Career Path Chart

First, consider your entry point into the industry – You may be leveraging your studies specializing in risk management (ie CRM designation), experience working in finance, engineering, etc. or expertise working in areas like underwriting, brokering, etc. within the insurance sector.

Focus on growing your knowledge and experience in order to increase your capacity to manage your accounts or products with more independence. You may be looking at options to facilitate increased knowledge and aptitude in an area of specialization (eg. general commercial risk, specialty risks (farms, municipalities, errors and omissions, personal lines, etc.) – whether through exposure on the job, learning in the classroom/at a conference, mentorship, or simply doing some research on line.

Preparing for multiple possibilities and committing to continuing to grow your professional competency will be of benefit at this point in your career.

Analytical

Team Player

Influencer without Authority

Relationship Builder

Focus on the Customer

Ethical Decision Making

Strategist

Formal and informal mentorship can prove valuable – visit the Mentoring Advantage website for tools and tips on maximizing the mentoring relationship. Your company may also have resources and opportunities available.

These relationships may be most beneficial in the areas of understanding how to adapt general knowledge to fit the needs of more nuanced or unique situations, ethical decision making, understanding different facets/roles of the insurance business, drivers of business (both internal and external) and leveraging the mentor’s insurance experience and subject matter expertise for a particular problem or need on the job.

If you are coming to risk management from another operational role in the insurance sector, you will likely be nearing completion of or have already completed your Chartered Insurance Professional (CIP) designation. It will also be to your advantage (if you haven’t already) to pursue CIP electives focused on risk or work towards your Risk Management Certificate/CRM designation.

For those coming to risk management through your studies or previous experience, you may have completed or are working towards your first course C11 – Principles and Practices of the Chartered Insurance Professional (CIP) designation or the Insurance or General Insurance Essentials (GIE) Certificate (equivalent to C11) through the Insurance Institute of Canada. Working towards additional courses towards your CIP at this stage in your career will prove exceptionally helpful in equipping you with the technical knowledge required to excel in your career.

You will likely be able to apply your learning from your studies, internal training programs/ seminars offered through your company, or other work experiences to help you build your risk management career.

Electives from the CIP designation curriculum or advanced level seminars may also prove helpful in rounding out your risk management and insurance knowledge required based on your specialty – ie. Marine, Property Hazards, Reinsurance, Business Interruption Insurance, etc.)

At this stage in your risk management career, the focus will be on building on the experiences you have had to date.

The risks you are involved with are likely to be increasingly complex and depending on your organizational structure.

Typically your focus will be on growing your capacity and experience in the following areas:

• Building more specialized knowledge and expertise within your area(s) of specialization

• Growing your comfort in recommending appropriate overages and controls to be put into place to protect your clients interests; emerging as a trusted advisor

• Increasing level of ‘uniqueness’ and customization of risk management plans/strategies

• Managing increasingly larger or more complex insurance needs; involves applying and adapting general insurance principles to specialized needs or situations

• Developing and maintaining strong working internal and external relationships with industry professionals (loss control, reinsurers, brokers/agents, underwriters, assessment firms, financial institutions, etc.)

• Coordinating the development of a particular facet or strategy included in a client’s enterprise risk management plan

• Supporting new product development and/or revision to wordings based on experiences in the risk management space

• Continuing to build solid business communication (written and verbal) and interpersonal skills

• Honing capacity to influence decisions of insurance carriers/colleagues to achieve the best solutions for your clients’ needs

Attend industry conventions and special events

Connect and network with Brokers and Business Development Managers, Underwriters, Loss Control Specialists and other professionals at industry functions (RIMS Conference, etc.)

Volunteer at an organization that resonates with you or at an industry function (ie Institute Convocation, Awards Luncheon, Trends Breakfast, etc.)

Consider becoming an industry Ambassador through the Insurance Institute’s Career Connections Program

Demonstrating leadership as you begin your role as a Risk Manager can come in many forms.  Likely though, it begins with listening and curiosity.  Some of the industry’s most respected leaders are known for hearing what others are saying, synthesizing information, asking the right questions, and recommending a course of action based on what they have heard

At this point in your career, you are starting to better understand the nature of the risk management process.  Your knowledge, operational capacity, and experience are all in growth mode.  From a leadership perspective, this is an opportunity to continue to hone your business acumen and focus on your skills in building strong working relationships both within your organization and externally (ie Brokers, regulators, claims professionals, assessment firms etc.). 

