  

6. Maintain your BC insurance licence – after securing approval, be sure to do the necessary steps for maintaining your licence in the province, such as accumulating your CE credits.  

7. Other considerations – if you are not a BC resident and your licence is expired or inactive, you must renew the licence in the province where you obtained it. You must also get a letter from your province’s regulatory body confirming your licence’s renewal.  

Marketing strategies for ICBC Autoplan brokers  

So, once you’ve either set up shop in BC or secured a job at a brokerage firm, how do you market yourself or your firm’s services? Here are a few useful tips:  

Gain a thorough understanding of the market 

The government-run auto insurance system affects how brokers present and position their services. Having a deep understanding and appreciation of how the BC market behaves is essential for the success of your marketing efforts.  

Use digital marketing 

This is not entirely new, as digital marketing techniques and strategies have been in use since the 1990s. Most of your potential clients will do online searches for car insurance. That’s why you’ll need to use SEO to increase your visibility online, and don’t forget to leverage social media to reach a broader audience, deploy your ads, and connect with the local community.  

Personalize your services 

Creating insurance packages that cater to certain types of customers can set you apart from other brokers. You can offer custom coverage options for certain demographics like startup families, retirees, or young drivers.  

These are but a sample of the many marketing strategies you can employ to increase your visibility, credibility, and generate sales. Check out our guide on more marketing strategies you can use and make your brokering a success in British Columbia.  

Did you find this guide on how to become an ICBC Autoplan broker helpful? Let us know in the comments. 

Keep up with the latest news and events

Join our mailing list, it’s free!