Spring 2019 edition




Institute Quarterly is now 'The Pace'


Welcome to The Pace. Our newly refreshed and redesigned member newsletter will be delivered to your inbox three times per year bringing you insurance education, news and information you can use in your day-to-day work. Articles will focus on practical, useful insights including plenty of tips and how-to articles relevant to an insurance professional’s career.

Our member newsletter’s new name—The Pace—draws many great parallels to the insurance industry today and signifies the Institute’s future-forward thinking for all of our programs and services. In this issue of The Pace, we share some of the highlights of our work at the Institute that is laser-focused on member success.

The CIP program, for example, is changing and evolving in light of today’s insurance industry realities. Not only are we updating our courses and texts to cover topics such as cyber-crime, artificial intelligence and climate risk, but the program delivery now reflects a modern and interactive approach. Find out more about the changes to the CIP curriculum.

Keeping your knowledge current requires you to understand the trends impacting our industry. In our Emerging Trends section, one of the Institute’s subject matter experts shares an eight-hour timeline of a real cyber-attack and how his company responded.

One of the many deliverables we provide on behalf of our members is promoting the CIP designation to the public. Our consumer awareness campaign sheds light on the more than 18,000 CIP and FCIPs in Canada who are ready and able to help people and businesses protect their assets and help them overcome a loss. See how the campaign is spreading the word about the value of Chartered Insurance Professionals.

Students gearing up for exams in the coming weeks will appreciate the valuable study tips. Important information about upcoming deadlines for course registrations, exams, membership renewals and more can be found on our Notice Board.

The pace of change in our industry is real. Last fall, our latest demographic research study confirmed that a major shift in our industry’s workforce is under way bringing both disruption and opportunity as skill requirements change, younger talent joins our industry, and the boomer cohort moves closer to retirement.

Our demographic research also helps the Institute plan and shape its direction for the future. And speaking of the future, the highlight for me this year as your Chair has been the opportunity to meet our new graduates at the convocation ceremonies across Canada. I really like what I see in our newest professionals, and I am even more confident now in the future of our industry.

I believe personal and professional success is rooted in an appetite for lifelong learning. We hope The Pace will contribute to your ability to succeed in today’s evolving insurance industry.


Sincerely, S.J. (Jeff) Goy, ACAS, CIP
Chair

 

 



Ransomware is real

 

The threat of cyber-attacks is a growing danger, and the insurance industry is responding with creative coverage solutions. But, how do they work in practice? Greg Markell, President & CEO of managing general agent, Ridge Canada, shares an actual cyber-attack scenario his company handled. In the timeline below, Greg describes the event as it unfolded.

It was a Friday morning before a long weekend when we received an urgent call from a broker: Their client could not log in to any of their computers, and they were being extorted for Bitcoin. What happened next?

  • 8:30 a.m.: Our team goes through the notice with the broker. They advise the broker that based on the Notice provisions found in the policy the client should report the issue.

  • 8:50 a.m.: The incident is confirmed -- the situation is beyond a frequency or general IT issue. Our team advises the broker that it is time to bring in the breach coach and begin the triage process.

  • 8:55 a.m.: We, along with the broker, provide the client with the breach coach options and contact information.

  • 9:00 a.m.: The client and breach coach get in contact with each other and begin the remediation process. At the same time, we advise their policy backers of the situation. Coverage counsel is made aware of the incident. The breach coach acts on behalf of the client, and coverage counsel is sent copies of the client file to begin the coverage analysis.

  • 9:45 a.m.: The breach coach engages a third-party forensics firm to help with the ransomware demand.

  • 11:00 a.m.: Forensics confirms that the inaccessible data belongs to the organization, all backups are locked up and the signature of the encryption malware is unknown. In order to regain access, they will need to negotiate.

  • Noon: The breach coach and forensics are able to make contact with the third-party responsible for extorting the client.

