What is property & casualty insurance?
How do I get started in the insurance industry?
What education do I need to work in the insurance industry?
What is the Chartered Insurance Professional/CIP designation?
Do I need a license or designation to work in the insurance industry?
How do I become an insurance adjuster?
How do I become an insurance agent or broker?
How do I become a life insurance agent?
How do I have my credentials assessed/receive advanced standing towards my Chartered Insurance Professional (CIP) designation?
Where might I find more information about the insurance industry? Insurance jobs?
What is property & casualty insurance?
Property & casualty (p & c) insurance is about managing risk and protecting homes, cars, businesses, property and continuity of lives during times of peril. When risk becomes a reality because of an accident, extreme weather, fire, or theft, insurance can offer financial compensation for the losses an individual or business has incurred. Purchasing insurance is like buying peace of mind.
As insurance touches virtually everything in life and in business, this vital and stable industry is one of the largest contributor’s to Canada’s financial services sector. The industry reflects the faces and values of our society and has a constant need for talented, creative and motivated people.
There are also two other main types of insurance:
Social Insurance: Includes government programs such as employment insurance and workers’ compensation and safety.
Life and Health Insurance: Many people have some form of life insurance, which protects families by paying a lump sum benefit when an insured family member dies. Health and disability insurance(s) provide coverage and care in case you get sick or have an accident.
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How do I get started in the insurance industry?
1. Know what you are looking for - reflect on your interests, skills and experience
The first step is to understand your interests and take stock of your skills and experience. If you haven’t already, you might find it helpful to speak with a career counsellor, a trusted friend or family member or an industry professional to help you in this process.
From here, you can begin to explore the variety of roles in Canada’s P & C industry –
Your starting point might be to see how your education, interests and experience might fit in with the industry using our pathways in the section on our Web site that best fits you (High School, Post-Secondary, Career Changer).
Career Connections also profiles 9 gateway roles to the industry. You can the read full occupational profiles for each of these roles in ‘your’ section of the Web site. These include information about the job role and responsibilities, key skills and attributes, education and licensing and a prospective career path. Most include a video featuring an industry professional.
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2. Network, confirm assumptions and ask questions
After you have identified a role (or even roles) that might fit with your career goals, it’s time to network, confirm assumptions and ask questions. In short, talk to people.
Chances are you are already connected to a number of insurance professionals - Think about who handles your home, tenant or vehicle insurance? Do you have any friends or family who work in the industry? Or, do you know someone who does? Is there someone at your current employment who handles risk management or the insurance aspects for your company? Talking to an industry professional can help you better understand the industry, career pathways available, connect you to others, help confirm assumptions or research you have already conducted, and even possibly lead to a job!
People often like to talk about their work and help people to understand their industry. Insurance involves a lot of relationship building – you may be surprised by the response to your questions.
In addition, consider attending a career fair, insurance trade show or special event where you may be able to make a connection. A list of career fairs that we and other insurance organizations may attend is found here.
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3. Understand the industry and respond to employer need
Company research can be very beneficial to understanding the range of opportunities and employers in Canada’s p & c industry. A good starting point is the employer list linking to 150+ insurance organizations on our job site.
You may also find it helpful to explore additional companies and opportunities found on: www.insuranceworks.ca
www.i-hire.ca
and the insurance sections of larger career sites like:
www.workopolis.com
www.working.com
www.talentegg.ca
www.indeed.ca
www.eluta.ca
Professional and trade associations may also be a great source of information about the industry and can help you identify key players within the areas you are interested in. These include the Insurance Brokers Association of Canada, Canadian Independent Adjusters Association, Insurance Bureau of Canada, Insurance Institute of Canada, RIMS Canada and the Canadian Institute of Actuaries.
A key element of success in connecting to an opportunity will be identifying and responding to employer need. This is best accomplished through positioning your skills and experience in a way that will resonate with an insurance employer. Don’t leave anything to their imagination – make the connections and demonstrate how you are the best candidate for the job!
You may find it helpful to consult with a career counsellor in your area as you work through this process.
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What education do I need to work in the insurance industry?
A common misconception is that you NEED to study insurance prior to joining the industry. Many people first find a job in insurance with their current background, education and credentials. To see where you might fit in with your education and experience, please see the Educational Pathways chart in the section of the Web site that best describes you (High School, Post-Secondary, Career Changer). Often employees are then financially supported by their employer in obtaining the licenses, designations and specialized training needed to excel in their career.
That said there can be some distinct advantages to pursuing studies focused in insurance including co-op , networking opportunities or the potential to earn credit towards industry designations. A number of universities and colleges across the country offer insurance programs on a full or part time and continuing education basis – look for actuarial studies or risk and insurance management.
More information about education pathways available at accredited institutions in Canada can be found here.
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What is the CIP?
CIP stands for Chartered Insurance Professional – which is a 10 course nationally and internationally recognized designation offered by the Insurance Institute of Canada. The CIP designation is the industry standard and represents a commitment to ethics, education and excellence in your work as an insurance professional.
Why would I pursue it?
You have identified a career path in Canada's property & casualty insurance community. Through your research, talking with other professionals or working with a career advisor, it should come as no surprise that a professional designation provides the education and the leverage for career advancement. The courses lay the technical and theoretical foundation for your career as an insurance professional and are offered through distance education, on-line and in-class.
Where Can I get more information?
More information is available at www.insuranceinsitute.ca or by calling Customer Service at 1-866-362-8585.
