What Is the Chartered Insurance plans Professional (CIP) Designation?
The Chartered Insurance plans Professional (CIP) designation is an influential professional accreditation within the Canadian property and casualty insurance plans industry. It is administered by means of the Insurance plans Institute of Canada, a non-profit workforce headquartered in Toronto, Canada.
To obtain the CIP, candidates must complete 10 classes and go their tests, while moreover obtaining a minimum of 365 days of full-time professional enjoy inside the insurance plans industry.
Key Takeaways
- The CIP is an authorized designation regularly pursued by means of Canadian property and casualty insurance plans professionals.
- Candidates inside the CIP program must complete 10 classes, of which 5 are important and 5 may also be customized depending on the candidate’s explicit interests.
- Along side the CIP designation, the Canadian Insurance plans Institute moreover offers plenty of other techniques fascinated by additional professional insurance plans professionals.
How the CIP Works
The Insurance plans Institute of Canada created the CIP to be able to be sure that new professionals getting into the property and casualty insurance plans field might be provided with a continuously top same old {{of professional}} competence and behaviour. In this sense, the CIP is similar to the Chartered Financial Analyst (CFA) designation overseen by means of the CFA Institute.
To satisfy the ones necessities, CIP applicants must complete a sequence of ten classes in areas related to loss adjusting, the economics of the insurance plans industry, and explicit sorts of insurance plans related to automotive and cargo insurance plans. After completing the ones classes and passing their tests, the candidate must then agree to abide by means of the Insurance plans Institute of Canada’s Code of Ethics, while moreover maintaining not unusual membership in excellent standing at one of the vital Institute’s local chapters.
After all, the candidate must display a minimum of 365 days of full-time professional enjoy inside the insurance plans sector.
The CIP designation is a coveted certification among insurance plans professionals in Canada and is sought after by means of many employers. In step with the Conference Board of Canada, a not-for-profit research workforce, most professionals who enter the property and casualty insurance plans trade achieve only a limited working out of explicit industry issues in their fundamental post-secondary education.
Within the interim, their research found out that 80% of employers inside the insurance plans industry view Chartered Insurance plans Execs as being additional successful in establishing trust with their consumers.
Precise-International Example of the CIP
Applicants to the CIP program have 5 important classes to complete, which will also be then followed by means of 5 additional classes. The 5 important classes quilt fundamental concepts and practices of insurance plans and further explicit sorts of insurance plans along side property, prison accountability, and automotive insurance plans.
Applicants then select one amongst 3 explicit tracks for classes in accordance with industry specialization. The ones tracks focal point on different career paths, along side operating as an agent, a claims professional, or an insurance plans underwriter. Each track comprises 3 important classes explicit to that track. The rest two classes are electives with conceivable alternatives along side every fundamental topics and quite a lot of specialties along side reinsurance, surety bonds, and explicit hazards.
Along side its widely known CIP designation, the Insurance plans Institute of Canada moreover offers an Sophisticated Chartered Insurance plans Professional certification which requires successfully completing 4 additional classes. Another stage of certification, the Fellow Chartered Insurance plans Professional designation, calls for 6 additional classes and was once as soon as created to recognize insurance plans company senior executives for their knowledge of keep an eye on and control strategies.