  • 3:00 p.m.: The breach coach informs our team that after a deeper forensics investigation, they have determined that restoring from back up will be impossible: Breaking the encryption could take months or even years. Since the affected systems are part of a critical infrastructure, the ransom must be paid.

  • 3:45 p.m.: Our team and coverage counsel reach an opinion on coverage.

  • 4:00 p.m.: The breach coach advises forensics that the ransom can be released. The Bitcoin is paid to the threat actor.

  • 4:30 p.m.: Decryption begins on the client’s systems, and functionality starts to be restored.

In this scenario, the client’s cyber insurance covered the ransom that was needed to regain access to critical data. The situation also provided insight into how the client’s network security could be improved. There was no separation between the client’s network and their back up servers leading up to the attack. As a result, the ransomware proliferated across all the client’s systems, and there was no way to restore their data. Had the extortion not been paid, the client risked losing their entire operation.

In today’s interconnected world, virtually all companies have some kind of cyber exposure. Companies can take steps to defend themselves by implementing risk controls, but the intricacy of these attacks means businesses may still be vulnerable. Cyber insurance gives insureds a team of knowledgeable professionals to support and assist them in the case of an incident.

 





A day in the life

Meet Bipasha Dhar, Commercial Underwriter

Your career in the insurance industry can offer you growth, stability and the opportunity for continuous learning. If you’ve ever wondered what the various insurance career roles would be like, The Pace will highlight a different insurance professional each issue.

We recently had the chance to speak with, Bipasha Dhar, Commercial Underwriter with nearly 10 years of experience. She shared her insights on the industry, why she loves her job, and her advice for anyone looking to further their career.

Bipasha was born and raised in Abu Dhabi and moved to Canada when she was 15 years old. She completed her undergraduate degree in Business Economics from York University in Toronto.

“My degree is in Economics… I obviously wanted to pursue a career in corporate banking! That was my goal,” she says somewhat jokingly.

She quickly realized that banking was not the career path she envisioned, so decided to pursue something different. After doing some research, Bipasha found an opportunity with an insurance company as an office administrator.

Insurance was not on her radar, and she never thought that she would stay. “Like a lot of people out there, I fell into insurance,” she says.

While working as the office administrator, she often supported and crossed paths with underwriters, which led her to consider underwriting as a next step.

Along this path, Bipasha decided to complete her Chartered Insurance Professional (CIP) designation and pursue a development opportunity with her employer at the time as an underwriter.

Although Bipasha started in personal lines, she discovered she was interested in commercial insurance where she could have more autonomy in the decision-making process and work with a wider array of products.

She decided to shadow other commercial underwriters in her workplace to gain more insight into the area and continued to build her insurance knowledge through seminars and events. She loved the variety and challenge of the role, so she made a move to commercial lines to work with small to mid-size businesses. Eventually, Bipasha evolved her career and landed in her current role where she specializes in mid-market companies and finding products to meet their needs.

“Underwriting in commercial is not black and white. There are a lot of grey areas. You do have to think a lot outside the box,” she says. She is constantly learning in her role and has discovered there is room for continued growth and professional development.

An atypical day

In Bipasha’s work there is never a “typical” day.  On any given day she can be found:

  • conducting site tours/inspections
  • consulting with subject matter experts, colleagues or professionals in the businesses she insures
  • attending events to network with brokers

She really likes that she’s not stuck behind a desk every day. She gets to interact with and learn from a diverse group of people as well as many different businesses, from retailers to manufacturers and wholesalers.

In her role, Bipasha is responsible for protecting her client company by leveraging underwriting rules and assessing risk effectively. She finds it incredibly rewarding to be able to provide a solution to a customer. “It gives me great privilege when I use the term ‘protecting’ because that is the bread and butter for insurance,” Bipasha says. “You’re satisfying the customer’s needs…and offering peace of mind”.

Another exciting part of her role as a commercial underwriter is that there are many opportunities to grow. “When I say I’m a Commercial underwriter, I just don’t do one particular job—it’s a huge industry where I’m still able to explore.”

