Overview - 2020/2021
The Insurance and Risk Management program will help you start a career in this rewarding industry. This one-year graduate certificate is designed for university and college graduates looking for a career in the insurance and risk management sector. As a student in this program, you'll take courses in the Principles and Practices of Insurance, Risk Management, Essential Skills for Brokers/Agents, Leadership Principles and Practices, and Professional Communications. You'll also analyze and apply complex liability policy and other miscellaneous liability coverages using different scenarios and case studies.
Graduates of this program will be prepared for careers as brokers/agents, risk managers, underwriters, loss adjusters or loss prevention inspectors. If you want to make a difference and build a future in a fast-paced, dynamic environment, join our Insurance and Risk Management program. Available in a traditional in class format with a September and January admission.
You'll also be able to earn credits towards the following designations:
- Chartered Insurance Professional (CIP) designation from the Insurance Institute of Canada.
- Canadian Risk Management (CRM) designation from the Global Risk Management Institute Inc. (GRMI)
Admission Requirements - 2020/2021
A Two- or Three-Year College Diploma, or a Degree
(Note: minimum 'C+' average or cumulative 2.5 GPA)
Acceptable combination of related work experience and post-secondary education as judged by the College*
Five years of work experience in the financial services or insurance industry as judged by the College to be equivalent*
- *Applicants may be required to submit a resume and cover letter that includes details of work experience.
English Language Requirements
Applicants whose first language is not English will be required to demonstrate proficiency in English by one of the following methods:
- A Grade 12 College Stream or University Stream English credit from an Ontario Secondary School, or equivalent, depending on the program's Admission Requirements
- Test of English as a Foreign Language (TOEFL) test with a minimum score of 88 for the Internet-based test (iBT), with test results within the last two years
- International English Language Testing System (IELTS) Academic test with an overall score of 6.5 with no score less than 6.0 in any of the four bands, with test results within the last two years. SDS Program Requirements.
- Canadian Academic English Language (CAEL) test with an overall score of 70 with no score less than 60 in any of the four bands, with test results within the last two years
- Pearson Test of English Academic (PTE) with a minimum score of 59, with test results within the last two years
- A Cambridge English Test (FCE/CAE/CPE) with an overall score on the Cambridge English Scale of 176 with no language skill less than 169, with test results within the last two years
- An English Language Evaluation (ELE) at Fanshawe College with a minimum score of 75% in all sections of the test, with test results within the last two years
- Fanshawe College ESL4/GAP5 students: Minimum grade of 80% in ESL4/GAP5 Level 9 or 75% in ESL4/GAP5 Level 10
Recommended Academic Preparation
- It is highly recommended that students be proficient in the following areas before entry into the program:
- Business Communication
- Computer applications, particularly Microsoft Word, Excel and PowerPoint
Recommended Personal Preparation
- Strong interpersonal skills
- Ability to work in a team environment
- Exposure to business world through part time employment or business related courses.
- Presentation/public speaking skills
- Applicants may apply for advanced standing on the basis of previous academic achievement at another institution and/or Prior Learning Assessment and Recognition (PLAR). Advanced standing qualifies the applicant for direct entry to a second or higher level of the program.
Applicant Selection Criteria
Where the number of eligible applicants exceeds the available spaces in the program, the Applicant Selection Criteria will be:
- Preference for Permanent Residents of Ontario
- Receipt of Application by February 1st (After this date, Fanshawe College will consider applicants on a first-come, first-served basis until the program is full)
- Achievement in the Admission Requirements
Insurance and Risk Management-2020/2021
INSR-6004 Principles & Practices of Insurance 4 This course explores the principles and practices of insurance and establishes the relationship between participants in the industry. The concept of risk is explained and how insurance responds to it, including an analysis of the documents and processes, and the legal context of insurance. INSR-6003 Insurance On the Automobile 4 This course explains the laws and basic principles of automobile insurance as they apply in Canada with a specific emphasis on Ontario automobile legislation. Policy forms and endorsements, conditions and provisions are appraised as they apply in complex coverage situations. The basis for determining automobile rates and underwriting philosophies relative to the availability of automobile insurance are also discussed. INSR-6012 Insurance On the Property 4 This course summarizes the legislation and regulations that govern property insurance in Canada. The students will be able to differentiate between the Homeowner's forms for personal property insurance as it pertains to their perils, exclusions, extensions and endorsements. Students will also be able to distinguish other personal property policies based on the risks inherent for the clients and be able to recommend the appropriate policies. The course also introduces students to common Commercial Property policy wordings. Students will be able to apply their knowledge of property insurance in complex scenarios involving underwriting and claims. INSR-6002 Essential Skills for Brokers/Agents 3 This course is an assessment of insurance practices from the broker/agent perspective. It is an applied course focusing on the evaluation of risks associated with personal lines and commercial risks. The broker/agent is identified as an insurance intermediary by relating the skills that a typical broker/agent will use to perform effectively. Students will progress from the initial contact with the client through the evaluation and application process to binding and policy documentation. INSR-6005 Risk Management 3 This course focuses on an enterprise approach to commercial risk management, including a discussion of global risk management standards and guidelines. Students will explore risk beyond the traditional hazard risk to include financial and strategic risks. Risk identification and analysis tools and techniques will be discussed in detail.
