The most useful designations in the Insurance industry


The most useful designations in the Insurance industry

Many insurance industry professionals struggle with their individual career development.  The insurance industry had historically strong training programs and career paths – so employees knew what to expect and how to plan their career.  However, most companies have discontinued these training programs due to expense concerns and realizing that others were poaching their talent after the expense of training.  The most useful designations in the insurance industry depend on your career path and goals in life.

As we previously discussed, the insurance industry has a long career progression.  Now young or mid level employees are constantly wondering….

 

What should I learn?  Where should I spend my time and what has the greatest return on investment?  What’s next?

I am not suggesting these credentials alone will replace real world experience, multiple renewals, product knowledge and expertise of business, hard/soft market cycles experience, and overall long term relationship growth  – these credentials will get you prepared for your future growth as a professional.  See  article Does “10,000 hour Rule” apply to careers in Insurance industry?

Below is a breakdown of some of the most useful designations in the insurance industry by Career path.  This is not an exhaustive list, just some of the top designations – if you disagree or have others to recommend please add to the comments below.

 

Underwriting Track

Chartered Property and Casualty Underwriter (CPCU)

Associate in Commercial Underwriting (AU)

Associate in Risk Management (ARM)

Chartered Life Underwriter (CLU)

Registered Professional Liability Underwriter (RPLU)

Construction Risk and Insurance Specialist (CRIS)

 

Reinsurance Track

Master in Business Administration

Associate in Reinsurance (ARe)

Associate in Insurance Accounting and Finance (AIAF)

 

Risk Management Track

Associate in Risk Management (ARM)

Financial Risk Manager (FRM)

 

Actuary Track

ACAS/FCAS

ASA/FSA/CERA

 

Claims Track

Associate in Claims (AIC)

Law degree

Independent Insurance Adjuster exams

 

Other Resources

 

Future

As discussed in other articles, the insurance industry has tremendous amounts of data and will collect/utilize even more in the future.  Areas of future career growth include data science – and increasing roles of data scientists in the insurance industry.  The introduction of new and the right technologies will improve the speed and change how business is done in the future.

This may also decrease the need of personnel in various positions or career tracks above – see our discussion about the impact of Machine Learning.  

More to follow about tools to advance in these newer fields of the industry.

 

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Comments

comments

  • Definitely believe that which you stated. Your favorite reason appeared to be on the web the simplest thing to be aware of. I say to you, I certainly get irked while people think about worries that they just do not know about. You managed to hit the nail upon the top as well as defined out the whole thing without having side-effects , people could take a signal. Will probably be back to get more. Thanks

  • I’d love to add two professional designations to your list for professionals in the Claims Track:

    1. Certified Litigation Management Professional (CLMP) — earned upon completion of the CLM Litigation Management Institute (LMI). Learn more: http://goo.gl/5tghSK

    2. Certified Claims Professional (CCP) — earned upon completion of three levels of programming in one of eight schools (such as Professional Lines or Workers’ Compensation). Learn more: http://goo.gl/i83G3u

    • Warren Franklin

      Maureen,

      Thanks we will certainly consider these two designation and add to the list. Please let us know if there is any other material we can add, or if you are interested in a submitting an article for publishing.

  • Also offered by the Insurance Institute of America, this course focuses on all aspects of the P C insurance industry including underwriting, commercial and personal lines, agency management and even customer service.

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  • Good writing skills here, I like it 🙂

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