Peter Braid, CEO, IBAC
Have you ever wondered why banks can’t sell insurance products in their branches or on their website? It’s because Canada’s Bank Act prohibits them from doing so.
The consumer protection measures in the Bank Act ensure that customers won’t feel pressured into purchasing insurance when they’re applying for a mortgage or a loan. They also promote a fair and competitive insurance market that benefits consumers. The Bank Act undergoes a statutory review every five years and IBAC’s continuous efforts will ensure that the separation of the pillars of banking and insurance is maintained.
Our Annual Hill Day is the highlight of our federal advocacy program. Brokers come from across Canada to meet with their Members of Parliament, build relationships and convey our key priorities with strong and effective messaging. In addition to reinforcing the importance of the Bank Act provisions, we also bring the broker perspective on issues like the National Flood Insurance Program and National Adaptation Strategy. We were fortunate to have the Minister for Emergency Preparedness, the Hon. Bill Blair, as a keynote speaker at this year’s Hill Day Dinner. He was very receptive to our position and our request to be at the table as these important public policy initiatives are developed.
Government relations is not a once-a-year effort—IBAC works to build and reinforce our Hill Day messages throughout the year. Activities include regular meetings with key decision-makers, submissions to government consultations on the budget and public policy, and providing input to parliamentary committees. Our ongoing engagement keeps insurance brokers top of mind in Ottawa.
We recently helped to re-establish the Parliamentary Insurance Caucus, an all-party forum that provides an opportunity for focused dialogue with MPs on insurance matters. IBAC’s involvement with this group allows us to strengthen relationships with the two co-chairs, MP Adam Chambers and MP Francesco Sorbara, and other interested MPs, to enlist them as champions for our priorities.
IBAC’s advocacy is complemented by our national advertising campaign. The Broker Identity Program (BIP) was launched 35 years ago when the government was planning to allow banks to sell insurance, undermining consumer protections in the Bank Act.
In response, IBAC launched a public awareness effort and created the Bipper logo to promote the role of insurance brokers as qualified professionals who work for insurance consumers, providing unbiased advice, choice and advocacy. Since then, the iconic magenta “Bipper” has garnered strong brand awareness and has become a widely recognized symbol that consumers associate with trust, security and integrity.
Our newest creative platform, “Works Best” challenges people to think differently about insurance. Insurance is fundamental to everything. In fact, the world doesn’t work without it. And insurance works best with an insurance broker! It’s been our most successful campaign in terms of number of views and click through rates. We’re also receiving very positive feedback from our insurer partners.
An exciting new addition to our BIP campaign is coming later this year—a series of videos featuring a day in the life of an insurance broker. We’re filming real insurance brokers from across the country who talk about the benefits of the broker profession and the insurance industry.
IBAC’s federal advocacy and national advertising program go hand-in-hand to protect consumers, promote the broker channel and elevate the insurance broker profession across the country.