RIBO has posted three updated fraud bulletins on their website, warning consumers that neither Ottawa Insurance Broker Services nor United Brokers Insurance and Progress Insurance are licensed to conduct property and casualty insurance business in Ontario. Anyone who has recently purchased insurance from either entity should contact Tim Goff at (416) 365-1900 or 1-800-265-3097 or tim@ribo.com. RIBO has also updated a previous fraud case from 2011 that has since expanded into Peel Region (Axccess Lifestyle Membership Corporation of Concord, Ontario).
RIBO is the self-regulatory body for insurance brokers in Ontario. Established in October 1981, RIBO regulates the licensing, professional competence, ethical conduct, and insurance related financial obligations of all independent general insurance brokers in the province.
People should exercise caution when purchasing their insurance and make certain they are dealing with a licensed representative. To check the licensing status of an insurance Broker, please go to RIBO’s List of Licensed Brokers/Brokerages. To check the licensing status of an insurance Agent, please go to FSCO’s List of Licensed Representatives and for an insurance Company, please go to FSCO’s List of Licensed Insurance Companies.
Here is a summary of the bulletins:
April 3, 2012 - Ottawa Insurance Broker Services
The Registered Insurance Brokers of Ontario (RIBO) is advising consumers that Ottawa Insurance Broker Services is not licensed to conduct property and casualty insurance business in Ontario. Anyone who has recently purchased insurance online from Ottawa Insurance Broker Services should contact Tim Goff at (416) 365-1900 / 1-800-265-3097 or tim@ribo.com.
March 26, 2012 - United Brokers Insurance / Progress Insurance
The Registered Insurance Brokers of Ontario (RIBO) is advising consumers that United Brokers Insurance and Progress Insurance is not licensed to conduct automobile insurance business in Ontario. Anyone who has recently called 1-800-246-0716 to purchase insurance from United Brokers Insurance and Progress Insurance should contact Tim Goff at (416) 365-1900 / 1-800-265-3097 or tim@ribo.com.
Axccess Lifestyle Membership Corporation of Concord, Ontario - February 13, 2012
It has recently come to our attention that certain individuals may be active in selling the memberships in the Peel Region as well as other areas in Ontario. If you have any information or knowledge of this program, please contact Tim Goff at (416) 365-1900 / 1-800-265-3097 or tim@ribo.com.
A new consumer study finds that 78% of Ontarians are not aware that insurers were using their credit scores to price their home insurance. What’s more is that 74% are in favour of extending the ban on using credit scores that is currently used in auto insurance to home insurance.
IBAO brokers were at Queen’s Park on April 4, as part of the Annual IBAO Queen’s Park Awareness Day, to meet with several Ontario Members of Provincial Parliament (MPP) to present the results of this consumer study and to discuss banning the use of credit scoring on personal property insurance.
Currently, a growing number of insurers are using a person’s credit score to measure their insured risk. This has led to an increase in insurance premiums or a denial of insurance outright to many Ontarians. As a result, now is the time for the Ontario Government to ban credit scoring to protect consumers!
IBAO’s 2012 consumer credit study results are nearly identical to the last time the poll was taken in November 2010. This indicates that insurers who use credit to increase rates have failed completely to inform their customers, despite a voluntary industry code of conduct which says consumers should be informed and must consent.
Further poll findings reveal that 81% of Ontarians want their MPPs to ban the use of credit scores to determine their home insurance rate, and 35% of Ontarians would be more likely to vote for their MPP if they supported a ban.
In 2005, the Ontario government banned the practice of using credit scoring as it relates to auto insurance policies because a person’s credit score was not related to their insured risk, and therefore the practice was deemed to be unfair and not in the public interest. Ontario insurance brokers were at Queen’s Park urging the Ontario government to extend the ban to home insurance.
It is unfortunate that the Ontario government has taken very little action to deal with the problem since the last poll results were released a year and a half ago. It is clear that insurers cannot be counted on to inform and protect customers on the matter of credit scoring. That is why the Ontario government must step in and ban this practice that is hurting consumers.
In May 2011, IBAO launched a consumer educational website, www.SoaringInsuranceRates.ca as part of the association’s public consumer protection campaign. Since the launch, more than 12,000 concerned Ontarians have logged on to educate themselves with many signing the on-line petition and sending informational letters to their MPP.
