Chartered Insurance Professional (CIP)
What Is the Chartered Insurance Professional (CIP) Designation?
The Chartered Insurance Professional (CIP) assignment is a compelling professional certification inside the Canadian property and casualty insurance industry. It is administered by the Insurance Institute of Canada, a non-benefit organization settled in Toronto, Canada.
To get the CIP, candidates must complete 10 courses and finish their exams, while likewise acquiring somewhere around one year of full-time professional experience in the insurance industry.
How the CIP Works
The Insurance Institute of Canada made the CIP as a method for guaranteeing that new professionals entering the property and casualty insurance field would be outfitted with a reliably high standard of professional capability and conduct. In this sense, the CIP is like the Chartered Financial Analyst (CFA) assignment supervised by the CFA Institute.
To fulfill these guidelines, CIP candidates must complete a series of ten courses in areas, for example, loss adjusting, the economics of the insurance industry, and specific types of insurance like automobile and cargo insurance. In the wake of following through with these tasks and finishing their exams, the candidate must then consent to submit to the Insurance Institute of Canada's Code of Ethics, while likewise keeping up with customary enrollment on favorable terms at one of the Institute's nearby sections.
Lastly, the candidate must show no less than one year of full-time professional experience in the insurance sector.
The CIP assignment is a sought after certification among insurance professionals in Canada and is pursued by numerous employers. As per the Conference Board of Canada, a not-for-profit research organization, most professionals who enter the property and casualty insurance business gain just a limited understanding of specific industry issues in their general post-optional education.
In the mean time, their research found that 80% of employers in the insurance industry view Chartered Insurance Professionals as finding actual success in laying out trust with their clients.
True Example of the CIP
Candidates to the CIP program have five mandatory courses to complete, which are then trailed by five extra courses. The five mandatory courses cover general principles and practices of insurance and more specific types of insurance including property, liability, and automobile insurance.
Candidates then pick one of three specific tracks for courses in light of industry specialization. These tracks center around various career ways, including working as an agent, a claims professional, or a insurance underwriter. Each track incorporates three mandatory courses specific to that track. The last two courses are electives with decisions including both general points and different specialties including reinsurance, surety bonds, and special hazards.
Notwithstanding its notable CIP assignment, the Insurance Institute of Canada likewise offers an Advanced Chartered Insurance Professional certification which requires successfully finishing four extra tasks. One more level of certification, the Fellow Chartered Insurance Professional assignment, requires six additional courses and was made to perceive insurance company senior executives for their insight into management and leadership strategies.
Highlights
- Notwithstanding the CIP assignment, the Canadian Insurance Institute additionally offers several different programs zeroed in on more experienced insurance professionals.
- The CIP is a professional assignment generally sought after by Canadian property and casualty insurance professionals.
- Candidates in the CIP program must complete 10 courses, of which five are mandatory and five can be modified relying upon the candidate's specific interests.