Bipasha also finds satisfaction in giving back to the industry. She is a Career Connections Ambassador for the Institute; a role in which she helps students and career changers to see how their skills, interests, and experience might add up to a great career in the insurance industry. 

Bipasha has this career advice and insight to share with other insurance professionals:

“Continuing education, attending seminars, and staying up-to-date on the latest research keeps you in the loop with what is happening in the industry, where it’s going and what the future is going to be like. In a rapidly evolving society, it’s important to stay up-to-date on the latest trends. There are plenty of courses and designations that you can pursue while you work, like the Chartered Insurance Professional (CIP), the Commercial Insurance Certificate, and others that will ultimately add value to your work, your company and your customer.”

 

 



 

"When life happens..." Our latest advertising campaign!

 

If you have your CIP or FCIP designation, you know that the CIP Society actively promotes the designations to Canadians who purchase p&c insurance.

Our goal is to make the general public aware that there are more than 18,000 Chartered Insurance Professionals who are educated, knowledgeable and prepared for more.

Over the years, we’ve placed ads in Canadian consumer print publications as well as on billboards, transit shelters, elevators and more.

For our latest campaigns to educate the public, we’ve ventured more into utilizing digital media and the pinpoint capabilities that digital ad technology has to offer.

We created three promotional videos, which are shown to specially-selected Canadians who have been searching online for insurance-related products.

Our first video takes a comedic approach to the message, by showing how standards are needed in any industry.

The second two videos show how everyday life events can result in having to deal with insurance claims, and how it’s good to know that Chartered Insurance Professionals are here to help.


The results!

In just over eight months, nearly 800,000 Canadians have viewed our videos, with many of them clicking through to our www.preparedformore.ca website to learn more about the designation.

We consider this a great success, and can’t wait to continue to let more Canadians know the value of the CIP designation. If you have any feedback, we’d love to hear it! Feel free to contact us at social@insuranceinstitute.ca

 

 



 

Redesigning the CIP program

 

The Institute’s flagship Chartered Insurance Professional (CIP) program needs to constantly evolve to keep up with rapid changes in the industry. The programs team at the Institute has been busy redesigning content and design templates for the 30 plus courses in the CIP program.

“The content for many of our CIP courses has been updated to include the latest industry best practices and technological advancements,” says John Stathakos, Ph.D., Director, Academic Programs and Product Development. “The courses are not only designed to ensure students have the most up-to-date technical information, but our new learning objects template and enhanced online tutorials ensure they are engaged in the learning process.” So far, six of the CIP course textbooks have been updated and each course now includes its own online tutorial enhanced with game-based learning. Through the use of flash cards, quizzes, study summaries, trivia and practice exam questions, students are able to access interactive forms of learning rather than simply absorbing written information. Online tutorials are also mobile-friendly and the new CIP textbooks have been made more visually appealing and easier to digest through the increased use of colour, graphics and images.

According to Stathakos, the new content places greater emphasis on the application side of things. “We have infused the program with more case studies and scenarios to help students apply what they’ve learned on the job much more effectively. We want to ensure our courses continue to grow and evolve with the demands of our stakeholders,” says Stathakos.

For more information about the CIP visit www.insuranceinstitute.ca/cip.

 

 



 

Students and graduates answer: Why FCIP?

 

The Fellow Chartered Insurance Professional (FCIP) is the highest professional designation in Canada’s p&c industry. The program has been developed by the Insurance Institute in collaboration with senior industry executives and respected academics from some of the country’s premier business schools. Closely tied to real-world industry, the FCIP program is continually adapted to meet the needs of today’s candidates. The Pace recently spoke to a cross-section of FCIP grads and students to get their take on why the FCIP fits so nicely into their career plans and leadership goals. We will be sharing their views on the FCIP in several upcoming issues starting with this Q&A with Ben Eastman, FCIP, Special Lines Consultant, Ontario, Co-operators General Insurance Company.

