In preparation for Ontario’s auto insurance reforms that took effect July 1, IBAO launched a campaign at ontariobrokers.ca to help drivers understand the changes and provide a resource for insurance brokers to support conversations with clients.Getty Images
An ever-quickening pace of societal changes – driven by factors like technological advancements, shifting consumer behaviour and climate volatility – requires a rapid response from the insurance industry.
As Ontario’s insurance brokers navigate this highly dynamic space, they have a key ally in the Insurance Brokers Association of Ontario (IBAO), a member-based organization representing home, auto and business insurance brokers.
“IBAO exists to support our members and their customers, the public. It also supports the insurance industry by advancing understanding about challenges and opportunities,” says Colin Simpson, CEO of IBAO. “We provide best- in-class education, shape industry strategy, and advocate for brokers and consumers across Ontario.”
With a 30-year background spanning the broker, distribution and manufacturing sides of insurance, Mr. Simpson brings a full-industry perspective to IBAO’s advocacy work.
IBAO has three main purposes: advocacy, education and projects focused on industry leadership, he explains, with advocacy extending to both government and industry, where the association connects with politicians and government agencies as well as insurance companies and tech vendors.
In the case of recent auto insurance changes taking effect in Ontario as of July 1, for example, “we spent the last two years working with government and regulators to better understand the impact on Ontarians, the impact on our members and the impact on the industry,” says Mr. Simpson. “Our close connections across the industry, including with insurance companies and claims adjusters, allow us to bring the industry point of view to politicians, so they understand how this impacts their constituents.
“We’re also readily accessible when politicians want to communicate issues, for example, on trucking risks, natural catastrophes or market availability,” he adds.
“ Our close connections across the industry, including with insurance companies and claims adjusters, allow us to bring the industry point of view to politicians, so they understand how this impacts their constituents.
Colin Simpson
CEO of IBAO
On the mandate of education, IBAO offers a range of support, including the yearly general education that is required for Ontario brokers to keep up with professional standards. “We provide this for free as part of our membership,” says Mr. Simpson, adding that the association also generates educational resources for navigating change.
“For the auto reform changes, for example, we created a whole training program alongside other associations in Ontario to re-educate the industry about the new products,” he notes.
Additionally, IBAO launched a new campaign through Ontario Brokers, a hub aimed to help drivers understand what’s changing and connect with a local broker. This is just one part of the association’s ongoing efforts to provide tools on how to engage with consumers, support members on specialist areas of insurance and organize networking events, including an annual conference IBAOcon in October.
Within the framework of the third purpose, IBAO takes a leadership role in special projects. “Due to our scale in Ontario and the resources we have available, we do a lot of national projects,” he says. “One project, where we work with regulators across Canada, is focused on natural catastrophes, with an emphasis on consumer education.”
IBAO membership is made up of more than 16,000 insurance brokers, who are licensed through about 400 businesses and operate in 1,200 different locations across Ontario, “so invariably, if you’re looking for a broker, you’ll find one on Main Street or in your local community or the community next door,” says Mr. Simpson, who wants Canadians to know that brokers represent consumers rather than insurance companies.
“Brokers are there to help – to offer consumers choices, advice on products that best meet their needs and support in the event of a claim,” he explains.
“Brokers are very integrated and invested in the well-being of their community. It’s amazing to see the connections and the networks they create with community members – and how they help one another. That’s something that is very Canadian.”
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