Insurance Institute of Canada Overview and Programs

The Insurance Institute of Canada is a great resource for those looking to break into the insurance industry. It's a not-for-profit organization that has been around since 1899.

The Institute offers a range of programs to help individuals develop the skills and knowledge needed to succeed in the industry. These programs are designed to be flexible and accessible, with online and in-class options available.

One of the Institute's flagship programs is the CIP (Chartered Insurance Professional) designation, which is a highly respected credential in the industry. The CIP designation requires completion of a series of courses and exams, and demonstrates a high level of expertise and commitment to the field.

The Insurance Institute of Canada offers professional designation programs that lead to the CIP and FCIP designations.

These programs are designed to educate students in property and casualty insurance, with the Institute normally having around 20,000 students studying in programs at community colleges and universities in Canada.

The CIP designation requires completion of 10 courses and passing exams, as well as one year of full-time professional experience in the insurance industry.

To obtain the CIP, candidates must complete a series of 10 courses in areas such as loss adjusting, the economics of the insurance industry, and specific types of insurance.

The five mandatory courses cover general principles and practices of insurance and more specific types of insurance including property, liability, and automobile insurance.

Applicants then choose one of three specific tracks for courses based on industry specialization, focusing on different career paths such as working as an agent, a claims professional, or an insurance underwriter.

Here are the three specific tracks for courses:

The CIP designation is a coveted certification among insurance professionals in Canada and is sought after by many employers.

The Insurance Institute of Canada offers a range of programs to help insurance professionals advance their careers.

The Institute provides licensing and continuing education (CE) credits to insurance agents and brokers.

Insurance professionals can also earn CE credits as independent claims adjusters and life agents.

The Institute offers certificate programs such as the GIE Program.

Another option is the Rehabilitation Benefits Administration Program.

The LLQP and ICP are also part of the Institute's certificate programs.

The CIP program is a comprehensive education program that provides general and technical knowledge specific to the Canadian property and casualty insurance industry, leading to a CIP designation. This designation is a uniform standard indicating that all CIPs have met the same test of knowledge.

The CIP program is designed for those studying to become an insurance broker or agent, underwriter, adjuster, or risk manager. It consists of approximately 30 courses, with 10 of them being required.

To earn the CIP designation, students must complete 10 required courses, which include five mandatory courses, three applied professional courses, and two elective courses. The five mandatory courses cover general principles and practices of insurance and more specific types of insurance.

There are three specific tracks for courses based on industry specialization, including working as an agent, a claims professional, or an insurance underwriter. Each track includes three mandatory courses specific to that track, and the last two courses are electives.

In addition to the CIP designation, the Insurance Institute of Canada also offers an Advanced Chartered Insurance Professional certification, which requires successfully completing four additional courses. This certification is designed for professionals who want to advance their knowledge and skills in the field.

The CIP program has a one-year industry experience requirement to graduate, which means that students must have at least one year of full-time professional experience in the insurance sector to earn the designation.

The Insurance Institute of Canada has a well-structured corporate governance system in place.

The Institute Board of Governors meets once annually to receive reports, address policy issues, and approve finances for the organization.

This senior decision-making body is comprised of executives from major insurance employers and representatives of local institute councils.

The Executive Committee is the key decision-maker within the Board of Governors, overseeing its four sub-committees: Finance, Nominations, Pension, and Compensation.

The Insurance Institute of Canada is deeply involved in the insurance community. They're a platinum sponsor of the National Insurance Conference of Canada.

They've also made philanthropic commitments to various organizations, including the Women in Insurance Cancer Crusade event, the Toronto Insurance Women's Association, and the Canadian Association of Insurance Women.

In 2009, the institute launched the National Education Week, which takes place every year in the last week of February.

The Insurance Institute of Canada has a rich history that spans over a century. 1899 marked the beginning of the institute's journey when John B. Laidlaw, manager of the Norwich Union Fire Insurance Society in Canada, contacted industry representatives to create an insurance institute in Canada.

The response was overwhelming, with 230 industry representatives coming together to form the Insurance Institute of Toronto. This was followed by the establishment of the Insurance Institute of Montreal in 1900 and the Insurance Institute of British Columbia and the Insurance Institute of Winnipeg in the 1920s.

A major milestone was achieved in 1947 when the Insurance Institute of Toronto became the Insurance Institute of Ontario. This change paved the way for the eventual creation of a national institute. President W.H. Burgess first raised the idea of a national institute in 1931, marking the beginning of a long process of unification.

In 1952, all institutes joined forces with The Insurance Institute of Canada to establish a uniform standard of insurance education and examinations. This move aimed to standardize insurance education across Canada, provide a sound basis for company support, and promote insurance education in other parts of the country.

The Insurance Institute of Canada's objectives were outlined by its first president, Norman G. Bethune, in the President's Address to The First Annual Meeting of the Insurance Institute of Canada. These objectives included standardizing insurance education, establishing a sound basis for company support, and providing means of insurance education in other parts of Canada.

A key aspect of the institute's purpose is to co-operate with other organizations to further insurance education. This can be seen in the institute's work with the Insurance Bureau of Canada, a trade organization for Canada's home, auto, and business insurers.

The institute's efforts have led to the creation of new designations, such as the CIP Society, which was officially sanctioned in 1998. This marked a significant milestone in the institute's history, paving the way for further growth and development.

Financial management is a critical skill in the insurance industry, and the Insurance Institute of Canada is now offering a new course to teach it.

The Financial Management for Insurance Leaders course is designed to equip middle managers with the knowledge they need to succeed in top insurance jobs.

Middle managers could find themselves catapulted into top insurance jobs without having the knowledge to perform effectively, based on a study that indicated that 40% of the industry’s aging workforce could retire by 2017.

Financial management could mean the difference between success and failure as an insurance leader, the institute says.

The institute conducted a demographics survey of the Canadian P&C industry in 2008, which highlighted the need for financial management skills.

To take the course, potential students must apply for entry into the new FCIP program and pass an online math test upon registration.

The application deadline for the new FCIP program is June 30, 2011.

Investing premiums wisely is an important financial decision for insurance firms, so they can make payment when required without affecting their cash flow.

Jim Harvey, retired chief financial officer for Allstate Insurance, emphasizes the importance of this decision.