The Pace: Why did you decide to take the FCIP?

Ben: I decided to take the FCIP after I completed the CIP program. I had considered a number of continuing education opportunities and designations such as the Certified Risk Management (CRM), but after reviewing the curriculum of the FCIP I believed it to be the best fit for how I was looking to position myself in my organization and the industry. The FCIP designation represents the top echelon of education in the Canadian p&c industry; it signals commitment to our craft, commitment to the organizations we represent and the continued pursuit of exceptionalism. I decided to take the FCIP to position myself for future opportunities and success.

The Pace: What opportunities opened up for you in your career after earning your FCIP?

Ben: I don’t believe that education is the silver bullet for creating new opportunities. Education does not beget the opportunity for a promotion or a seat at the table. What the FCIP has provided me is the additional insight into executive level decision-making and has allowed me a better conceptual grasp of the “why” and “how” behind what our organizations do. I don’t think the designation creates opportunities, that is still the responsibility of the learner – what it does do is build skillsets and fundamentals to empower the designation holder to successfully execute on opportunities as they present themselves.

The Pace: How did the Capstone project help you in your job?

Ben: The Capstone project was a unique experience for me. During my project, I chose to focus on an industry level challenge -- millennial development and retention. During my research, I had the opportunity to engage a number of professionals from diverse backgrounds in the industry that I may have not otherwise had the opportunity to interact with. This experience allowed me to better understand how my organization fits into the landscape of the Canadian p&c industry. The process of completing the Capstone itself was invaluable as it creates a project environment with stakeholders of varying degrees of interest in the project’s execution—I found this to be extremely valuable in understanding how to position my priority for success, something that anyone who has been in a project environment can appreciate. It enabled me to view organizational decisions from a more enlightened platform, one that I can continue to develop my own skills from.

The Pace: What is unique about the FCIP program as opposed to other executive education programs?

Ben: When researching other educational opportunities what I noticed about the FCIP program is how specific it is to our industry. The structure of the program allows the learner to become fully immersed in the more nuanced processes, decision-making and the consequences of our actions. It provides an opportunity to utilize industry specific case studies, experiences and challenges to create an environment of theoretical application to answer industry facing problems.

The Pace: Why would you recommend an insurance professional pursue their FCIP?

Ben: If you want to stand out, achieve a new level of understanding of our industry, pursue excellence, and chase becoming exceptional at what you do, take the FCIP. In a world that is constantly changing, and will continue to do so, we need to be masters of our craft—the FCIP will create the foundation for you to pursue this mastery.

The Pace: What message do you have for anyone in the industry considering getting their FCIP?

Ben: Stop considering. Do it. If you want to position yourself as an industry leader, you need to understand the industry. The FCIP allows you to do that, on your time, with other like-minded peers. The course is as engaging as it is challenging, but I promise you – it’s worth it.

View more testimonials from FCIPs, recent grads and current students visit. For more information about the FCIP visit www.insuranceinstitute.ca/fcip.

 

 

Tips

 

Tips for Exam Success

 

Our examination period is fast approaching! We’ve asked our recent Institute Award winners and Instructors what their top study tips are to help you make the most of your exam experience. We hope these tips will help you prepare for and write your exams with confidence.

Organize a study group

Many students who have colleagues or friends enrolled in the same courses find it helpful to spend time studying with their colleagues. This may allow you to get different perspectives on a topic or concept and share your viewpoints with others who have questions. Verbally explaining things can also help with remembering the topic.

Utilize the practice questions

Many students use the practice questions in the textbook, student resource guide and/or online tutorial to test their knowledge. Instructors recommended writing out the answers to the practice questions and reciting them out loud while also ensuring you can provide practical examples for each question. Remember, the exams contain multiple choice, short answer and essay questions.

Do not leave studying to the last minute

Do not wait until a week or two before your examination to start studying. All students and instructors emphasized the importance of taking the time each week to read and review a chapter or objective in the textbook. This can alleviate the stress and pressure you may experience closer to your examination date.

