A Day in the Life of a RIBO Licensed Broker or Agent in Ontario
I’m 22 years old and have faced my share of challenges. After dropping out of high school, I jumped into full-time work to gain independence, largely due to difficulties at home. Right now, I’m living with my grandparents because managing on my own in the Greater Toronto Area has proven too costly, even with my current job in the security industry, which pays $20 an hour. Despite working overtime, it’s still not enough to support myself.
I’m considering pursuing my RIBO or OMVIC license because I’ve heard that a high school diploma isn’t mandatory for those. Sales has always been my passion—I used to sell candy bars outside stores and door-to-door newspaper subscriptions during the decline of print media. I’ve also had success in telemarketing, especially with cold calls.
I want to return to sales because I feel unfulfilled in my current role, working long hours without financial stability. I’m curious about what a typical day looks like for a licensed agent or broker so I can compare it to working as a car salesman and determine which path would be the best fit for me.
It’s great to hear that you’re considering a shift in your career! Pursuing your RIBO license is a smart move, especially since you have a background in sales and a knack for it. As for what a typical day looks like for a RIBO licensed broker or agent in Ontario, here are some insights:
Client Meetings: Your day will often start with client meetings, whether in person, over the phone, or via video calls. You’ll discuss their insurance needs, explain options, and help them understand coverage.
Administrative Tasks: A significant portion of your day will involve administrative tasks, such as filling out applications, processing claims, and maintaining client records. You’ll need to ensure that all documentation is accurate and complies with regulations.
Market Research: Staying updated with the insurance market is crucial. You might spend time researching different insurance products, understanding new regulations, or looking into competitors’ offerings.
Networking and Building Relationships: A big part of being successful in this field is building relationships. You’ll likely attend industry events, network with other professionals, and follow up with past clients to generate leads and referrals.
Sales Activities: Just like car sales, you’ll be actively trying to acquire new clients. This could involve cold calling, attending trade shows, or leveraging social media to connect with potential clients.
Ongoing Education: The insurance industry is ever-changing, and continuing education is vital. You’ll need to keep up with new training, policies, and regulations to ensure you provide the best service.
Flexibility: One of the appealing aspects of being an insurance broker is the flexibility it offers. You can often set your schedule, which can be a great advantage in balancing work and personal life.
In comparison to being a car salesman, where the focus might be more on the sales floor and direct interactions with customers in a faster-paced environment, being a RIBO licensed broker or agent tends to involve a mix of sales and service, with a stronger focus on long-term client relationships.
Given your sales experience and your desire for fulfillment in your work, you might find the insurance field rewarding, both personally and financially. It’s a tough industry, but with your background, it sounds like you have the skills to thrive. Best of luck with your journey!