MGMT-5068 Managing Leaders & Leadership 3 The course will introduce students to a variety of leadership theories and theorists. Students will identify and analyze individual leadership issues and how they impact organization culture, change and learning. Students will be able to delineate between management and leadership, analyze gender issues in leadership and evaluate the advantages and disadvantages of various approaches. Students will also complete various leadership self-assessment evaluations in to determine their personal management and leadership style and find new inventive ways to improve their skills. INNV-6001 Innovation Applications 4 This course will explore Innovation through projects and group work that are assigned and developed in collaboration with your instructor. With the help of case studies, research reports, and creative thinking methods students will leverage their personal experiences and develop their capacity to innovate in multiple fields. Level 2 INSR-6007 Liability Insurance 4 This course illustrates legal principles in common law, focusing on civil law and the Canadian legal system as it relates to civil actions. The Commercial General Liability policy and other miscellaneous liability coverages are analyzed and applied to complex claims scenarios. Underwriting criteria and loss identification / prevention methods that are relevant to the policies are evaluated in specific cases. INSR-6006 Essential Skills for Underwriters 4 This course evaluates the underwriters role as an investor of shareholder capital on behalf of the insurer. The course justifies the process whereby the underwriter accepts or rejects risks for the insurer within the parameters set by the insurer and imposed by the external environment. The temperament, skills and knowledge of an underwriter are evaluated and these characteristics are demonstrated in the analysis of individual property, liability and automobile risks. INSR-6010 Loss Adjusting Essential Skills 4 This course concentrates on the procedures and professional conduct required within the claims domain. Students will develop the soft skills required to handle claims, and apply these skills to varied claims scenarios. Students will manage relationships in order to gather critical information and to coordinate the claims process including policy analysis for coverage evaluation. This will lead to an application of the fundamental skills of investigation, evaluation, negotiation and settlement within the claims process. INSR-6011 Risk Financing 3 This course provides an overview of risk financing including how alternatives are examined in regards to all of an organizations risks. Techniques for estimating losses arising from hazard risk are examined. The student will explore the advantages and disadvantages of alternative risk financing techniques for hazard risk such as insurance, reinsurance, captive insurance and contractual risk transfer. Various methods for transferring financial and hazard risks to the capital markets are also discussed, along with how to allocate costs associated with hazard risk within an organization. INSR-6008 Risk Assessment & Treatment 3 This course provides learners with an understanding of the assessment and treatment techniques for the major categories of risk, including both the traditional and emerging risks faced by all organizations. Students will explore assessment techniques, such as root cause analysis, that can be applied to an organizations risks (hazard, operational, financial and strategic). Students will also compare the benefits of various risk treatment alternatives. COMM-6019 Advanced Professional Communication 3 This course focuses on refining and advancing students workplace communication abilities. The advanced communication documents and strategies covered include presentation skills, research skills, business document writing, meeting and management team strategies, business etiquette, and advanced employment communications. Additionally, students learn about interpersonal and intercultural communication (high/low and monochromic/polychromic context) concepts and strategies.
Careers - 2020/2021
Career OpportunitiesGraduates will be prepared for careers as brokers/agents, risk managers, underwriters, loss adjusters or loss prevention inspectors.
More Information - 2020/2021A One-Year Ontario College Graduate Certificate ProgramProgram Code: IRM1
Campus Code: LC (LC - London)
15 week terms
Academic Calendars available at www.fanshawec.ca/academicdates
ContactLawrence Kinlin School of Business: 519-452-4290
Program DescriptionInsurance and Risk Management is a one-year Ontario College Graduate Certificate program designed for university and college graduates looking for a career in the property and casualty insurance industry. This program may allow students to earn credits towards the Chartered Insurance Professional (CIP) designation from the Insurance Institute of Canada, as well as the Canadian Risk Manager (CRM) designation from Global Risk Management Inc.
- Students entering Insurance and Risk Management in January will complete Level 2 and then proceed to Level 1 in September.
The graduate has reliably demonstrated the ability to:
1. Analyze the role played by the property and casualty insurance industry in the Canadian and global economy.
2. Use current and relevant insurance industry-specific terminology in all stakeholder communications.
3. Identify, select and apply risk management concepts to the four major categories of risk: hazard, operational, financial and strategic.
4. Assess the techniques risk management professionals use to finance the negative consequences of risk events in multifaceted scenarios.
5. Recommend assessment and treatment techniques for the major categories of risk faced by an organization, with an emphasis on hazard risk.
6. Evaluate the clauses, terms and conditions of various insurance policy wordings in order to determine the appropriate coverage for complex risks.
7. Articulate an effective process to successfully address the adjustment, negotiation and settlement of an insurance claim.
8. Justify the acceptance or rejection of an application for insurance.
9. Evaluate the needs of a commercial and/or personal client in order to plan and recommend an insurance program that provides protection from identified exposures.
10. Lead a diverse work group, and motivate others to achieve personal and organizational goals.
11. Prepare and deliver an effective sales presentation using professional sales techniques.