Find your learning style and make a plan

Work with your learning and studying style to maximize your time and effort. Some students prefer reading material over and over again while others prefer writing it out of reciting the information. Find what works best for you and make a study plan that fits into your lifestyle.

On the day of your exam

Stay calm and relax before the examination. Read the questions twice before answering them. Some students and instructors recommended answering the questions you know first to motivate your thinking for the rest of the questions.

Here is some important information about the exam process:

Before your final exam

At the time of course registration, students are automatically booked in an exam timeslot. Confirm your exam date, time and location by logging in your online member account.

  • Students are automatically booked in the closest exam center location within 100km of their home.
  • Students can change their exam timeslot up until two weeks before final exams begin.
  • For more information on exam timetables, please see Exam Times & Schedules.

On the day of your final exam

  • Ensure you know your Member ID and password to login to your computer-based exam.
  • Government photo ID will be required at the start of the exam.
  • Without photo ID or Member ID, students will be required to reschedule their exam and may be subject to a rescheduling fee.
  • For a full list of rules and regulations, please see Examination Rules & Regulations.

After your final exam

Students are notified by email when their course results are released. Please ensure your Member profile is up-to-date.

  • Release dates will vary by course. For more information, please see Course Grades.
  • Examination appeals are available to those who were unsuccessful in a course.
  • There are two appeal options available: Re-evaluation and Re-assessment. For more information, please refer to Examination Appeals.

If you’re interested in more study tips for exam success, check out our Preparing for your Examination resource online.

 

 



 

CIP Society Corner

 

Two CIP Society scholarships available for 2019/2020

This year, the CIP Society is making available two $1,500 scholarships to candidates interested in pursuing further education related to the p&c insurance industry and who are not being financially supported by their employer.

The scholarships prioritize CIP Society members who are pursuing FCIP or Advanced CIP programs in three tiers of eligibility for the program.

The second tier targets members pursuing other p&c related studies, such as Risk Management and MBA programs.

The third tier provides an opportunity for dependents of CIP Society members who are pursuing post-secondary education related to the p&c insurance industry or related financial services to apply for a scholarship.

The scholarships are named after former Insurance Institute CEO Chris Rhind and were created to promote the CIP Society’s values of lifelong learning and professional development. Just this past year, after a careful review, the Scholarship Program has been upgraded to better meet the changing needs of our Society members.

The application deadline for the 2019/2020 academic year is May 31, and scholarships are awarded by July 31.

The 11th National Leadership Awards: Call for Nominations

During the 2018 convocation season, four new honourees were inducted in the CIP Society’s Leadership Circle:

Emerging Leaders

  • Kyle Case, FCIP (Insurance Institute of Ontario—Southwestern Chapter)
  • Sara Runnalls, FCIP (Insurance Institute of Ontario—GTA Chapter)
  • Victoria Stanhope, FCIP (Insurance Institute of Nova Scotia)
  • Established Leader

    • Paul Féron, FCIP (Insurance Institute of Ontario—Southwestern Chapter)

    We look forward to extending this prestigious recognition to more honourees this year with the announcement of the call for nominations for the 11th Annual CIP Society National Leadership Awards.

    Begin the nomination process

    You can now visit the CIP Society's National Leadership Awards webpages to complete an online candidate assessment and submission form for a leader in the Emerging or Established Leader category.

    This pre-nomination process enables you to quickly assess your candidate on the leadership qualities that the awards program defines as leadership in the industry. In this way, before you complete the full nomination package, you can find out whether your candidate meets the high standards set out by the Leadership Awards. And this pre-nomination process enables us to see whether others are also considering your candidate—thereby providing nominating supporters; whether your candidate has been an Institute volunteer—perhaps thereby engaging the volunteer manager in support of the nomination; whether you have identified the appropriate category for your candidate; and whether your candidate is a member in good standing of the CIP Society.

