Top 11 Insurance Analyst Certifications

Certifications are important for an insurance analyst in the job market because they demonstrate a certain level of knowledge and expertise in the field. They show employers that the individual has taken the time to learn about the industry, its regulations, and best practices. They also provide evidence that the individual is capable of carrying out their duties competently and efficiently. Additionally, certifications can help an insurance analyst stand out from other applicants as they are more likely to have a higher level of expertise than those without such credentials. Finally, certifications can open up new opportunities for advancement within the industry due to their recognition and credibility.

This article reviews some of the top certifications for Insurance Analysts, providing an overview of how they can contribute to an insurance analyst's career.

What are Insurance Analyst Certifications?

Insurance analyst certification is a professional designation that demonstrates mastery of the principles, practices and techniques of insurance analysis. The certification program is offered by the Insurance Institute of America (IIA), a professional organization dedicated to providing education and resources for those working in the insurance industry.

The certification program includes a comprehensive course curriculum that covers topics such as risk management, financial analysis, claims analysis, and legal considerations related to insurance. It also includes an extensive exam that tests knowledge on these topics. Those who pass the exam are awarded with a certificate and become certified insurance analysts.

Having an insurance analyst certification can be beneficial for those looking to advance their careers in the insurance industry. The certification shows employers that you have the knowledge and skills necessary to work in this field, which can help you stand out from other candidates when applying for jobs or promotions. Additionally, having an insurance analyst certification may qualify you for higher pay or better benefits than those without it. Finally, it also provides an opportunity for networking with other professionals in the industry, which can help you stay up-to-date on trends and job openings within the field.

Pro Tip: If you are considering becoming an insurance analyst, make sure to research and understand the requirements of the certifications available in your area. Many certifications require a certain amount of experience and/or coursework to become eligible for the certification. Additionally, there may be additional fees associated with obtaining the certification, so make sure to budget accordingly.

Related: What does an Insurance Analyst do?

Top 11 Insurance Analyst Certifications

Here’s our list of the best certifications available to Insurance Analysts today.

1. Certified Insurance Data Analyst (CIDA)

Certified Insurance Data Analyst (CIDA) is a professional certification program offered by the Insurance Institute of America. It is designed to help professionals in the insurance industry gain expertise in data analysis and improve their ability to interpret, analyze, and use data for decision making. The CIDA certification requires successful completion of an online exam that covers topics such as data collection, analysis techniques, and reporting.

The exam typically takes about three hours to complete and can be taken online or in-person at a testing center. The cost of the exam varies depending on the type of registration chosen but generally ranges from $150 - $200 USD. There are no prerequisites for taking the CIDA exam, however it is recommended that applicants have some experience working with insurance data or related software systems prior to taking the exam.

In order to become certified, applicants must pass the CIDA examination with a score of at least 70%. Upon passing, applicants will receive a digital certificate which they can use to demonstrate their knowledge and skills in insurance data analysis.

2. Certified Risk and Insurance Analyst (CRIA)

Certified Risk and Insurance Analyst (CRIA) is a professional designation offered by the Global Risk Management Institute (GRMI). It is designed for risk management professionals who wish to demonstrate their knowledge and expertise in the field. The CRIA program focuses on the fundamentals of risk management, including risk identification, assessment, control, financing, and transfer.

The CRIA program is a self-study course that can be completed at your own pace. It typically takes between 6-12 months to complete all of the requirements. To get certified, you must complete 10 courses and pass an exam. The cost of the program varies depending on which courses you choose to take. Generally speaking, it costs around $2,000-$3,000 USD to become certified.

3. Chartered Property Casualty Underwriter (CPCU)

The Chartered Property Casualty Underwriter (CPCU) designation is a professional certification program in the property and casualty insurance industry. It is administered by The Institutes, a non-profit organization dedicated to providing educational programs and services for the risk management and insurance industry.

The CPCU designation is an advanced credential that demonstrates knowledge of the insurance industry, including principles, practices, and laws. It also shows commitment to ethical standards and professional development.

