Brokers work on the front lines selling insurance and dealing with the public. As such, CAIB certification is required to give you the tools to sell and answer questions from clients about coverage, as well as to make recommendations about how much insurance a client needs and how it should be paid. A broker is often the first line of response for handling claims.
CAIB certification consists of four courses. The Insurance Broker's Association of BC (IBABC) explains that a Level 1 license qualifies you to work in an insurance brokerage firm handling various aspects of personal insurance, such as automobile insurance; Level 2 gives you commercial lines training, such as underwriting policies and business interruption coverages; and Levels 3 and 4 allow you to manage a brokerage firm (both of these courses address high-level economic and managerial topics associated with insurance).
At the end of each course, you'll take an examination that's administered nationally. When you complete all four examinations, you're awarded CAIB certification. IBABC states that each exam is 3 ½ hours. You need a minimum grade of 60 percent to pass. The exam comprises short answers, definitions and multiple-choice questions. Approximately two weeks after each exam, your marks will be mailed to you. You have three chances to pass each exam.
According to Insurance Brokers Association of Canada (IBAC), the courses are set up to accommodate different kinds of students (i.e., you can complete this certification on a part-time basis if you work full-time during the day). In-class sessions focus on group discussion and participation; immersion courses provide in-depth training in a condensed time frame with an experienced broker; or self-study offers an option where you can access course material online.
IBAC advises that there are 11 regional and provincial associations of insurance brokers in Canada. For example, the Insurance Brokers Association of Ontario (IBAO) is located in Toronto (the only location in the province). If you want to acquire CAIB certification, you'll have to deal with your particular province's association for certification.