The Ontario Broker - Volume 23, Issue 3 - 45

INDUSTRY & MAKRETS
IBAC's National Impact
Peter Braid, CEO, IBAC
H
ave you ever wondered why banks can't sell insurance
products in their branches or on their website? It's
because Canada's Bank Act prohibits them from doing so.
The consumer protection measures in the Bank Act ensure that
customers won't feel pressured into purchasing insurance when
they're applying for a mortgage or a loan. They also promote a
fair and competitive insurance market that benefits consumers.
The Bank Act undergoes a statutory review every five years and
IBAC's continuous efforts will ensure that the separation of the
pillars of banking and insurance is maintained.
Our Annual Hill Day is the highlight of our federal advocacy
program. Brokers come from across Canada to meet with their
Members of Parliament, build relationships and convey our key
priorities with strong and effective messaging. In addition to
reinforcing the importance of the Bank Act provisions, we also
bring the broker perspective on issues like the National Flood
Insurance Program and National Adaptation Strategy. We were
fortunate to have the Minister for Emergency Preparedness, the
Hon. Bill Blair, as a keynote speaker at this year's Hill Day Dinner.
He was very receptive to our position and our request to be at the
table as these important public policy initiatives are developed.
Government relations is not a once-a-year effort-IBAC works
to build and reinforce our Hill Day messages throughout the year.
Activities include regular meetings with key decision-makers,
submissions to government consultations on the budget and
public policy, and providing input to parliamentary committees.
Our ongoing engagement keeps
insurance brokers top of mind in
Ottawa.
We recently helped to re-establish
the Parliamentary Insurance
Caucus, an all-party forum that
provides an opportunity for focused
dialogue with MPs on insurance
matters. IBAC's involvement with
this group allows us to strengthen
relationships with the two cochairs,
MP Adam Chambers and
MP Francesco Sorbara, and other
interested MPs, to enlist them as
champions for our priorities.
IBAC's advocacy is
complemented by our national
advertising campaign. The Broker Identity Program (BIP) was
launched 35 years ago when the government was planning
to allow banks to sell insurance, undermining consumer
protections in the Bank Act.
In response, IBAC launched a public awareness effort and
created the Bipper logo to promote the role of insurance brokers
as qualified professionals who work for insurance consumers,
providing unbiased advice, choice and advocacy. Since then, the
iconic magenta " Bipper " has garnered strong brand awareness
and has become a widely recognized symbol that consumers
associate with trust, security and integrity.
Our newest creative platform, " Works Best " challenges people
to think differently about insurance. Insurance is fundamental
to everything. In fact, the world doesn't work without it. And
insurance works best with an insurance broker! It's been our
most successful campaign in terms of number of views and click
through rates. We're also receiving very positive feedback from
our insurer partners.
An exciting new addition to our BIP campaign is coming
later this year-a series of videos featuring a day in the life of
an insurance broker. We're filming real insurance brokers from
across the country who talk about the benefits of the broker
profession and the insurance industry.
IBAC's federal advocacy and national advertising program go
hand-in-hand to protect consumers, promote the broker channel
and elevate the insurance broker profession across the country.
Volume 23 | Issue 3
45
The Ontario Broker - Volume 23, Issue 3

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