Career Path Chart

The focus is typically on being a ‘sponge’ to begin learning the craft of the insurance business and exposing yourself to as many different facets of the industry and your role as an underwriter as possible.

Curiosity

Commitment to Continuous Learning

Team, Player

Detail Oriented

Influencer without Authority

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 specialized risks, ethical decision making, understanding different facets/roles of the insurance business, drivers of policy making (both internal and external) and leveraging the mentor’s insurance experience and subject matter expertise for a particular problem or need on the job

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.

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 get started in your insurance career

Focus on building your knowledge of Insurance Fundamentals, the ins and outs of evaluating a particular insurance risk, actuarial/underwriting rules for the products you will be working with and planning for additional courses towards your CIP Designation.

At this stage, you are focused on learning the fundamentals of working with insurance products and services.

The risks you are involved with are less complex but are at the core of personal and commercial insurance needs of the clients represented by the network of Brokers and Agents, and other insurance professionals you work with.

Your focus will be on developing skills in the following areas:

• Developing a solid understanding the products and lines of business available within your organization

• Using tools and resources available to help you assess risk being presented by the broker/agent

• Providing advice and recommendations to Brokers and Agents on the policy, endorsements, rating and exclusions to be put into place for their client based on the actuarial rules and underwriting framework within your organization

• Ensuring completion of required forms and documentation in accordance with regulatory and company standards

• Building strong and effective relationships with a vast network brokers and agents

• Providing solutions or referrals should a risk not fit into the proposed product parameters

• Demonstrating capacity to manage multiple priorities, work to timelines, and to be proactive in addressing emerging issues

• Building on solid business communication (verbal and written) and interpersonal skills

• Developing understanding of the legal and regulatory framework governing the insurance sector

Subscribe to on-line newsletters and industry publications (ie. Thompsons, Canadian Underwriter), visit industry websites, and monitor social media channels (ie. Insurance Institute’s LinkedIN Group, Twitter) to broaden your global industry awareness

Consider joining professional associations within the industry, attending Broker Conventions/Meet the Underwriter Nights through your Provincial Broker Association or becoming involved at your local Institute/Chapter

Demonstrating leadership as you begin your career as an underwriter 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 stage, you will be in a prime position to ask questions, make connections, and establish your capacity to actively listen to colleagues, managers, clients/brokers, and the industry’s emerging trends and issues. In this process, you will be establishing other solid foundations for leadership competencies including respect, reliability, and engagement in the business.

Continue to focus on growing your knowledge and experience in order to increase your capacity to manage your risks and accounts with more independence.

This is also a time where you may become more aware of specialties and options available to you in the insurance business– lines of business, products, areas of subject matter expertise, etc.

It is important to try to understand the options available and learn as much as you can about them – whether through exposure on the job, learning in the classroom, mentorship, or simply doing some research on line.

From here, you can decide which ones fit with who you are, what you are good at, and offers possibilities that are in line with what you would like in the next step in your career.

Preparing for multiple possibilities at this point in your career can help keep your options open.

Analytical

Relationship Builder

Ethical Decision Making

Customer Service

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 prove to be most valuable in the areas of seeking advice around a tough business question or decision, next steps in your career path, and to validate a course of action in managing a particular account relationship or product need.

At this stage in your career, it is likely that the risks you are encountering are requiring more specialized knowledge in particular areas of the insurance industry.

This will depend on the line of business you are working in – Personal, Commercial, Specialty - and the product packages (eg. Automobile, Property, Liability, Casualty, etc.) you are being asked to put together as a part of the coverage being offered to the client.

As this need increases, you may find it helpful to pursue the Mandatory courses which are a major component of the Chartered Insurance Professional (CIP) designation such as C12 – Insurance on Property, C13 – Insurance Against Liability – Part 1, and C14 Automobile Insurance Part 1 to help you build this knowledge base. The order you pursue these courses may vary based on your needs and the products you are working with.

Given your current role, it is also suggested that you pursue at least the first course in the Applied Stream - C120 Underwriting Essentials – as a part of your CIP studies.


Continue to build your insurance knowledge by completing your CIP (consider taking elective courses that build your capacity as an underwriter, provide knowledge in a particular specialty of interest – ie Marine Underwriting, Commercial Insurance, Advanced Liability, Property Hazards, Special Hazards etc. or diversify your understanding of the industry ie. Claims related courses), through specialized seminars, e-learning/webinars, potentially pursuing your Risk Management Certificate.

The focus at this stage in your underwriting career is building on the insurance fundamentals and experiences you have had to date.

The risks you are involved with are likely to be increasingly complex and depending on your organizational structure, may start to lean more towards personal or commercial products.

