A Day in the Life of a RIBO-Licensed Broker or Agent (Ontario)
Hi everyone! I’m 22 and have faced some challenges along the way. I left high school to work full time and attempted to carve my own path, largely due to a tough home life. Right now, I’m living with my grandparents since living independently in the Greater Toronto Area is just too costly. Even though I’m earning $20 an hour in the security industry and often put in overtime, it’s still not enough to support myself.
I’ve always been drawn to sales. From selling candy bars outside stores when I was a kid to door-to-door newspaper subscriptions during a tough time for print media, I’ve had some great success in sales roles, including telemarketing. I’m eager to get back into sales because I feel unfulfilled with my current job and the relentless work hours that don’t provide financial stability.
I’ve heard I can pursue my RIBO or OMVIC license without a high school diploma, which is encouraging. I’m keen to explore what a typical day looks like for a licensed broker or agent and how it compares to being a car salesman. Any insights would be greatly appreciated!
It’s great to hear that you’re considering a shift to a career in sales, especially as a RIBO licensed broker or agent. Your background in sales already gives you a solid foundation, and it sounds like you’re eager for a more fulfilling and financially rewarding path.
A typical day as a RIBO licensed broker or agent in Ontario can vary, but here’s an overview of what you might expect:
Client Meetings: Much of your day could involve meeting with clients or potential clients to discuss their insurance needs. This could be in-person, over the phone, or via video calls. Building relationships and trust is key in this role.
Market Research: You’ll spend some time keeping up with the market. Understanding the latest insurance products, trends, and changes in regulations is critical. This will enable you to provide the best options for your clients.
Administration: There’s usually a fair amount of paperwork involved, including filling out policy applications, filing claims, and ensuring all client information is up to date. Staying organized and managing your time effectively is essential.
Sales Follow-ups: Following up with leads and clients is an ongoing part of the job. This could be checking in on quotes you provided, answering questions, or following up on policy renewals.
Networking: Building your network can be a crucial part of your success. This may involve attending industry events, joining local business groups, or connecting with other professionals who can refer clients to you.
Continuous Learning: The insurance industry is always changing, so staying informed through training sessions, webinars, or additional courses is often necessary. This keeps you sharp and enhances the services you provide to clients.
Commission-Based Income: Unlike a typical salary job, your earnings as a broker or agent may heavily rely on commissions from sales. This means there’s potential for significant income, but it can also fluctuate based on your sales performance.
Compared to being a car salesman, the insurance industry often offers a more structured environment in terms of regulations and requirements. Both roles share the necessity of building relationships and trust with clients, but insurance may provide more stability in terms of client retention and recurring income (e.g., renewals).
Ultimately, you’ll want to consider what aspects of the job excite you the most and which environment feels like a better fit for your goals and lifestyle. With your previous sales experience and determination, you have the potential to excel in either role. Good luck!