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IBAO president updates members at annual convention

Demutualization and liaising with political leaders top priorities for the IBAO.

IBAO president Peter Burns addresses members at the 91st Annual Convention in Toronto on October 19, 2011. Seated: IBAO chairman Bryan Yetman and CEO Randy Carroll.

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The importance of adopting a TEAM (Together Everyone Achieves More) concept was the key message of Insurance Brokers Association of Ontario (IBAO) president Peter Burns’s message at the 91^st Annual Convention in Toronto on October 19, 2011. Burns addressed key issues the association has been working on over the past year.

One of the issues IBAO has been monitoring is Economical’s demutualization. IBAO’s input was used in a submission to the Minister of Finance, who is determining a process for demutualization.

“Our biggest concern has been the maintenance of choice for the consumer and the protection of brokerages who distributed mutual policies on behalf of the insurer,” said Burns.

Mergers and acquisitions have also been a hot topic within the industry, especially in light of the Intact-AXA deal, which has challenged brokerages to ensure they can offer choice to their consumers. IBAO worked with brokerages and insurers to maintain the integrity of the system, according to Burns.

2011 has also been a busy year for IBAO due to the federal and provincial elections, he said. IBAO executives have “met numerous times with political leaders to educate them on the importance that brokerages have on the wellbeing of consumers and communities,” stated Burns.

Over the past year, one of IBAO’s goals was to improve broker workflows. Burns noted the challenges due to Black Box underwriting, a predictive analytic tool that took the broker out of the front line underwriting equation and made it difficult to provide advice to clients.

“Your IBAO team has worked hard with insurers to convince them of the value of the broker in this equation and the need for broker tools to properly service the consumer,” said Burns. “At least two insurers have now made it possible to adjust existing business quotes so brokers can consult with clients properly.”

Additionally, IBAO introduced a number of new educational programs. These include the online insurance MBA/HBCom programs, Beyond Best in Class, an Auto Reforms update course, and an online Basic Broker course.