Insurance and Risk Management IRM

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 website for details.

General requirements

• This is a graduate certificate program meaning applicants need to have a college diploma or bachelor’s degree or five years related work experience to enter the program.
• It is highly recommended that students be proficient in the following areas before entry into the program:  Mathematics, Business Communication and Computer applications, particularly Microsoft Word, Excel and PowerPoint.

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

What kind of work could I do when I graduate?

Graduates of this program may go on to become a

Brokers/agents, risk managers, underwriters, loss adjusters or loss prevention inspectors.

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.

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

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 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, in fact, a loss covered by the policy
• Negotiate settlements

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

• This program will allow students to earn credits towards the Chartered Insurance Professional (CIP) designation from the Insurance Institute of Canada.
• Registered Insurance Brokers of Ontario
• Canadian Risk and Insurance Management Society Inc. (RIMS Canada)
• 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.

You may also wish to explore Fanshawe Graduate Employment Outcomes Report and the Employment Profile of Ontario College Graduates.

Last Modified: January 15, 2024