Hot Tip -- by Melanie Ackerman

So, you are interested in a career in the insurance industry? When thinking about pursuing a future in any career, it is important to take into consideration what basic skills and interests are required to see if you are a fit.

What are some of the basic skills and interests required for this industry?

Strong communication skills -- The ability to communicate well is an important requirement in most careers where you are interacting with customers a majority of the time. It is important to be able to communicate clearly the specific details of an insurance policy. Also, as it is crucial to be able to communicate in person, it is just as important to be able to communicate clearly and effectively in writing.

Enjoy working with people -- The business of insurance is often working directly with the customer. You should enjoy working and interacting with many different types of people from many different backgrounds. In addition, you need to be able to work as a team player with your fellow employees as together you provide quality service to the client.

Problem solving -- The ability to problem solve quickly and creatively is an important skill as it will be needed to come to up with solutions for the customers' needs.

Attention to detail -- The need to pay close attention to the details, which make each client unique, and the policy that will best suit her specific needs is also necessary.

Multi-task -- It will often be a requirement to deal with many different projects/customers at the same time. The ability to manage your time effectively in order to complete the project is an important skill.

b>Organized -- The ability to multi-task and remain organized go hand in hand. It is vital to be able to maintain many different things at the same time and to manage the resources around you.

The basic skills and interests needed for success and enjoyment in the insurance industry have been identified. Below is a list of some opportunities available within the field.

Insurance Underwriter -- An underwriter will receive the application for an insurance policy from an insurance agent or broker. They will then review the coverage to make sure that it is well suited to the specific needs of the client. Also, they decide whether to provide coverage to the applicant. An evaluation is completed to see if the risk is worth taking, based upon the insurer's standards. Most underwriters will be employed for life insurance companies or general insurance companies.

Insurance Agent or Broker -- Insurance agents / brokers are usually the direct contact with the customer looking for coverage. They advise customers on purchasing insurance to protect the things they hold valuable. Agents may sell life, property, casualty, automobile or health insurance.

Insurance Adjuster -- Adjusters are the contact if there has been a loss - and are responsible for coming to a settlement based upon the loss if it is covered under the insurance policy that the customer has. The adjuster is responsible for completing the necessary research and collecting the necessary evidence to support that there has been a loss.

Actuary -- Actuaries analyze statistics and predict the risk of writing policies on defined customer group's property, business, lives and health.

These are just a few of the opportunities available within the industry - some positions and companies will require applicants to have specific education and training before gaining entry and employment in the field. Within Calgary, Mount Royal College and the University of Calgary offer programs in the insurance field.

Mount Royal College offers a two-year Business Administration and Insurance Diploma. This program focuses on training in the areas of: insurance underwriting, claims adjusting, agent/broker, customer service functions, and risk management. Within this program, by the time of graduation, nine of the 12 courses required by the Insurance Institute of Canada for the Chartered Insurance Professional (CIP) designation will be complete. Also, there is a mandatory component to complete a co-operative education, where you will be working within the industry; a paid work experience.

The University of Calgary offers a four-year Bachelor of Commerce degree with a specialization in Risk Management and Insurance. Similar to MRC, some of the courses offered meet the requirements for CIP designation, but not all of them. There is also the opportunity to participate in a five-year Bachelor of Commerce program with a year spent in a practical co-op learning situation.

If you are interested specifically in becoming an actuary, there is a four-year Bachelor of Science with a major in Actuarial Science or a five-year co-operative education program offered at U of C. Also, there is a combined five-year Bachelor of Science and Commerce program in Actuarial Science offered at the university.

The Insurance Institute of Canada offers the12 course program through correspondence that will provide the qualifications needed for the (CIP) designation.

To gain employment within the insurance industry and to be able to provide insurance, there are specific licensing requirements.

Actuaries -- Actuaries join the fellowship of Society of Actuaries sponsored by the Canadian Institute of Actuaries and the Society of Actuaries. There are two levels of examination that lead to become a Fellow of the Casualty Actuarial Society, offered by the Casualty Actuarial Society. This is in consultation with the Canadian Institute of Actuaries. Most students are encouraged to complete the first level of exams while still in university, as it takes generally five to 10 years to complete all of the exams required.

Adjuster -- In Alberta, the licensing requirements for an independent insurance adjuster call for them to write and pass the necessary exam and then apply to acquire the Adjuster's Certificate Level 1. After 24 months of claims adjusting experience and the completion of six courses offered by the Insurance Institute of Canada, one can write the exam and then apply for the Level 2 certificate and the designation as an Associate of the Insurance Institute of Canada. With the completion of two more specific courses offered by the Insurance Institute of Canada, the Level 3 certificate can be applied for after 60 months of employment as an adjuster. For Level 3 certification one must already be an Associate of the Insurance Institute of Canada.

Insurance Agent/ Broker -- The licensing requirements for an insurance agent or broker are the possession of a Level 1 General Insurance Agent certificate. Within 36 months of the first date of the Level 1 certificate, the Level 2 exam must be completed. There is a Level 3 certificate that can also be completed.

Insurance Underwriters -- Insurance companies encourage their underwriters to complete the training program offered by the Insurance Institute of Canada that will give the designation as Chartered Insurance Professional.

Within Alberta, the Independent Insurance Brokers Association of Alberta offers throughout the year, a week-long course and licensing exam to acquire the Level 1 certificate. They also offer a three-day course to attain the Level 2 certification.

(Melanie Ackerman is a career counsellor at the Calgary Youth Employment Centre.)