It typically takes three years to complete all eight courses required for the CPCU designation. Each course consists of 45 hours of study time and requires passing a comprehensive exam at the end.

To get started on your CPCU journey, you can purchase the course materials from The Institutes or from an approved provider. Course materials typically cost around $1,000 per course plus any applicable taxes. Once you have purchased your materials, you will need to register for each exam with The Institutes online or by phone. Exam fees are $195 per exam plus applicable taxes.

In addition to course materials and exam fees, there is an initial application fee of $450 plus applicable taxes when applying for the CPCU designation. This fee covers administrative costs associated with processing your application as well as lifetime membership in The Institutes’ Risk & Insurance Knowledge Group (RIKG).

Once you have passed all eight exams and submitted your application form with supporting documents, you will be notified within two weeks if your application has been accepted or rejected. If accepted, you will receive a certificate confirming that you have earned the CPCU designation along with a lapel pin recognizing your accomplishment.

4. Associate in Commercial Underwriting (AU)

Associate in Commercial Underwriting (AU) is a professional designation offered by The Institutes, which is a leading provider of risk management and insurance education. The AU designation is designed to provide commercial underwriters with the knowledge and skills necessary to be successful in their field.

The AU program consists of four courses: Principles of Commercial Underwriting, Commercial Property and Casualty Underwriting, Commercial Liability Underwriting, and Risk Management for Commercial Lines. Each course takes approximately six months to complete. In order to obtain the AU designation, individuals must pass all four exams with a passing grade of 70% or higher.

The cost for the entire program varies depending on the institution offering it; however, it typically ranges from $1,500-$2,000. Additionally, there may be additional costs associated with textbooks or other materials needed for the courses.

In order to become an Associate in Commercial Underwriting (AU), individuals should have at least two years of experience working in commercial lines underwriting or related fields such as risk management or insurance sales. Individuals should also have a good understanding of insurance principles and practices as well as strong analytical skills.

5. Associate in Risk Management (ARM)

Associate in Risk Management (ARM) is a professional designation awarded by The Institutes, a leading provider of risk management and insurance education. It is designed to provide individuals with the knowledge and skills needed to identify, analyze, evaluate, and manage risks within an organization.

The ARM program consists of four courses: Principles of Risk Management, Enterprise Risk Management, Financial Risk Management, and Analyzing Risks & Decisions. Each course takes about 10-15 hours to complete and can be taken online or in a classroom setting. After completing all four courses, students must pass an exam to receive the ARM designation.

The cost for the ARM program varies depending on if you are taking the courses online or in a classroom setting. Generally speaking, the cost for taking all four courses online ranges from $1,000-$2,000 USD while taking them in a classroom setting can range from $1,500-$3,000 USD.

Overall, obtaining an Associate in Risk Management (ARM) designation is an excellent way to demonstrate your knowledge and skills in risk management and insurance. It also provides you with access to additional resources such as continuing education opportunities and networking events that can help you advance your career.

6. Chartered Financial Analyst (CFA)

Chartered Financial Analyst (CFA) is a professional designation given by the CFA Institute, a global association of investment professionals. The CFA Program is a graduate-level, self-study program that combines a broad curriculum with professional conduct and ethics standards to prepare candidates for careers in investment management and financial analysis. It typically takes four years to complete the CFA Program, including three levels of examinations and four years of relevant work experience.

To become a CFA charterholder, one must:

1. Pass all three levels of the CFA Program exams;

2. Have at least four years of qualified work experience;

3. Become a member of the CFA Institute; and

4. Abide by the CFA Institute Code of Ethics and Standards of Professional Conduct.

The cost for the entire program can range from $1,000 to $2,500 depending on which materials you choose to purchase for studying for each level exam, as well as any additional fees associated with becoming a member of the CFA Institute or taking practice exams.

7. Certified Financial Planner (CFP)

Certified Financial Planner (CFP) is a professional designation given by the Certified Financial Planner Board of Standards Inc. (CFP Board). The CFP certification is a globally recognized symbol of excellence in financial planning and is designed to help individuals make informed decisions about their finances.