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

• Building more specialized product knowledge and expertise; including frameworks for rating and rate making within your organization

• Growing your comfort in putting appropriate coverages into place and facilitating changes to policies as required with minimal supervision; includes demonstrating capacity to negotiate effectively

• Working with higher limits and increased number of exposures and endorsements available within a particular package

• Increasing level of ‘uniqueness’ and customization of product packages

• 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 relationships internally with industry professionals (loss control, risk management specialists, etc.) and with the Broker/Agent network presenting you with risks to insure

• Demonstrating capacity to take initiative, multitask, and deliver on promises

• Leveraging strong business communication (verbal and written) and interpersonal skills to support success in day-to-day work and on projects

Attend industry conventions and special events

Connect and network with Brokers and Business Development Managers at industry functions (eg. Meet the Underwriter Nights, Golf Tournaments)

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

At this point in your career, you are starting to better understand the nature of the business of insurance. 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, etc.). These skills combined with a strong sense of ethics and teamwork will go a long way in demonstrating your capacity for leadership.

This time in your career may involve a period or periods of questioning what is next – continuing to specialize in a particular product stream, looking at diversifying your product experience, considering whether to look at becoming engaged with Business Development, or even considering people leadership as a team lead or frontline manager.

It is important to consider your skills, values, education, and experiences. From here you can take stock about what you are proficient in, what you would like to learn or grow your capacity in next, and make decisions about what your next steps might look like.

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.

Critical Thinker

Problem Solver

Negotiator

Trends Seeker

Technical Specialist

Relationship Manager

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 prove to be most valuable in the areas of seeking advice around a tough business question or decision, next steps in your career path, and to validate a course of action in managing a particular account relationship or product need

The risks and solutions you are offering to the Brokers/Agents you are working with are becoming more and more complex and increasingly specialized.

This may require you to continue to enhance your knowledge through completion of the Risk Management Certificate (which includes the opportunity to earn your Certified Risk Management (CRM) designation) or completing your Advanced Chartered Insurance Professional (CIP Adv) Certificate – there are suggested pathways for Underwriters which includes completion of additional courses in the Underwriting Applied Professionals Stream (C121 - Advanced Underwriting), looking at increasing your specialization in areas like Automobile or Liability, or enhancing your knowledge of Business Interruption Insurance or Reinusrance).

You may also find the advanced level seminar series focused on trends, critical coverages, and legislative changes, events/webinars offered through the CIP Society, the Management Development Series, and e-learning offerings helpful in continuing to enhance your insurance knowledge and stay current with emerging trends impacting products and coverage levels across the industry.

Often, the focus in your career will evolve to enhancing your knowledge and expertise as it pertains to a particular line of business or product within the industry – eg. commercial, personal, liability, property, aviation, marine, error & omissions, specialty line etc.

The risks you are managing are increasingly complex and often focused within this area of expertise.

Typically, at this point in your career you may be enhancing your skills like:

• Applying specialized insurance knowledge and expertise to an array of insurance needs within a particular niche or product area

• Management and oversight of key accounts within a particular business line or product steam

• Growing your capacity to manage key policies, renewals, etc. independently

• Supporting new product development and/or revision to wordings based on outcomes from the claims management process or competitive analysis; includes supporting the enhancement frameworks for rating and rate making decisions

• Leveraging strong working relationships internally with industry professionals (loss control, risk management, actuarial, claims, legal, etc.) and  externally to support business operations and development

• Demonstrating capacity to generate solutions, recommendations, and approaches to emerging issues with minimal input/supervision; may involve providing support to other underwriters within your department

• Advancing your understanding of the legal and regulatory considerations and drivers within the insurance sector

Increase your engagement with your local Institute/Chapter. You may be interested in joining a committee or working group.

There are also several boards and working groups within the Underwriting area of the business that you might consider becoming involved with depending on your interests and area of specialization, i.e. Canadian Board of Marine Underwriters, Fire Underwriters Survey, etc.

Continue to think about expanding your insurance network – eg. connecting with other professionals working in your area of specialty – and attending events focused on your emerging areas of interest.

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

At this stage, you are likely to be comfortable in your role and demonstrate a high degree of business acumen as your scope of authority continues to increase.

In looking at leadership, you may be thinking about your future roles and whether you would like to be a technical consultant or manager of people. Either require the capacity to work more autonomously, sound problem solving and decision making skills, and an ability to think critically about a situation and its potential impact on your area/organization.

This stage in your career may also provide 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 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.

There might also be opportunity for you to move into Business Development, Risk Management, or Loss Control 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 network of Brokers and Agents 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 other underwriters, define risk tolerances, shift product focus for your team, etc…

Knowledge required at this stage of 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 the organizations you represent and their approach to business.

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

• Transitioning to and serving as a technical consultant to a team of underwriters

• Providing expert advice to Brokers and Agents on products and services within your areas of specialization

• Leading new product development and consulting on wordings based on outcomes and recommendations from the claims area of the business and business development from a competitive perspective.

• Effective management of key policies and accounts

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

• Ensuring internal and external risks are mitigated or controlled appropriately through insurance coverages. Reinsurance, and continuity planning

• Working with various provincial superintendents of insurance to set regulatory requirements for your organization ie. auto rate filings and underwriting rules.

• Representing your organization on industry committees, task forces, etc. (ie. Insurance Bureau of Canada Committees)

• Leveraging strong working relationships internally with industry professionals (loss control, risk management, actuarial, claims, legal, etc.) and externally to support business operations and development

• Supporting projects implementing new/revised actuarial rules, 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 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 underwriting 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.