Business - Insurance BIN3

Holland Code: C (Conventional)

What academic skills do I need to be successful in the program?

This list does not replace the admission requirements you must have for admission to the program. Please see the website for details.

Arts & Literacy High school courses in Business Studies or Business and Technological Communication would be beneficial. Good written and verbal skills and advanced reading comprehension.

Math Grade 12 high school Math would be beneficial, but grade 11 Math is accepted.

Applicants who do not have a math background should consider the one-year Business Fundamentals program.  This program is recommended for students who require or desire academic upgrading, particularly in Mathematics and English, before pursuing a business diploma program.  Students who complete the Business Fundamentals program may be eligible for admission to Level 2 of any two-year business diploma program at Fanshawe College.

Technology Basic computer skills required (Microsoft Office, email, Internet)

What personal qualities should someone interested in this career have?

• A genuine interest in helping people
• Ability to explain difficult concepts in simple terms to ensure client understanding
• A willingness to pay attention to the details that satisfy client needs
• Objective and able to make sound decisions
• Ability to recognize, assess and analyze exposures to risk
• Excellent  oral and written communication skills
• Good listening skills
• The ability to remain calm and impartial when dealing with people in stressful situations
• The ability to get along with all kinds of people
• Self-motivated
• Excellent time management skills

Useful background experience for this program would be

Experience in a secondary school business club or Junior Achievement.

What kind of work will I do when I graduate?

Graduates of this program may go on to become an

Underwriter, claims adjuster, loss control specialist, risk manager, appraiser, broker, agent or direct writer.

Typical working conditions for this kind of work:

• May work alone
• Work primarily in an office environment
• Spend a lot of time on the phone
• May need to travel

Places you may find yourself employed include

General insurance companies, brokerage firms, independent insurance agencies, direct writers, independent adjusting firms, or corporate risk management departments

Tasks a graduate may do in the workplace

Broker/Agent

• Service and sales for property/casualty insurance policies
• Servicing your client’s needs by identifying people who may need risk management information and insurance products and visiting them to discuss their risk management and insurance needs
• Inspect the property to determine its general condition, type of construction, age and other characteristics to decide if it fits company underwriting standards
• Build policies to suit clients' needs and budgets
• Keep in touch with clients to help them keep their insurance programs up to date
• Monitor insurance claims such as property damage or automobile accidents

Underwriter

• Review applications to determine whether the requested coverage fits the risk exposure
• Check details to ensure that the insurance company is receiving a premium corresponding to the risk it is taking and guard against fraudulent requests for coverage
• Discuss rates, risks, regulations and coverages with agents and brokers

Adjuster

• Investigate the causes and origins of an insurance claim
• Determine whether the event giving rise to the claim is covered by the insured person's policy
• Obtain evidence that there has been, a loss covered by the policy
• Negotiate settlements

Helpful links for further research into this Fanshawe College program and career opportunity

Professional Credentials and Affiliations associated with this program

• Graduates may be able to complete nine of ten credits toward the Chartered Insurance Professionals (CIP)designation
• Graduates may achieve one of three credits toward their Canadian Risk Manager (CRM) designation
• Insurance Institute of Canada Insurance Brokers Association of Ontario
• Independent Adjusters  Association Gamma Iota Sigma International Fraternity
• Registered Insurance Brokers of Ontario
• Canadian Risk and Insurance Management Society Inc.

Opportunities for further development or education

• Students in this program have the opportunity to spend one semester abroad in countries in South America or Europe.
• Graduates may apply to Fanshawe's Business Administration - Leadership and Management advanced diploma program.
• Graduates may apply to one of the following Fanshawe graduate certificate programs: International Business Management; Human Resources Management; Professional Financial Services; Project Management; or Marketing Management
• Course work may be used as a basis of university admission or credits may transfer to a university degree at many different schools. More information online.

Fanshawe’s library has prepared a subject guide for current students in this program. You may find the links and information provided very useful in learning more about this career.

Last Modified: August 21, 2024