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Insurance professionals who are committed to their careers actively seek ways of gaining more knowledge and learning more or new skills. Doing this not only enables them to deliver better services but also helps them attain higher positions at the companies they work for. If they have their own practice, insurance certifications can give them more credibility in the eyes of their clients.
Overall, those who pursue insurance certifications have several advantages over those who rely solely on their basic licences. For instance, their advanced knowledge can give them increased earning potential and preference when applying for management posts. They are also often viewed as industry experts.
In this sense, it can be said that insurance professionals who pursue higher certifications benefits both them and the consumer. That’s why in this article, Insurance Business discusses insurance certifications in Canada that may prove helpful in your career.
We’ll shed light on top certifications, along with other topics like what insurance certification programs are available, which certifications are best for insurance professionals, and more.
There are several different insurance certifications professionals can choose from. But which are the most beneficial for your insurance career? Here’s a list of viable certifications and their descriptions:
This is considered as the gold standard for insurance professionals in Canada – and rightly so. Obtaining this certification is not easy, since candidates will have to take ten courses and pass the exams.
The CIP title covers all areas of Property & Casualty (P&C) insurance and encompasses life, personal, and commercial insurance. The certification program typically has a total of three terms during the year – fall, winter, and spring. Each term has an exam at the end.
Aspiring CIPs must not only pass the exams but also earn at least one year of full-time employment in the insurance industry. The IIC administers the CIP to reinsurers, underwriters, and brokers.
This is a continuation or progression of the CIP and contains an additional six courses focused on P&C insurance. FCIP admission requirements depend on whether the candidate follows the Advanced Chartered Insurance Professional (ACIP) route or the regular route.
Both ways require a CIP designation along with a current membership in a local insurance institute and the CIP society. The difference between them is that the ACIP route requires at least five years of experience working in P&C insurance, while the regular route requires a university undergraduate degree.
This certification builds upon the foundational knowledge gained from the CIP. This advanced certification gives professionals with skills for higher-level insurance management and more strategic roles within the insurance industry.
The CAIB designation is one bestowed upon insurance professionals who complete the CAIB program. This program consists of four topics that cover all aspects of P&C insurance. Completing the program allows for licensing in some provinces other than where it was obtained.
Candidates can check the IBAC website for eligibility in other provinces. And while you need to be an active IBAC member to obtain this title, you may still obtain the CAIB certification as a non-member. For this to be possible, you must be working on getting your licence.
This is an insurance certification governed by the IBAC and is offered to brokers with the CAIB or CIP designations. As with the Canadian Accredited Insurance Broker (CAIB), the CPIB title is given to licensed P&C brokers who keep their membership with the IBAC.
To qualify for the CPIB program, the IBAC requires candidates to be an employee of a licensed brokerage firm that is a member of a provincial broker association. The CPIB certification consists of six main courses, with three of them being specific to insurance and the other three, electives offered by accredited universities or colleges.
Usage of the CPIB is peculiar to licensed P&C brokers alone who maintain membership with the IBAC. To qualify for the program, the IBAC requires you to be an employee of a brokerage who is a member of a provincial broker association when registering for the examinations. It consists of six main courses, where three are insurance specific, and three are electives that recognized universities or colleges offer.
The CMGA title endows knowledge on the specific responsibilities needed for managing general agents in the insurance industry. This program is recognized for its role in developing management skills relevant to brokerage and distribution.
This is a mandatory training certification for life insurance agents. The LLQP certification governs the regulations and ethical principles involved in selling life insurance.
By pursuing the RMI certification, title holders can expect comprehensive training on risk assessment and management strategies. The RMI title is meant for professionals who wish to understand and gain in-depth knowledge about the risk landscape in various sectors. The RMI also teaches them how to mitigate those risks effectively.
Administered by the Insurance Brokers Association of Canada (IBAC), this is considered as a standard of excellence for brokers. The CCIB certification is proof of an individual's commitment to high ethical standards and superior customer service in insurance practices.
The CIC program offers extensive training in a diverse range of insurance topics and is meant for agents and brokers who wish to enhance their professional knowledge. Instead of merely teaching theoretical scenarios, the CIC designation emphasizes practical and real-world applications of insurance principles.
These certifications can contribute significantly to the career development of professionals like insurance agents, insurance brokers, and claims adjusters. Looking at the bigger picture, having more insurance professionals with advanced knowledge and credentials enhances the overall credibility and trustworthiness of the insurance profession.
These certifications are proof that an insurance professional has successfully completed advanced training and education in an insurance specialty. Obtaining these qualifications usually entails taking a specific course, then taking and passing the related exams.
Some of these insurance certifications may require the candidate to complete requisite courses, followed by obtaining and maintaining relevant employment for a specified period. These licensing requirements are like the licensing process for brokers in British Columbia, for example, and some other Canadian provinces.
The bottom-line reason for putting in the effort to obtain one or more additional insurance certifications is for career growth. Professionals who wish to move up in their companies, hone their skills and knowledge, and improve the quality of their services can do so with right insurance certifications.
Working to obtain an additional insurance certification beyond your insurance licence can signify to your clients and higher-ups that you have a strong commitment to continued professional development. Having additional certifications shows that you are an expert in your field.
The benefit of this is that clients will see you as a credible, competent professional and may recommend others to enlist your services, increasing your customer base and enhancing your reputation.
While the available insurance certifications have significant differences, the steps in obtaining them do not. Here are the steps you can follow when pursuing an insurance certification in Canada:
The important first step is to find out which organization governs the issuance of the certification you want. There are several of these organizations, but those listed below are the most common and the most likely to have jurisdiction over your desired certification:
There are many different types of insurance, and it would be wise to decide on your specialty early on. Choose from common types of insurance like:
Less common types of insurance include cybersecurity insurance, marine insurance, employee compensation and even satellite insurance. To avoid wasting time and resources, choose one of these areas, then find the organization that provides the appropriate certification program to enrol in.
Some of these organizations may require that you meet certain criteria to qualify for the certification you want to obtain. They may require you to complete basic programs before taking the main courses. Others may require you to pass specific exams and/or pay examination fees. Take the time to adequately prepare for your chosen designation.
Most insurance certification courses require completing at least one course on core knowledge and essential skills. Meanwhile, others may require taking as many as five to 10 courses, depending on the aspects of insurance they cover and the extent of the designation.
Programs with this many required courses may be a mix of applied and elective courses. These courses can help you learn the ins and outs of the certification exams and teach you essential industry knowledge.
These different certification programs offer courses in various formats, ranging from in-class learning to virtual classrooms. You typically complete classes in any of these formats and may take the exams after completing course topics. Passing these exams are the all-important step to earning your desired or required insurance certification.
Apart from equipping insurance professionals with the knowledge and skills necessary for their career advancement and all the perks that come with it, these insurance certifications provide an important benefit. This benefit is that of making insurance professionals much more capable of understanding important insurance documents. One relevant document is the Certificate of Insurance (COI).
Professionals who have certifications like the Chartered Insurance Professional (CIP), for instance, can better understand the terms and implications of a COI. They’d be in a better position to ensure that the type of coverage and scope of coverage meets the standards of their employer or client.
Ultimately, individuals with these certifications can better provide clients with accurate advice, ensure compliance with legal and contractual obligations and advance their careers. It's not an exaggeration to say that insurance certifications can open more doors and even help professionals get employed by the top insurers in Canada.
Check our special reports section and see what’s possible for your career path with these certifications. With the right credentials, you may eventually be listed among the top insurance professionals in the country.
Did you find this guide on insurance certifications useful? Let us know in the comments