The use of credit scoring to price home and other personal property insurance is hurting our consumers. It affects those who can least afford it, such as retired seniors, newcomers to Canada, the unemployed, single income families and small business owners utilizing lines of credit. IBAO believes the practice is unfair to consumers, not transparent and inappropriate as a rating tool, and are calling on the Ontario government to act now and ban this practice entirely.
IBAO is excited to launch a new, online tool - MyInsuraceShopper Know Your Stuff®, a Home Inventory tool for Ontario consumers. This easy to use software is available on the web for consumers to take inventory of their possessions and track this inventory easily and efficiently, all within digital space. The inventory is stored online where consumers have free access to view or update their inventory anytime, anywhere they wish.
A home inventory will help you itemize your property if you need to make a claim, and it is a good way to test if your overall policy limits are adequate.
IBAO encourages all home owners to make a thorough inventory update of their belongings, including a list of contents, estimate of replacement value and perhaps a photograph or video of each room. This inventory should then be reviewed with their broker. The MyInsuranceShopper Know Your Stuff® inventory tool makes this process convenient, by allowing consumers to store and update their details and within the digital space.
Many people receive or purchase new expensive items and neglect to inform their broker and update their policies. Items, such as expensive jewelry should to be added to your insurance policy to ensure you are properly covered in case of any future claims. You never know when a disaster may strike, but you can be prepared with an up to date home inventory.
IBAO reminds Ontarians that it is common practice for policies that cover personal property, to have special limits on the amount that will be covered for specific items, or items within specific categories. If you require the full replacement or market value to be insured, you will have to arrange for additional insurance with your broker.
Having a list of contents, photos and/or videos of possessions is invaluable for consumers, as well as insurance brokers should you require assistance for lost or damaged possessions. Knowing the value of the contents of your home is vital to being properly insured. Your broker can help you find the tools and resources you need.
Visit www.myinsuranceshopper.ca/knowyourstuff for more information.
IBAO is thrilled to officially announce its support of Custom Software Solutions Inc.’s (CSSI) recent introduction of a new major time saving technology. This new innovation allows PDF Dec pages to be accepted as part of the Centre for Study of Insurance Operations (CSIO) download standards.
Insurance companies and brokers will now be able to transmit documents through an “Electronic Document Transfer” (EDocs) process, effortlessly and according to CSIO standards!
Scott Andrew, President and CEO of CSSI wants brokers to know that “the biggest impact with regards to saving time and eliminating paper is the ability to download the Dec page. CSSI is pleased to say that we are capable of handling EDocs and prepared to work with any of our partner insurance companies to provide this service for their brokers."
CSSI is one of the fastest growing automation software suppliers to the Canadian Insurance Industry. The combination of their insurance experience and technological expertise enables their team to develop and market a user-friendly automation system that takes into account all aspects of a working brokerage. CSSI provides end-to-end information technology solutions to over 400 Brokerage offices across Canada.
Insurance Brokers are encouraged to share this information with their insurance companies as this new service gives insurance companies and brokers the ability to send information electronically, saving large amounts of time, which will allow brokers more time to spend with clients.
For more information on this new service, brokers are encouraged to visit: http://www.cssionline.com
New for 2012 – CAIB Live Web Conferencing Discussion Groups
REGISTRATION DEADLINE – December 1st, 2011
How will you step up your game?
Attracting and retaining customers in today’s marketplace is becoming more challenging. Consumers expect more and are more willing to shop if their needs are not met. Knowing your product and having the confidence to convey that knowledge is critical to your success. Completing CAIB and/or CPIB will provide you with the tools to deliver that essential customer experience.
Benefits in attaining your broker designation:
· Greater Industry Knowledge
· More Confidence with Clients
· Achieve Personal Goals
· Improved Customer Service
· Career Advancement
· Advanced Standing Credits in MBA/H. B Comm Programs
Have you heard of the CAIB designation?
The Canadian Accredited Insurance Broker is a four part designation program that takes an in-depth look at technical coverages and business management strategies in the Canadian insurance marketplace. It deals with three major subject areas: personal lines, commercial lines and brokerage management.
New for 2012 – CAIB Web Conferencing
Group Discussion will now be offered online through live video web conferencing every week for the duration of the semester. This new service will be online for the upcoming winter semester which commences on the third week of January. For more information please contact Jacob Maga at jmaga@ibao.on.ca.
Have you heard of the CPIB designation?