It typically takes three to five years to complete the educational, examination, and experience requirements necessary to become a CFP. To obtain the CFP certification, candidates must pass an exam that covers topics such as investments, taxes, estate planning, retirement planning, insurance, and risk management. In addition to passing the exam, candidates must also have at least three years of relevant work experience and adhere to the CFP Board’s Code of Ethics and Professional Responsibility.

The cost for becoming a CFP varies depending on which educational institution you choose for your studies. Generally speaking, you can expect to pay anywhere from $2,000-$3,500 for course materials and fees associated with taking the exam. Additionally, there may be additional costs associated with obtaining your work experience requirement if you are not already employed in a related field.

8. Certified Fraud Examiner (CFE)

A Certified Fraud Examiner (CFE) is a professional designation awarded by the Association of Certified Fraud Examiners (ACFE). The CFE credential is recognized internationally and signifies expertise in fraud prevention, detection, and deterrence. To become a CFE, individuals must meet certain requirements and pass a comprehensive exam.

It takes approximately 6-9 months to complete the CFE certification process. This includes studying for the exam, completing the application process, and passing the exam.

To get certified as a CFE, applicants must first become an ACFE member. Membership fees range from $50-$400 depending on your country or region. After becoming an ACFE member, applicants must complete an online application form and submit it along with supporting documents such as transcripts or other proof of education and experience. Once approved, applicants can register for the CFE Exam Prep Course which costs $795 USD. The course provides access to over 50 hours of online instruction and practice tests to help prepare for the 4-hour long exam.

The cost of taking the CFE Exam is $400 USD for members of ACFE or $450 USD for non-members. The exam consists of 200 multiple choice questions covering topics such as fraud prevention methods, investigation techniques, legal elements of fraud cases, and reporting procedures. Applicants who pass the exam will receive their official CFE credential within 8 weeks after completion of the exam.

9. Insurance Institute of America’s Associate in Insurance Services (AIS)

The Insurance Institute of America’s Associate in Insurance Services (AIS) is a professional designation program designed to help individuals increase their knowledge and understanding of the insurance industry. The AIS designation was created to provide insurance professionals with an opportunity to demonstrate their expertise and commitment to the industry.

The AIS designation is awarded after completion of a series of courses and exams covering topics such as underwriting, claims, marketing, risk management, customer service, and more. The AIS program consists of four courses: Principles of Insurance, Commercial Property & Liability Insurance, Life & Health Insurance, and Personal Lines Insurance. Each course includes an exam that must be passed with a score of 70% or higher in order to receive credit for the course.

It typically takes approximately six months to complete all four courses and earn the AIS designation. However, this timeline can vary depending on the individual's study habits and availability.

In order to get started on the AIS program, individuals must first register with IIA by completing an online application form. After registering with IIA, individuals will have access to online materials that can be used for studying for each course exam. Once all four exams have been successfully completed with a passing score of 70% or higher, individuals will receive their AIS designation certificate from IIA.

The cost for the AIS program varies depending on which option is chosen: self-study or instructor-led classes. For self-study students who choose to purchase all four courses at once, the cost is $1,250 USD; however if they choose to purchase each course individually it would cost $400 USD per course. For those who prefer instructor-led classes, the cost is $1,950 USD for all four courses or $650 USD per course if purchased separately.

10. Society of Actuaries’ Associate of the Society of Actuaries (ASA)

The Associate of the Society of Actuaries (ASA) is a professional credential offered by the Society of Actuaries (SOA). It is designed for individuals who want to pursue a career in actuarial science, which involves using mathematics and statistics to assess risk and design insurance policies. The ASA designation is the first step in becoming an actuary and is recognized internationally as a sign of expertise in the field.

To obtain the ASA designation, applicants must pass a series of examinations administered by the SOA. These exams cover topics such as probability, financial mathematics, life contingencies, investments, and economics. Depending on individual circumstances, it can take up to four years or more to complete all of these exams.

In order to be eligible for the ASA designation, applicants must have completed at least two college-level courses in calculus and linear algebra; have obtained an undergraduate degree from an accredited institution; and have completed at least two years of professional experience in actuarial work or related fields. Applicants must also pass a background check conducted by the SOA before they are allowed to register for any exam.

