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Salary Survey

We have partnered with our sister associations from Ontario, Manitoba, and Saskatchewan, along with the Normandin Beaudry team to bring you an expanded IBA (Insurance Brokers Association) Brokerage Benchmarking Survey. The anonymous survey and resultant multi-provincial data will be free with participation for all IBAA, IBAO, IBAM and IBAS members.

Only brokerage principals will be eligible to contribute to the salary survey. Results will only be made available to survey participants. You must be logged into to your ibaa.ca member account to access the results via the button below.

The initial round of participation has completed. If you would like to take part in the survey and receive access to the results please follow the below instructions:

  1. Send an email with your request to take part to iba@nbac.ca, this email must contain:
    • Your company name
    • The head office address
    • The name and contact details of the individual who will be completing the survey
  2. Once the request is received, a unique, one-time survey will be made available to you through a secure web link. This will be provided via email.
  3. Upon completion, each survey will be reviewed and validated to ensure the integrity of the data.
  4. Once validated, you will be informed via email that access to the survey results have been made available to you.
 

Survey Methodology

Method

IBA’s fourth annual brokerage benchmarking compensation survey was launched in May 2024. Normandin Beaudry (normandin-beaudry.ca), a total rewards consulting firm, was engaged by the Insurance Brokers Associations of Ontario, Alberta, Manitoba, and Saskatchewan (IBAO, IBAA, IBAM, IBAS) to conduct this survey and analyze the data.

The data that brokerages contributed to this survey generated both operational and compensation points of reference which only participating brokerages have access to. It is important to emphasize that only those brokerages that participate in the survey have access to these detailed benchmarks and data. Brokerages that choose not to participate do not have access to this data.

Each questionnaire was coded with an ID to ensure that each brokerage only uploaded their data once.

There were two sections of the survey:

  1. Compensation data for CSR’s, TSR’s, Producers and Managers: Base salary, Bonuses and Commissions
    • To better reflect the market for different provinces, some benchmark roles were only available for specific provinces.
    • In an effort to keep the size and scope of this survey reasonable, we did not collect compensation data for other support staff in this phase of this survey.
  2. Operational benchmarks – high level questions pertaining to financial metrics, market details, processes, and remote working policies.

Results

Approximately 6,000 individual compensation samples were collected from 135 participating brokerages.

We are pleased to report on new features that were added to our brokerage benchmarking survey:

  • Enhanced access to data, with a national perspective to brokerage compensation practices.
  • Two new benchmark jobs have been added to the survey to provide additional data for participants in Saskatchewan and Manitoba.
    • Customer Service Rep, SGI Motor Licensing (Saskatchewan)
    • Customer Service Rep, Auto Insurance (Manitoba and Saskatchewan)
    • Manager, Branch / Operations (Manitoba and Saskatchewan)

To ensure data confidentiality, a minimum number of observations is established for displaying descriptive statistics:

  • Average: minimum of 3 organizations must provide data to present the statistic
  • Median / 50th percentile: minimum of 4 organizations must provide data to present the statistic
  • 25th and 75th percentile: minimum of 5 organizations must provide data to present the statistic

All 2023 data presented reflects Ontario market.

Data Security

This project was executed and supported by a third-party vendor engaged by the IBAO, IBAA, IBAM, and IBAS: Normandin Beaudry. Normandin Beaudry was responsible for survey design, data collection and analysis, as well as translating the survey data into dynamic, visualized reports hosted on this proprietary, password-protected IBAO, IBAA, IBAM, and IBAS platforms that is only accessible to their respective members.

Normandin Beaudry has agreed that all member data and all products and reports containing member data that they developed as part of the Project are the property of the IBAO, IBAA, IBAM, IBAS and their members. Further, Normandin Beaudry has agreed to preserve the confidentiality of all data and information obtained from IBAO, IBAA, IBAM, and IBAS members that is not publicly available, as well to maintain the confidentiality of all documents prepared for the IBAO, IBAA, IBAM, IBAS and their membership as part of the Project.

At no point were the associations able to access or view any survey data that identified the specific brokerage, its staff or other individuals, its compensation program or other brokerage financial information. The broker associations only received anonymous, aggregate data. However, IBAO, IBAA, IBAM, and IBAS were made aware of which member brokerages participated in the survey. This allowed them to determine the category of access privileges extended to the member brokerages to view the survey results.

Questions

Questions about the survey and the results can be directed to the following individuals: