An individual holding the Certified Insurance Professional (CIP) title in Australia is touted as having the gold standard in insurance. The reason for this is that these insurance professionals are expected to adhere to the highest standards of excellence and integrity.
In this article, get to know more about the CIP designation, including the requirements and other relevant topics. Those interested in how to become a Certified Insurance Professional will find this guide particularly helpful.
This professional designation is proof of an individual’s high level of commitment to their insurance career. Insurance professionals who hold this title embody the best standards of professional practice and integrity.
These are the characteristics of CIPs:
|
Primary purpose |
Ensure that the insurance industry is populated by certified insurance professionals who have up-to-date technical skills and knowledge |
|---|---|
|
Membership requirement |
Must obtain an ANZIIF qualification or recognized equivalent |
|
Code of Ethics |
CIPs must abide by the ANZIIF Code of Ethics |
|
Professional development |
Requires ongoing professional development to maintain certification |
The foremost benefit of obtaining the Certified Insurance Professional designation is that it can advance your career in insurance and financial services. In many insurance companies, the CIP title is a prerequisite to hiring and career progression. This designation can highlight your dedication and commitment to upholding the highest standards of professional conduct and ethical behaviour.
Another desirable aspect of the CIP is that those who have it demonstrate their compliance with the Australian Securities and Investments Regulatory Guide 146 (ASIC RG146). This also applies to Singapore-and Hong Kong-based professionals. Adhering to this regulation means that the titleholder maintains their technical skills and knowledge via ongoing professional development.
Obtaining the Certified Insurance Professional also gives the designee with a range of ANZIIF membership benefits that can assist them in their career and professional development.
Here is the process for obtaining the CIP designation:
CIP candidates need to have at least one year of work experience in the insurance industry. One way of achieving this is to become an insurance broker in Australia and practice for at least a year.
Obtain an insurance or financial services ANZIIF qualification. These come in many different courses that have varying number of credits.
Aspiring Chartered Insurance Professionals who have a non-ANZIIF qualification may have this assessed for equivalency. Some internationally recognised certifications may be deemed acceptable by the ANZIIF. Two examples are the Fellow Chartered Insurance Professional (FCIP) and the Chartered Insurance Professional (CIP) both from the Insurance Institute of Canada.
For this assessment, you can submit a Membership Election Form 2025 with the necessary certified documents. Also, take note of the membership level for your ANZIIF qualification. Each of the CIP membership levels reflects the different levels of qualification and experience of ANZIIF members.
ANZIIF Membership Levels
|
CIP Level |
Eligibility |
ANZIIF Member position |
|---|---|---|
|
Fellow |
The most prestigious level of membership; granted to insurance professionals who have completed post-graduate qualifications in financial services and have strong technical knowledge and experience in the industry |
ANZIIF Fellow CIP |
|
Senior Associate |
Given to financial services professionals who have completed an insurance or loss adjusting, risk management or personal injury qualification equivalent to the ANZIIF Diploma level |
ANZIIF Snr. Assoc. CIP |
|
Associate |
Given to financial services professionals who have completed an insurance or loss adjusting, risk management or personal injury qualification equivalent to the ANZIIF Certificate IV level or any recognised education requirement (AII Life or GI Affiliateship) |
ANZIIF Assoc. CIP |
|
Affiliate |
CIP qualified membership level; Affiliate membership recognises the levels of education and knowledge that are required and regulated in each area that ANZIIF operates |
ANZIIF Aff. CIP |
Once candidates become members, they must transact business in an ethical and professional manner. This includes complying with the ANZIIF Code of Ethics.
After obtaining the title, CIP holders must do continuing professional development and accumulate a certain amount of professional development (PD) credits or points. This is necessary to maintain their ANZIIF membership and CIP title. CIPs can earn these credits or points by taking insurance and financial services training, industry seminars, and online activities.
Typically, Chartered Insurance Professionals must take a minimum of 25 hours of professional development activities each year. This is equivalent to 25 PD points. The ANZIIF requires this, so CIP members’ skills and knowledge remains up to date. Keep in mind that 15 of the required points must be related to technical knowledge in insurance and finance.
CIPs should keep a record of all professional development activities they undertake each year. This involves maintaining documentation like:
Any of these records must be kept for at least 12 months after the activity.
