Investment Executive (IE) conducted a web survey between Sept. 26 and Nov. 10, 2023, which focused on insurance advisors across Canada who work with clients and actively sell life insurance products. All 88 respondents were insurance-licensed, and most were independent advisors who worked through managing general agents (MGAs) or as contract agents with large insurers. A small portion were captive advisors with large insurers.

This report is not part of IE’s annual Report Card series, which surveys investment dealer and mutual fund dealer advisors.

The goal of this project, the inaugural Insurance Advisor Report (IAR), was to measure sentiment among insurance advisors, rather than to assess individual companies or MGAs. The survey asked questions around key areas such as advisor pay, advisor training, and technology tool adequacy. The objective was to get a broad indication of industry trends and to discover the degree to which these professionals feel supported by carriers, agencies and the industry.

The web survey included 11 questions focused on advisors’ experiences with their primary companies or MGAs, as well as a question asking whether the advisor would recommend working in the industry (see data charts). Advisors could respond with as many answers as were relevant out of a set. For example, survey participants could characterize insurance advisor pay from their primary company or MGA as one or more of the following: competitive; reflective of their work; and enough to attract high-quality talent. Other options included: not competitive; not reflective of their work; or other, should the question be irrelevant to that respondent. The data reflects the sentiment of advisors across more than a dozen companies and MGAs, and across every province (but not the three territories).

Insurance advisors also were asked about their other registrations and designations. Of those with additional registration (51 of 88 respondents), the vast majority (86.3%) were mutual-fund licensed. The most common designations were chartered life underwriter (CLU), certified financial planner (CFP) and certified health insurance specialist (CHS).