These skills combined with a strong sense of ethics and teamwork will go a long way in demonstrating your capacity for leadership.

As you become more comfortable and in advance in your role, there may also be opportunities for ‘stretch’ assignments, serving as part of project teams/internal committees, or engaging in process improvements within your functional area

At this stage in your career it is often fair to state that you have deep knowledge and expertise of the product areas and business lines you have worked in.

There may be mechanisms for you to share your expertise with those with less industry knowledge and experience within your organization either as a technical specialist or operational leader. 

You will want to evaluate which ‘track’ feels more in keeping with who you are, what you want to do, and what you can offer your organization.

You may find it helpful to talk to your manager or HR department about these options in more detail and the tools that are available to support your continued development.

There might also be opportunity for you to move into Business Development, Loss Control, Brokering, Underwriting,  Consulting, etc. for a particular product line or specialty.

Consultant

Technical Expert

Business Line Specialist

Operational Leader

Relationship Expert

Conflict Manager

Given the level of knowledge and experience you likely have amassed at this point in your career, you may be thinking about becoming a mentor yourself.  There are lots of great tools on the Mentoring Advantage website that can assist you in your transition from mentee to mentor.

Keep in mind, even senior leaders talk about the importance and value they place on being mentored throughout their career.

Your time with a mentor may be most beneficial if the discussion has a focus on best practices in decision making, business planning, and/or growing your capacity as a leader.

Often at this stage in your career you are engaged in the process of honing your operational and insurance knowledge as the risks and solutions you are offering to your clients are sufficiently large and complex enough to often have cascading impacts across your organizations as a whole – Your actions and decisions may define policy parameters for risk management strategies, underwriting or approaches a broker may take with a client, define risk tolerances, etc…

Knowledge required at this stage in your career can be further developed by pursuing the Fellow Chartered Insurance Professional (FCIP) designation and supported through advanced level seminars, CIP Society offerings, Management Development Series, and/or workshops/special events targeted to your area of focus within the industry.

As you continue to hone your subject matter expertise and grow your experience, it is not uncommon to experience an increase in autonomy and decision making power. 

The decisions you are making at this stage in your career can often impact the overall financial health of your clients, the organizations you represent and their approach to business.

Typically at this point in your career your skills and experiences will be focused on:

• Developing plans and strategies to mitigate, control, and reduce the potential impacts of risk exposures at a cross functional/global enterprise level

• Transitioning to and serving as a technical consultant to a team of risk managers or potentially brokers/underwriters

• Providing expert advice to clients, Brokers and Agents, Underwriters, Loss Control, etc.

• Leading new product development and consulting on wordings based on experiences in the risk management space

• Effective management of key accounts

• Developing capacity to transfer knowledge, provide counsel, and/or lead teams effectively

• Leading and/or supervising the development of plans and strategies to mitigate, control, and reduce the potential impacts of risk exposures faced by a client

• Supporting projects implementing new/revised underwriting rules, contingency planning/emergency preparedness,  technology support/systems, etc.

You may also be growing your capacity and comfort level in leading and managing teams.

You may be interested in volunteering as a member of a local council, becoming an Institute Instructor, or working on a national task force

There are also several boards and working groups within the Risk Management area of the business that you might consider becoming involved with depending on your interests and area of specialization, i.e. RIMS Canada, Fire Underwriters Survey, Brokers Association, etc.

There may also be opportunities to participate in research being conducted within the industry, roundtable/panel discussions, or to present on a topic at an industry conference or event.

Continue to engage your insurance network through participation in industry events, conferences, and functions

This stage of your career allows for you to offer your deep knowledge of the risk management function to the benefit of others.  This can come in the form of being a technical expert of moving into a capacity where you are managing people.

Both facets will require you to ensure you have capacity or experience in building cross functional relationships, managing conflict effectively, and have a high degree of comfort in taking complex principles and communicating them in an accessible way (both verbally and written)  to colleagues, clients, senior management, and external stakeholders.

If you are on a people management track, you may be looking to expand your experience in building effective teams, fostering a climate of engagement, and building your management skills.

This stage may also provide an opportunity for ‘stretch’ assignments with a leadership focus, leading project teams/internal committees, or managing day-to-day functions within your department.