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Education/training

Insurance careers in Canada today

Is it worth the risk? More than 110,000 people in Canada today work to help you answer that question about various aspects of your life.

DOROTHEA HELMS

[ 2002-04-17 ]

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They're the professionals who have chosen careers in the insurance industry, and they assist us in measuring risk and taking action to mitigate the consequences, if and when we find ourselves victims of Murphy's Law.

In Canada, insurance falls into two broad categories: general insurance (property and casualty) and life insurance.

General Insurance

If you're looking for a career that involves making a difference in people's lives, consider the fact that according to recent figures from a POLLARA Research study, 93% of people in general insurance are satisfied with their jobs.

Glen Williams is part of that group. He entered the industry after taking a business administration course at Seneca College, and now owns and operates Williams Adjusting Services with his wife, Sharon, out of their Sunderland home.

Glen has been in the business for 25 years, and spent the first 19 working for other firms. He is happy with the decision he made to go independent six years ago.

"This career is well-suited to a home-based business," he says. "I'm enjoying being on my own." Kip Van Kempen, FCIP, of Brown Pineo Van Kempen Insurance, is also delighted with his 30-year career as a broker.

"We represent a wide range of companies, including international clients," he says. "In my case, I am a third generation insurance broker, and I knew from a young age I wanted this as a career. My daughter is also in the industry, so she's fourth generation."

Van Kempen received his credentials through The Insurance Institute of Canada (IIC) and the Independent Brokers Association of Canada.

According to Tim Verbic, MBA, Ba (Hons.), director of business development for The IIC, "Young people often assume that a career in insurance means sales. In fact, there are over 100 different job descriptions in the industry today."

In Canada there are more than 200 general insurance companies, 7,500 brokerage offices and 1,500 independent adjusting companies -- representing a wealth of opportunities.

The IIC is the professional education arm of the general insurance industry in Canada, and represents 30,000 members. On the IIC Web site (www.iic-iac.org), you'll find information on insurance education and the five broad categories of general insurance jobs.

Actuaries establish insurance rates. Independent adjusters investigate and resolve the amount of loss in insurance claims on behalf of insurers.

Brokers help consumers obtain the proper insurance coverage, and reinsurers provide insurance to primary insurance companies to spread out the risk. Underwriters select the risks to be written by the insurance company. For a listing of currently available jobs, check out the IIC's career site at www.insurance-career.com.

Many people enter the insurance field without specific training, and they learn on the job. To further your advancement, you may take courses offered by the IIC, or enrol in one of the colleges or universities that offer full-time and/or part-time insurance programs.

The IIC offers two internationally recognized designations based on academic programs: Chartered Insurance Professional (CIP) and Fellow Chartered Insurance Professional (FCIP). The IIC also offers the General Insurance Essentials (GIE) program, an introduction to general insurance.

Life Insurance

After 20 years in the business, Chris Jackson is glad he made this career choice. An agent with Clarica Life Insurance Company in Toronto, he deals with life, disability, long-term care and critical illness insurance, areas that he says "... naturally branch off into financial and estate planning."

He got the idea to enter the business after the problems he had finding life insurance for himself.

"I realized people need guidance with insurance decisions. I love my job. Every situation is different, and there's endless variety to what I do," he says.

Chris is part of the progressive life insurance industry in Canada, which is undergoing exciting changes at the moment. In January of this year, the Life Insurance Institute of Canada (LIIC) (www.liic.ca/en/) and LOMA (www.loma.org) announced plans to merge operations and activities.

LIIC is an association that represents 42 of Canada's life and health insurance companies in promoting their educational, networking and professional development needs.

LOMA is an international association with more than 1,250 member companies interested in research and educational activities.

According to Gary Butler, director for the Centre for Financial Services at Seneca College, the new opportunities offered by the changes offer interesting alternatives for people. The centre has created a consortium of community colleges in Ontario to administer new life insurance training for agents across the country, as professional standards outlined by the Life Insurance Commission now require a higher competency level.

"With the new training, students will graduate better prepared to become active participants in the industry," Butler says. The higher standards raise the image and profile of the industry, and directly benefit the public."