The cost of obtaining the ASA designation varies depending on how many exams are taken and how quickly they are completed. In general, each exam costs around $500 USD plus additional fees for registration and materials. The total cost can range anywhere from $2,000 USD to $5,000 USD or more depending on individual circumstances.

11. American Institute for Chartered Property Casualty Underwriters’ Associate in Reinsurance Administration (ARA).

The American Institute for Chartered Property Casualty Underwriters’ Associate in Reinsurance Administration (ARA) is an industry-recognized certification that provides individuals with the knowledge and skills necessary to work in the reinsurance administration field. The ARA designation is designed to help individuals gain a better understanding of reinsurance, its principles, and how it works within the insurance industry.

The ARA program consists of three courses: Principles of Reinsurance, Reinsurance Operations and Management, and Advanced Reinsurance Concepts. The courses are offered online or in classroom settings at select locations throughout the United States. The program can be completed in as little as 8 weeks if taken online or up to 12 weeks if taken in a classroom setting.

In order to become certified as an ARA, individuals must complete all three courses with a passing grade and pass the ARA exam administered by the American Institute for Chartered Property Casualty Underwriters (AICPCU). The cost of the program varies depending on which delivery method is chosen; however, the total cost typically ranges from $1,500-$2,000.

Once certified as an ARA, individuals will have gained a comprehensive understanding of reinsurance principles and operations and will be able to effectively manage their organization’s reinsurance activities. They will also be eligible for higher-level positions within their organization or other organizations that require knowledge of reinsurance principles and operations.

Do You Really Need a Insurance Analyst Certificate?

The answer to this question depends on the individual's goals and career aspirations. If an individual is looking to enter the field of insurance analysis, then a certificate may be beneficial. A certificate program can provide a comprehensive overview of the insurance industry, including topics such as risk management, financial analysis, and policy evaluation. Additionally, courses in economics, mathematics, and statistics are often included in these programs. Earning a certificate could demonstrate an individual’s commitment to their chosen career path and give them an edge when competing for jobs.

On the other hand, if an individual already has experience in the insurance industry or holds a degree in finance or economics, then they may not need to pursue a certificate program. While some employers may look favorably upon applicants who have obtained certification in their field, it is not always necessary to have one. Furthermore, some employers may prefer candidates with practical experience over those with certificates.

In conclusion, whether or not an individual needs an insurance analyst certificate depends on their goals and current level of knowledge in the field. It can be beneficial for those who are just starting out in the industry or wish to demonstrate their commitment to their chosen career path; however, it is not necessarily required for success within the insurance analysis profession.

Related: Insurance Analyst Resume Examples

FAQs About Insurance Analyst Certifications

1. What is an Insurance Analyst Certification?

Answer: An Insurance Analyst Certification is a professional certification that recognizes individuals who have achieved a certain level of knowledge and experience in the field of insurance analysis. It is designed to demonstrate expertise in the areas of risk assessment, financial analysis, and policy development.

2. What are the requirements for obtaining an Insurance Analyst Certification?

Answer: Requirements for obtaining an Insurance Analyst Certification vary depending on the certifying organization. Generally, applicants must possess a degree in finance or a related area, have at least two years of relevant work experience, and pass an exam administered by the certifying organization.

3. How long does it take to complete an Insurance Analyst Certification?

Answer: The length of time it takes to complete an Insurance Analyst Certification will depend on the certifying organization and how much time you are able to dedicate to studying for the exam. Generally, it can take anywhere from several months to a year or more depending on your level of commitment.

4. What types of jobs can I get with an Insurance Analyst Certification?

Answer: With an Insurance Analyst Certification, you may be eligible for positions such as underwriter, risk manager, claims adjuster, actuarial analyst, financial analyst, or other related roles within the insurance industry.

5. Is there any continuing education required after obtaining an Insurance Analyst Certification?

Answer: Yes, most certifying organizations require holders of their respective certifications to complete continuing education credits in order to maintain their certification status over time.