The Canadian Professional Insurance Broker program is a six part designation program that is designed for Brokers who have achieved the CAIB or CIP, are seeking a specialization and who want a program to enhance their knowledge of the insurance industry. Brokers can select one of three streams of specialization depending on their interests: Personal Lines, Commercial Lines or Broker Management. Within each stream, brokers must complete three mandatory insurance courses and three elective business courses offered at a recognized college or university of their choice.
More Information:
Please direct any questions on the CAIB and CPIB programs to Jacob Maga at jmaga@ibao.on.ca
or 416-488-7422 or 1-800-268-8845 ext. 119.
Don’t just take our word for it, watch our video testimonials for CAIB and CPIB
IBAO is dedicated to educating Ontario consumers about their insurance and the details of their policies. Insurance brokers are trained professionals who respond compassionately to those who suffer losses and/or damages, most especially caused by sudden, tragic events.
After the worst storm Ontario has seen in over a decade, IBAO would like to encourage all those affected by the tornado in Goderich to call their local insurance broker to discuss their situation. Brokers are well prepared to handle these types of situations and victims can feel comfort in the fact that a broker has the consumers’ best interest at heart.
Acts of God are natural disasters which can strike anytime, anywhere and cannot be reasonably prevented or avoided. The majority of standard insurance policies cover the perils of hurricanes and tornados, however coverage for floods or earthquakes are not automatic in standard policies. Following a natural disaster, it is important for Ontario residents to review their current insurance policy and coverage with their broker.
For more information, victims of the tornado in Goderich and Ontario residents are encouraged to call IBAO directly at 800.268.8845 or visit www.myinsuranceshopper.ca to find a local broker.
On June 24th, members of IBAO’s administrative team participated in the North York Relay for Life. The IBAO team raised over $30,000.00 for the Canadian Cancer Society’s annual Relay.
Relay For Life is an overnight non-competitive relay that celebrates cancer survivors and pays tribute to loved ones. It's a night of fun, friendship and fundraising to beat cancer.
This year’s Relay took place at the Esther Shriner Stadium in Toronto where IBAO was joined by countless other teams, all participating for this incredible cause.
IBAO is extremely proud to support the Canadian Cancer Society’s crusade and looks forward to continuing that support for years to come.
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New episodes are released every month so be sure to check them out on www.bmo.com/coach, profitguide.com and iTunes. Each episode runs for about 10 minutes and provide the credible information and prescriptions needed to run a successful business in today’s economy.
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IBAO is applauding the Government of Newfoundland and Labrador today for their recent ban on the use of credit scoring in personal property and private passenger auto insurance. Just a couple weeks apart, the prohibition for personal property insurance came into effect on May 13th and private passenger automobile insurance on June 1st, 2011.
With this announcement, we encourage IBAO members to continue their efforts in reaching out to the Ontario government in hopes that they will follow Newfoundland and Labrador’s lead in banning this unfair and deceptive practice in Ontario. As we know, the use of credit scoring to measure a person’s insured risk is affecting those who can least afford it. Furthermore, three out of four Ontario consumers are unaware that their credit scores are being used to determine how much they pay for their home insurance.
In a continued effort to protect consumers, IBAO encourages members and the public to visit www.SoaringInsuranceRates.ca, a consumer educational website launched by IBAO in May 2011. Since the launch, close to 3,000 concerned Ontarians have logged on to educate themselves with many signing the online petition and sending letters to their Members of Provincial Parliament with their concerns.
IBAO continues to ask the Ontario government to respond to the concerns of its citizens and ban this misleading practice in home and other personal property insurance!
With the spring weather upon us, motorized vehicles, such as scooters and electronic bicycles (e-bikes) can be seen on Ontario roads. IBAO is reminding drivers of the increased dangers associated while operating these types of vehicles and urge them to exercise extra caution.
It is important for our members to educate consumers that habitational polices exclude “motorized vehicles except for lawnmowers, other gardening equipment, snow blowers, wheelchairs and motorized golf carts on the golf premises” however, a good number of policies exclude e-bikes and other such vehicles. IBAO is encouraging Ontarians to check their insurance policy and see what they are exactly covered for.
As part of our ongoing commitment of informing and protecting Ontario drivers on the risks associated with driving any type of vehicle, we must insist owners of these types of vehicles check their insurance policy and become aware of what exactly it is they are covered for. Let’s continue to keep our local neighborhoods and residents safe!