Chartered Insurance Professional – Definition

Cite this article as:"Chartered Insurance Professional – Definition," in The Business Professor, updated February 2, 2020, last accessed August 13, 2020, https://thebusinessprofessor.com/lesson/chartered-insurance-professional-definition/.

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Chartered Insurance Professional (CIP) Definition

A Chartered Insurance Professional is an important title in the Canadian Insurance community. It is a title given by the Insurance Institute of Canada to professionals to assume positions, such as underwriters or brokers. The certification attests to enhanced skill, knowledge and high ethics. This designation is important to employers because it improves the work of their agents thereby making it a better experience for clients.

The property and casualty insurance industry have benefitted from the trustworthiness and professional standing of the Chartered Insurance Professional.

A Little More on What is a Chartered Insurance Professional (CIP)

To earn the Chartered Insurance Professional designation, the applicant must pass the 10-course program which includes five mandatory and professional courses and at least a whole year practical experience in the financial and insurance industry, these are the requirements that must be met by the candidate.

The 10 courses are flexible and the students can decide in what order to take the courses. This allows for those in full-time employment to take the course at their own pace.

The course can be completed between two to five years.

The course is offered virtually, through distance learning and in person. Credit transfers are also allowed if there is prior insurance qualification

The course provides the candidate with expertise and knowledge to succeed as an adjuster, risk manager, broker and agent

The designation is evidence that you comply with the Institute’s code of ethics and have the required standard of professionalism. A survey conducted by The Conference Board of Canada shows that the majority of the stakeholders in the Property and Casualty Insurance industry put more value on the Chartered Insurance Professional to deliver quality service to customers.

Requirements to Earn a Chartered Insurance Professional

The 10 courses offered in the program are sub-divided into mandatory, applied professional and elective courses suited for your career. The mandatory courses include Principles and Practice of Insurance, Insurance on Property and the Business of Insurance suitable to meet the needs of the insurance industry.

The applied professional courses are based on industry specialization. Three professional courses must be taken from this track

Elective courses range from topics on insurance, special hazards, and reinsurance. Two courses are to be taken by the applicants

On average, students spend three to five hours a week on the program. The program offers options for an area of specialization.

Once the academic requirements are met the applicant is qualified to be designated a Chartered Insurance Professional at a ceremony that holds twice a year.

The Fellow Chartered Insurance Professional (FCIP) is another certification offered by the institute. It is a level of professionalism higher than the Chartered Insurance Professional (CIP); it is tailored for leaders in the insurance industry like company senior executives. The program equips the professional with advanced management principles. This Fellow Chartered Insurance Professional designation is the pinnacle in the profession.

Reference for “Chartered Insurance Professional (CIP)”

https://www.investopedia.com/terms/c/cip.asp

https://www.insuranceinstitute.ca/en/cip-fcip-designations/cip

https://www.superbrokers.ca/library/glossary/…/chartered_insurance_professional.php

www.designations.ca/item/__trashed/

https://en.wikipedia.org/wiki/Insurance_Institute_of_Canada

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