"Which CIP course should I take?!"

This is the most pressing question that haunts almost every individual working towards the Chartered Insurance Professional (CIP) qualification, in the quest to get the combination right.

The simple answer: there is no perfect combination!

The program is structured such that while you need to take five mandatory subjects, there is an option to choose your other five courses to complete the set of ten. The Insurance Institute of Canada (IIC) provides a wide array to select from, literally giving the choice to choose anything from detailed study in general insurance areas to picking up topics on specialized fields.

My Pathway to CIP

The details listed in this article are purely my own opinion and journey towards the chartered qualification and not to be construed as subject matter guidance provided by IIC. The sole objective here is to share my experience and thought process behind the courses undertaken, considering my experience in insurance sector has constituted relationship management, portfolio strategy and portfolio steering - this would be in direct contrast to the bulk of students you would meet from underwriting or claims backgrounds. The overviews shared are based on study material in use from 2021-2023; as IIC constantly refreshes the course content, please do refer the official CIP course details for up to date information.

The Baby Steps Introduction

• C11: Principles and Practice of Insurance

Your first step of CIP and a mandatory course. This core subject introduces concepts which are foundational to the insurance sector and especially the Canadian insurance industry. The course covers terminologies and definitions which shall carry you through the entire CIP journey. For individuals who have worked in insurance markets outside of Canada, C11 provides an excellent ground to familiarize yourself with insurance terms specific to the Canadian market.

Mandatory Overview of Primary Lines of Insurance

• C12: Insurance on Property
• C13: Insurance Against Liability—Part 1
• C14: Automobile Insurance—Part 1

Each of these courses provide an extremely detailed insight into the specific lines of insurance being covered, including a comprehensive understanding of endorsement and coverage options available which can be built upon, the exclusions which may apply and the scenarios to be considered. You would also get familiar with legislative aspects and differences between various provincial jurisdictions. While a large part of the material focuses on personal lines, the theory does help you think about what commercial aspects could come into play.

The courses are designed to provide introductory knowledge, however, they do get theory heavy. Be prepared to grapple with analyzing coverage situations, especially when it comes to application questions in exams. I would add though that all instructors at IIC do an excellent job of rigorously running the students through various hypothetical case studies to get you well versed with analyzing coverage and relative implications.

Personal Choice of Electives

My career in insurance has always been in the commercial business space, and largely towards specialized areas. This primarily guided my choice of electives, to shape my charter as a comprehensive knowledge base. The institute does have a vast offering for professionals, providing everything from Fraud Prevention to Reinsurance. My key advice would be to choose a subject which speaks to you, instead of only focusing on what is the easiest exam to get through!

• C70: Gateway to Commercial Insurance

I thoroughly enjoyed this course, being able to apply my practical experience towards direct learning. The material very clearly breaks down all dimensions of commercial industry stakeholders which could be involved, not just at the legislative level, but also in terms of brokers, corporation structures, branch offices and nuances which are very specific to commercial players. One of the interesting aspects of CIP is, that while it is not a concentrated risk management qualification, you do have to understand risk exposures, analysis and relative coverage issues extensively. If you have ever been involved in operational process optimization projects, you would find knowledge areas where you can relate your real-life learnings.

• C20: Cyber Risk

I was extremely fortunate to undertake CIP while this course was introduced into the offerings. Cyber Insurance is a field which shall only continue to grow explosively, taking into account the ever-increasing challenges and threats in a hyper-connected world and technology taking control of our lives, personally and professionally. I would highly recommend this course to anyone who wishes to explore the area of Cyber Insurance. Having spent the foundational years of my career in Information Technology, I admit it was relatively easier to understand the technological concepts related to networking and database connectivity or general awareness of managing risks related to data spaces, server rooms or cloud connectivity. At the same time, I would like to highlight the course itself does not delve into technology or require you to have a technical background. As with all other courses, the focus is on potential risks of the cyber world and relative insurance issues.

Chosen mix of Applied Professional Courses

• C130: Essential Skills for the Insurance Broker and Agent
• C122: Practical Issues in Underwriting Management
• C112: Practical Issues in Claims Management

Now the dilemma here was, I did not want a concentrated introduction to either underwriting or claims, as the theoretical aspects can get quite challenging, especially when you are not involved in clauses, exclusions and inclusions on day-to-day basis. Thus, my first obvious choice was to pick Essential Skills for the Insurance Broker and Agent coming from a relationship management background.

I then decided, to forego the essentials skills on underwriting & claims, and instead pick courses attached to practical issues in both areas; the idea was to undertake learning where the material would cover issues which you could come across, while collaborating with underwriters or claims assessors in any periphery domain.

Practical Issues in Claims Management especially was one of the toughest (one degree less than liability!) due to the extremely intensive concepts related to litigation and Canadian claims environment. Could I have taken another course under the Brokers & Agents stream? Yes. Did I want to? No, as I wished to push my learning of insurance environment in every sphere.

On the other hand, Practical Issues in Underwriting Management was an interesting mix of topics. Intensive again, but felt more relevant having worked very closely with underwriting units and been involved in product wording & coverage reviews.

"I'm almost there" - The Capstone Course

• C16: Business of Insurance

I think almost every student takes a huge sigh of relief when signing up for this one, especially if you also keep it as the last one in the queue - it is that final step to get you through! The first pleasant surprise is when the book arrives - it is not as thick as those earlier applied courses! Secondly, the study material basically brings together the learning of the entire charter. You do need to tackle the exam very differently though, since there are only application questions and it can feel like a race against time typing out the points and getting through them all. Nevertheless, by the time you reach your C16, the brain is saturated with as many insurance concepts as you would need to get through those case studies!

Final Thoughts

Choose a subject which speaks to you, instead of only focusing on what is the easiest exam to get through! There is no perfect combination!

As much as I would question myself as to why I was pursuing the charter, I believe I would do it again.

Painful? Almost excruciatingly in the advanced courses.

Worth it? More than definitely yes!

Additionally, insurance companies in Canada are extremely supportive in your career development, so do seek out the options available to pursue the certifications and charters via your organization.

I remember my dilemma every term, trying to pick the "right" course; while you can speak with colleagues and industry associates, I felt I could share my journey with anyone out there tussling over their next pick.

Personally, CIP added a huge boost of confidence as I settled into the Canadian insurance environment, having worked in the Middle East earlier. I almost felt it was a fast-tracked approach to gaining industry concepts, legislative terminologies and insurance dynamics in a market which is comparatively very mature. You walk out with a globally recognized qualification and as good as having completed an undergrad in Insurance!