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The Insurance Council of BC regulates insurance licensing in British Columbia. To work as an insurance agent, salesperson, or adjuster in this province, you need to be licensed by this organization, which operates under the mandate of the Financial Institutions Act.
That’s a roundabout way of saying that to pursue a career in the insurance business, you must pass a few courses first — and you’ll need to put your client’s best interests first at all times!
An insurance career can be enriching financially and from the satisfaction of giving people the peace of mind that they’ll be taken care of when they need it most.
Let’s take a closer look at insurance licensing in BC and the paths you can take for an insurance career:
In British Columbia, insurance licensing goes by levels. These include:
A General Insurance Salesperson can sell and advise on insurance under the supervision of a senior broker.
A General Insurance Agent can sell and advise on insurance without the supervision of a senior broker and can work remotely.
A Sole Proprietor General Insurance License allows you to sell and advise on insurance and act as an agency.
To become an insurance broker in British Columbia, you’ll first need your Level 1 license, the foundation on which you’ll build your career in the insurance industry.
There are several ways to reach this goal.
A Level 3 General Insurance Agent License allows you to sell and advise on insurance in a supervisory or management position.
A Level 1 license makes you a ‘junior insurance broker.’ To attain your license, you can take any of these courses or exams:
You can also take the equivalent of these exams at several community colleges in BC, including Camosun College in Victoria and Douglas College in New Westminster.
How you achieve your Level 1 insurance licensing is up to you. The Fundamentals of Insurance exam, offered by IBABC, is considered the “easiest” of these options because it’s simply a book you read and study. Then you write the exam when you’re ready. It’s straightforward and more affordable than other options. It is often the quickest method to get your Level 1 insurance certification in British Columbia.
Many staff here at Harbord Insurance entered the industry using this ‘Fundamentals Exam’ method. If you’ve got the discipline, it’s a great start to a career in insurance.
The caveat with getting certified with the Fundamentals exam is that, should you pursue Levels 2 and higher, you will still need to write the CAIB 1, CIP, or GEIP exams. That means spending extra time and money to achieve a higher-level license.
Generally speaking, in British Columbia, more brokers pursue the CAIB route to insurance licensing. However, if you intend to work as an insurance adjuster or otherwise fully develop your career in insurance, CIP and GIEP courses transfer better than the CAIB designation. You’ll also factor in whether you want to work in other provinces, and in that scenario, the CIP designation would be the best option.
So, here’s the short version of what we just reviewed:
Note that the higher you go, the more coursework you’ll need. For example, four exams are required to reach your Level 3 license if you take the CAIB route. Choosing this route allows you to manage an insurance brokerage. It’s a lot of work — but it’s a lot of fun for the right person too!
If you’d like to pursue a career in insurance, it’s essential to consider all of your options. There is no one ‘right’ way to get your Level 1 license other than to take it seriously, review each option, and pursue the route that makes the most sense for where you are at this stage in your career.
Feel free to contact us here at Harbord Insurance if you’d like to learn more about an insurance career. We’re always happy to chat, understand more about your goals, and provide friendly suggestions on where you want to start.
Keep an eye on our Careers page for opportunities too!
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