It’s important to note that the ANZIIF conducts random audits to ensure its members comply with professional development requirements.
If you are chosen for an audit, make sure that you provide a copy of your professional development activities from the previous year. Keep in mind that if you failed to complete the required 25 CIP points, you are allowed to make up for the difference in the following year.
Should your title become suspended due to non-compliance, you are required to sign a declaration stating that you agree to comply with the PD requirements.
Acquiring the CIP title gives its holder with several advantages that can significantly benefit and advance their insurance or financial services career. These include:
Earning the Chartered Insurance Professional designation equips candidates with a deep understanding of insurance principles and practices, enhancing their competitiveness in the Australian job market.
The ANZIIF CIP program is known as the highest standard of professionalism in the insurance and financial services industry and its title holders will not lack for employment opportunities. With this certification, CIPs can also seek higher positions within their organisation.
As for insurance professionals aspiring for different designations, ANZIIF still encourages them to obtain more qualifications to further their careers.
The Chartered Insurance Professional designation enhances career opportunities and provides professional recognition within the property and casualty industry in Australia. As ANZIIF members are expected to conduct themselves with integrity, dignity, and ethical behaviour in all their transactions, the CIP designation places them in high regard with the public, clients, and colleagues.
The CIP title confers ANZIIF membership, and members are renowned for conducting themselves with integrity, dignity, and ethical behaviour in all dealings. Becoming a CIP member gives you access to various ANZIIF membership benefits that can support your career and professional development.
Here are the main benefits Chartered Insurance Professionals can reap from their ANZIIF membership:
Those aspiring to become a Chartered Insurance Professional but do not have any ANZIIF qualifications can get other equivalent qualifications to fulfil the requirement. Here’s an alternative pathway:
First, review the ANZIIF membership levels. Get familiar with the different membership levels that ANZIIF offers that recognise various qualifications and experiences in the insurance and finance industry.
By knowing these, you can then identify the equivalent certifications and pursue them.
Next, prepare a comprehensive overview of your qualifications. This includes your educational transcripts, course descriptions, and institution accreditation details.
As for your work experience, make a compilation of your employment records in the insurance or financial sectors. Detailed resumes or CVs can support these documents.
Don’t forget to visit the ANZIIF website to know which qualifications are accepted as equivalent requirements and to guide you on their different membership levels.
If you do not see your equivalent qualifications listed, you can use the Membership Election Form on the ANZIIF website to apply for an assessment of your qualifications.
Don’t hesitate to reach out to ANZIIF's Customer Service for any queries regarding the process or to gain clarity on which qualifications are considered equivalent to ANZIIF qualifications.
If the ANZIIF website or customer service does not provide ample or specific information on your qualifications, you can tap other sources of information.
You can investigate other professional organisations in Australia and New Zealand that may have similar qualifications or reciprocal agreements with ANZIIF. You may also join groups or online forums related to insurance professionals and ask about commonly recognised equivalent qualifications.
There may be some Recognised Prior Learning (RPL) programs that can credit your previous work or life experiences as fulfilling ANZIIF qualifications.
The short answer: yes. The ANZIIF offers time-efficient educational units mainly for developing the requisite skills for insurance professionals to excel or advance in their careers. These units are delivered fully online.
These skills-based units can be combined to obtain formal qualifications like the CIP. The flexibility of online delivery allows students to study at their convenience.
On average, it can take around five to seven weeks to complete an ANZIIF qualification like the CIP. However, the time it takes to obtain a designation like this can vary depending on the individual. This can include four to six weeks for learning sessions and a week devoted to completing assignments.
For instance, if a learner were to take only one unit at a time, their timetable can stretch to as much as 60 weeks or a little over a year. Taking multiple units or overlapping units can significantly shorten completion time.
The cost to become a Chartered Insurance Professional in Australia is $520. This price applies to all the membership levels and is an annual fee. Individual CIPs outside of Australia or New Zealand should contact ANZIIF directly for specific pricing details. CIP candidates who need financial assistance can try to obtain a scholarship funded by ANZIIF and Lloyd’s.
Apart from the membership fee, CIP members must complete 25 hours of professional development to maintain their certification. The actual cost for individual CIPs can vary depending on their choice of courses, seminars, and events.
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