What is a Chartered Insurance Professional (CIP)
A Chartered Insurance Professional (CIP) is a designation the Insurance Institute of Canada grants to agents and other professionals in the property and casualty insurance industry. This certification recognizes expertise, knowledge and compliance with ethical standards. The Institute created this designation as a way for agents to demonstrate professional standing to both employers and clients.
BREAKING DOWN Chartered Insurance Professional (CIP)
An applicant must meet several requirements to earn a designation as a Chartered Insurance Professional (CIP). Many traditional and online schools offer courses to help individuals gain the knowledge and expertise to work as agents, underwriters and claims adjusters. The curriculum for the CIP certification program includes both mandatory and elective courses. Applicants must:
- Pass exams for 10 specifically designed courses
- Have at least one year of full-time employment experience in the insurance and financial services industry
- Agree to the Institute’s Code of Ethics
- Maintain membership in one of Canada’s local insurance institutes
The Conference Board of Canada, a not-for-profit research organization, surveyed the industry and reported that most professionals who enter the property and casualty insurance business gain only a limited understanding of specific industry issues in their general post-secondary education. The survey indicated that 80% of employers in the industry generally view Chartered Insurance Professionals as more successful in establishing trust with their clients.
Requirements to Earn a Chartered Insurance Professional
There are five mandatory courses covering 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. These tracks focus on different career paths, including working as an agent, a claims professional or an insurance underwriter. Each track includes three mandatory courses specific to that track.
The last two courses are electives with choices including both general topics and various specialties including reinsurance, surety bonds, and special hazards.
Once an applicant meets the academic requirements and gains one year of full-time experience working at an insurance or financial services firm, they are eligible to apply to be certified as a Chartered Insurance Professional. The Institute honors successful applicants at a ceremony, which is held in May and October each year.
The Institute also offers an Advanced Chartered Insurance Professional certification which requires successfully completing four additional courses. Another level of certification, the Fellow Chartered Insurance Professional designation, requires six more courses and was created to recognize insurance company senior executives for their knowledge of management and leadership strategies.