    With these preliminary checks in place, the CIP Society will then forward you the nomination package to complete. The package includes a fillable PDF form, which asks you to substantiate the ways in which your candidate meets the criteria of the program through his or her accomplishments and contributions and to support your nomination with additional letters of support. To help facilitate the nomination process, we will provide a handy nomination guide and be available to offer advice along the way.

    We highly recommend nominators start early. Nominations close on June 30, 2019. Contact us if you have any questions.

    Honour Roll

    An FCIP or a CIP designation is impressive enough in its own right. Even more impressive is an Honours FCIP or CIP—eight of 10 FCIP or CIP courses passed with honours. The following Honours graduates received their diplomas at convocation ceremonies this winter:

    Fellow Chartered Insurance Professionals

    Robert Clark, Cunningham Lindsey Canada Claims Services Ltd. (Ontario)

    Stephen McCulloch, The Co-operators (Ontario)

    Chartered Insurance Professionals

    Andrée-Anne Beauchamp (Quebec)

    Jennifer Choy, Intact Insurance Company (Ontario)

    Amanda Deimert, Caradoc Townsend Mutual (Ontario)

    Steven Elo, Unica Insurance (Ontario)

    Karen Forrest, Desjardins General Insurance Group (Ontario)

    Theresa Landry, Aviva Compagnie d'Assurance Générale (Quebec)

    Jocelyn Lau, (Chubb Insurance Co. of Canada (Ontario)

    Maude Lavigueur (Quebec)

    Congratulations to these outstanding graduates!



     

    Notice Board

     

    Important information regarding membership renewal, tax receipts and exam dates.

     

    Renew your membership

    The Insurance Institute membership year runs from June 1 to May 31, and very soon we'll be sending out the 2019/2020 Membership Renewal Notices. Prompt renewal of your Institute membership enables you to continue towards your educational goals and be offered exciting professional development opportunities along the way. We’ll keep you up-to-date with the latest industry knowledge and news.

    If your employer participates in our MemberDirect Renewal Program, you might not receive an invoice yourself, as your HR team will be handling it. If you do receive an invoice, or if you are a member who is billed individually for your renewal, please respond promptly—we appreciate it. Continued active membership will ensure that service interruptions are avoided and that you will always have access to the latest industry knowledge and news!

    Keep in Touch!

    Have your contact details changed? Help us to keep you up-to-date.

    The Insurance Institute is here to help you enhance your professional life and keep you abreast of all the latest industry knowledge and exciting new opportunities. We’re always developing new seminars, courses, and events for industry professionals. However, to ensure we’re able to keep you in “the industry loop,” we need to have your current contact details.

    Have you changed jobs? Do we have your e-mail address?

    The Institute is now making an effort to be more environmentally conscious by sending out more e-mail communications. So if you haven’t received anything from us in e-mail format, chances are we have either an incorrect e-mail address for you or no e-mail address at all.

    It’s so easy to update your online profile now by visiting www.insuranceinstitute.ca. Just log in using your member ID and password and update your profile—it’s quick and easy! And while you’re there, remember that on our website, you can research, register, and pay for courses, seminars, and events, all from the comfort of your own home or office. A Member Services Associate can also assist with updating your profile at 1-866-362-8585 (toll-free) or e-mail iicmail@insuranceinstitute.ca.




     

    Fun Facts

     

    Fun facts about insurance

    • Did you know that the International Space Station is not insured? A space brokerage once met with @NASA to discuss the possibility, but with a USD 75 billion total cost, a single company couldn’t afford to insure it!
    • Insurance isn’t just for your car or your home! Did you know that Cristiano Ronaldo’s legs are reportedly insured for £90 million (that’s almost CAD 157 million)!
    • Do you love museums? Artifacts are often owned by outside parties and thus need to be insured! They need to be protected from damage and theft during transportation and while on display. Coverage can range depending on the item but can reach as high as CAD 400 million!