Career Planning and Defining Your Career Goals

To plot your career goals as an insurance broker in Ontario, it’s important to understand your options. First, you’ll want to determine where you’re at in your career using the breakdown below, set some relevant goals and record an action plan to achieve them. 

Some career goals could include: learn a new technical skill; improve communication skills; increase industry knowledge; increase internal knowledge of your company; take up more leadership responsibilities; learn how to project manage; work towards a department change or promotion; and build your professional network.

Once you’ve created an action plan for your goals, you’ll want to communicate them to your boss to set them in motion. The following is a rough guide to help you map out where you currently are and where you can go from there.

The Broker Career Path

Phase 1 — New with RIBO L1; general understanding of policy wordings; basic customer service skills; growing familiarity with broker conduct (ethics), claims process and brokerage technology

Common titles: TSR, CSR, Insurance Assistant, and Frontline Account Manager

Example goals: RIBO L1, understanding brokerage policies, brokerage technology proficiency, understanding the claims process, broker code of conduct, and sales training

Phase 2 — Higher quantity and quality output with customers; very familiar with a broad set of policy wordings; able to negotiate with underwriters based on policy wording; proficient at client needs assessment and recommendations; familiar with brokerage technology; and has relationships with underwriters

Common titles: Senior CSR, Account Manager, Personal Lines Broker, and Commercial Lines Broker

Example goals: Broker-focused designation, Commercial Lines Certificate, sales training, negotiation training, and technical insurance wording training

Phase 3 — Developing relationships with industry; drive business development and retention efforts; risk manager; suggests technology improvement; leads projects internally; presents to large clients; and drive the vision of your book

Common titles: Personal Lines Producer, Commercial Lines Producer, Account Manager, Account Executive, and Team Manager

Example goals: RIBO L2, business development leadership, presentation/public speaking skills, RIMS (risk management), business strategy programs, and expand license in other provinces

Phase 4 — Accountable for the actions of multiple people; strategic management of brokerage; financial management; HR management; and solid strategic relationships across the industry 

Common titles: Senior Manager, Vice President, Director, Principal Broker, Chief Executive Officer/President, and Owner 

Example goals: RIBO L2, financial management, HR management, and business strategy

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