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Do I need a license or designation to work in the insurance industry?
As insurance is truly everywhere, the industry requires subject matter expertise and experience from all facets of our labour market – from health care to transportation to food services. No matter your interests or skill set, the insurance industry could have a career with your name on it.
In most provinces, a license is only required to work as an agent, broker and independent adjuster. Licenses and these roles are governed by regulators and professional bodies which have a mandate to govern the professional competence, ethical conduct and financial obligations of insurance professionals in their jurisdiction. Actuaries also are required to commence a series of examinations and a registration process in order to work in an actuarial capacity.
Industry employers value a commitment to continuous learning and insurance education – like that obtained through the General Insurance Essentials (GIE) or Chartered Insurance Professional (CIP) designation offered through the Insurance Institute of Canada.
To learn more about continuing education, full time programs, licensing and designations click here.
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How do I become an insurance adjuster?
A good starting place might be to read the Loss Adjuster occupational profile in the section of our web site that describes you (High School, Post-Secondary, Career Changer). Here you can learn more about the role, the skills and attributes required, educational and licensing requirements and potential career paths as an adjuster.
You may also find it helpful to explore the other occupational profiles to see if there are other roles that might be a fit for your skills, education and experience.
It is important to note that there are two kinds of adjusters working in the p & c insurance industry: company adjusters and independent adjusters.
Company adjusters work directly for insurance providers and manage the claims process for their customers. Though it is important that they are knowledgeable and well versed in many of the same respects as independent adjusters, they are not required to be licensed. Instead, they work under the banner of their company.
Independent adjusters require a license in order to carry out their work. They work for independent adjusting firms and depending on their level of license, may be required to work under the supervision of a more senior adjuster from their firm. Independent adjusting firms are contracted by insurance providers with smaller claims departments or during times of high claim volume (eg. after extreme weather, catastrophe, etc.) to manage the claims process.
Often independent adjusters have first worked as company adjusters and developed subject matter expertise in one or more claims areas.
The licensing process is governed by regulators and professional bodies which have a mandate to govern the professional competence, ethical conduct and financial obligations of insurance professionals in their jurisdiction (usually in each province). A full list of, and links to, provincial regulators may be found here.
You may also find it helpful to visit the Canadian Independent Adjusters Association Web site to learn more about licensing and a career as an independent adjuster.
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How do I become an insurance agent or broker?
A good starting place might be to read the Broker occupational profile in the section of our web site that describes you (High School, Post-Secondary, Career Changer). Here you can learn more about the role, the skills and attributes required, educational and licensing requirements and potential career paths as an agent or broker.
You may also find it helpful to explore the other occupational profiles to see if there are other roles that might be a fit for your skills, education and experience.
It is important to note that there is a difference between an agent and a broker. An agent will typically only work with insurance products and services offered by the company they work for, where a broker works with a number of insurance products from a variety of companies.
The licensing process for both roles is governed by regulators and professional bodies which have a mandate to govern the professional competence, ethical conduct and financial obligations of insurance professionals in their jurisdiction (usually in each province). A full list of provincial regulators may be found here.
You may also find it helpful to visit the Insurance Brokers Association of Canada Web site to learn more about licensing and a career as an insurance broker.
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How do I become a life insurance agent?
The first stage of licensing for Life Insurance Agents and professionals is known as the Life License Qualification Program (LLQP). In some provinces, this entry level license is referred to as 'restricted' or 'probationary'. At this level and stage in your career, your work will be supervised by a more experienced life insurance professional with a higher level of license.
The LLQP is a recognized credential in all provinces except Quebec (see here for more information about licensing in this province) and enables you to challenge the life license examination administered by the regulator in each province. A full list of links to the regulator’s sites for more information about the licensing and examination process is found here.
Study kits and resources are available through the Insurance Institute of Canada.
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How do I have my credentials assessed/receive advanced standing towards my Chartered Insurance Professional (CIP) designation?
At this time there are no mechanisms for non-insurance related education to receive advanced standing towards the completion of the CIP designation.
If you have completed insurance education either at an accredited Canadian institution or through a professional body you may be eligible for advanced standing or provided with an opportunity to challenge the national examinations in the appropriate CIP courses. For more information, please contact the Customer Service team at the Insurance Institute of Canada or your local Insurance Institute.
If you have completed an insurance designation outside of Canada, you may be eligible for advanced standing or the opportunity to challenge the national examinations in the appropriate CIP courses. For more information, please contact the Customer Service team at the Insurance Institute of Canada at iicmail@insuranceinstitute.ca or 1-866-362-8585 or your local Insurance Institute (contact details are available on the Insurance Institute of Canada’s Web site).
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Where might I find more information about the insurance industry? Insurance jobs?
Company research can be very beneficial to understanding the range of opportunities and employers in Canada’s p & c industry. A good starting point is the list of links to 150+ insurance organizations on our job site.
Professional and trade associations may also be a great source of information about the industry and can you help you identify key players within the areas you are interested in. These include the Insurance Brokers Association of Canada, Canadian Independent Adjusters Association, Insurance Bureau of Canada, Insurance Institute of Canada, RIMS Canada and the Canadian Institute of Actuaries.
You may also find it helpful to explore additional companies and opportunities found on: www.insuranceworks.ca
www.i-hire.ca
and the insurance sections of larger career sites like
www.workopolis.com
www.working.com
www.talentegg.ca
www.indeed.ca
www.eluta.ca
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