Insurance Brokers Association of Ontario
The Insurance Brokers Association of Ontario (IBAO) is a non-profit, voluntary-membership organization that serves the interests of more than 10,000 independent insurance brokers across Ontario. IBAO members benefit from the highest degree of training, knowledge, and service available to the industry.
The IBAO also works to represent members` interests to government ministries and regulatory bodies as well as insurance industry commissions and associations. The IBAO is recognized by many as the authoritative voice of Ontario`s independent brokers who operate independent of corporate insurance carriers.
The Association is also a part of the Insurance Brokers Association of Canada (IBAC) that awards the CAIB (Canadian Accredited Insurance Broker) professional designation and offers Best Practices courses to assist independent brokers.
Member Education and Training
The IBAO also offers continuing education programs and training seminars for its members. To qualify for membership, an insurance broker must first pass a licensing exam as set by the Registered Insurance Brokers of Ontario (RIBO) and then meet the IABO`s membership standards.
In order to maintain a license and membership, brokers must attend continuing education courses each year. IBAO members benefit from an array of services that range from marketing support to professional development and networking opportunities. Professionals who qualify also gain automatic membership in the Insurance Brokers Association of Canada (IBAC), an organization that helps educate, lobby, and increase the profile of brokers across Canada.
Association Ethics and Standards
Like the IBAC, the IBAO works to raise the profile of independent insurance brokers and broker services in Ontario – particularly the ‘Broker Advantage’. Because insurance brokers work independently, they are better able to compare industry rates and types of insurance coverage, and provide clients with customized insurance plans.
All members are bound by an IBAO Code of Ethics designed to uphold the integrity of the profession and to provide reliable, ethical service to the client.
In 1997, an IBAO Strategic Planning Session established the Association’s mission statement, “To preserve and enhance the value and integrity of the independent broker insurance distribution system and to be recognized as an invaluable resource to and by member brokers.” Since its inception, the IBAO has continued to work with independent brokers and other industry professionals to ensure that consumers are provided with service that reflects the standards and integrity of the industry as a whole.
