On the afternoon of December 4th, the OLIP interns finished up a day of meetings by having a conversation with Joseph Carnevale and Colin Simpson, two representatives from the Insurance Brokers Association of Ontario (IBAO). The IBAO is a not-for-profit organization representing insurance brokerages across Ontario. They advocate for their members at a provincial and national level while also acting as a liaison between brokerages and their clients.
During our conversation, the interns had the chance to ask Colin and Joseph questions on a variety of topics including: the challenges faced by brokers during a pandemic, the opportunities that digital technology offers brokerages, and how legislation, such as bill 218, may affect the insurance business in Ontario going forward. It was interesting to learn about the market cycles that characterize insurance business, which often run counter to the rest of the economy, and how, even in good economic times, many brokerages only return modest dividends due to the costs associated with the industry.
As consumers who often purchase insurance for a variety of products and services without necessarily understanding the processes that go into its pricing and availability, it was refreshing to learn some of the intricacies behind such a ubiquitous product. The OLIP interns are grateful to the IBAO for their continued support of the program and we appreciate Joseph and Colin taking time out of their schedules to discuss some of the big issues facing the IBAO, brokerages, and policy holders across the province. OLIP benefits from having sponsors like the IBAO who are willing to help educate the interns about Ontario’s industries. Thanks to their efforts, we all left the meeting a little less confused about those little, pink slips in our cars and a little more sure about why they are so important.