Top 10 Insurance Manager Certifications

Certifications are important for an insurance manager in the job market because they demonstrate a level of expertise and knowledge that employers value. Certifications can also give insurance managers access to exclusive job opportunities, higher salaries, and more opportunities for career advancement. Certifications also help employers identify qualified professionals who have the skills and knowledge needed to make sound decisions related to risk management, customer service, and other areas of insurance. Additionally, certifications provide potential employers with evidence that the individual has taken steps to further their education and professional development.

This article reviews some of the top certifications for Insurance Managers, providing insight into how they can contribute to an insurance manager's career.

What are Insurance Manager Certifications?

Insurance Manager Certification is a professional certification program designed to provide insurance professionals with the knowledge and skills necessary to effectively manage the operations of an insurance company. It helps individuals understand how insurance products are created and how they work, as well as the legal and regulatory aspects of the business. The certification also teaches individuals how to use industry-standard software tools to analyze risk and develop insurance strategies. By obtaining an Insurance Manager Certification, individuals can demonstrate their expertise in the field, which can help them advance their career or find better job opportunities. Additionally, it gives employers assurance that their employees have the necessary skills for managing all aspects of an insurance company's operations, from pricing and policy writing to claims processing and customer service.

Pro Tip: When considering an insurance manager certification program, make sure to research the qualifications and requirements of the program to ensure that it is a quality and reputable certification. Additionally, look for programs that offer continuing education credits to keep your certification up-to-date.

Related: What does an Insurance Manager do?

Top 10 Insurance Manager Certifications

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

1. Certified Insurance Manager (CIM)

Certified Insurance Manager (CIM) is a professional certification program designed to provide insurance professionals with the knowledge and skills needed to manage an insurance agency or department. The CIM designation is administered by the National Alliance for Insurance Education and Research.

The CIM program requires completion of three core courses, which cover topics such as insurance operations, risk management, customer service, and marketing. Upon successful completion of the coursework, candidates must pass a comprehensive exam in order to receive their certification. The exam covers topics such as general principles of insurance, state laws and regulations, ethics and professionalism, and customer service.

The entire process typically takes between six months to one year to complete. Candidates can register for the CIM program online or through their local National Alliance for Insurance Education and Research office. The cost of the program varies depending on the number of courses taken; however, it generally ranges from $1,000-$2,000.

2. Chartered Property Casualty Underwriter (CPCU)

The Chartered Property Casualty Underwriter (CPCU) is a professional designation for those who work in property and casualty insurance. It is the highest level of recognition for individuals who demonstrate expertise in the field of insurance, risk management, and financial planning. The CPCU designation is awarded by The Institutes, an organization dedicated to providing education and certification programs for insurance professionals.

To become a CPCU, you must pass eight exams that cover topics such as insurance contracts, law and regulation, finance and accounting, marketing and sales, underwriting principles, business operations management, claims practices and coverage analysis. You must also complete two years of relevant work experience in the field before you can take the exams.

The cost to take the exams varies depending on which exams you are taking. Generally speaking, each exam costs around $200-$250 per exam plus any applicable taxes or fees. Additionally, there are study materials available from The Institutes that may be purchased separately from the exam fees.

In total, it typically takes about two years to complete all eight exams necessary for the CPCU designation. Once you have passed all eight exams and completed two years of relevant work experience in the field of property and casualty insurance, you will be eligible to receive your CPCU designation from The Institutes.

3. Certified Risk Manager (CRM)

Certified Risk Manager (CRM) is a professional designation that provides risk management professionals with the knowledge, skills, and abilities to identify, assess, and manage risk. The CRM is designed to help individuals develop the skills necessary to effectively analyze and manage risks associated with their organization’s operations.

The CRM program is administered by the Global Risk Management Institute (GRMI). It requires applicants to complete a comprehensive training program and pass an exam in order to gain certification. The program consists of four courses: Introduction to Risk Management; Risk Analysis; Risk Control; and Risk Financing. Each course includes lectures, case studies, quizzes, and exams.

It typically takes 6-9 months to complete the program depending on how quickly you are able to complete each course. To get started, you must first register for the program through GRMI’s website. Once registered, you will receive access to all of the materials needed for each course. You can then begin studying at your own pace until you are ready to take the exam.

The cost of the CRM program varies depending on whether you choose to take it online or in-person. Online courses typically cost around $1,500 while in-person courses range from $2,000-$3,000 depending on location and other factors.

4. Associate in Risk Management (ARM)

The 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 necessary to identify, analyze, and manage risk. The ARM program consists of five courses which cover topics such as risk management principles, insurance operations, legal aspects of risk management, and financial analysis.

The ARM designation typically takes about two years to complete. To get the ARM designation, you must complete all five courses within two years and pass an exam at the end of each course. Once you have completed all five courses and passed the exams, you will receive your ARM designation.

The cost for the ARM program varies depending on where you take the courses. Typically, it costs between $2,000 - $3,500 to complete the program. This includes tuition fees for each course as well as exam fees for each course.

In addition to completing the courses and passing the exams, there are also other requirements that must be met in order to receive your ARM designation. These include having at least three years of experience in risk management or related fields; being employed in a position that requires knowledge of risk management; and having appropriate letters of recommendation from employers or colleagues who can vouch for your knowledge and experience in this field.

5. Certified Insurance Counselor (CIC)

Certified Insurance Counselor (CIC) is a professional designation for insurance professionals. It is offered by the National Alliance for Insurance Education & Research and is widely recognized in the industry as a mark of excellence.

The CIC program consists of five courses, each focusing on a different area of insurance knowledge: Personal Lines, Commercial Casualty, Life and Health, Business Management and Financial Planning. The courses are designed to provide an understanding of all aspects of risk management and insurance operations.

It typically takes three to four months to complete the CIC program depending on the individual's prior knowledge and experience. The program can be completed online or in-person at one of the National Alliance's training centers across the United States.

In order to become certified, individuals must pass a comprehensive exam after completing all five courses. The exam is administered by Prometric Testing Centers located throughout the country.

The cost for the CIC program varies based on how many courses are taken at once and whether they are taken online or in-person. Generally speaking, it costs around $1,500-$2,000 for all five courses plus exam fees which range from $100-$200 per course.

6. Associate in Commercial Underwriting (ACU)

Associate in Commercial Underwriting (ACU) is a professional designation offered by The Institutes, a leading provider of insurance and risk management education. It is designed to provide commercial underwriters with the knowledge and skills they need to better understand and assess complex risks.

The ACU program consists of three courses: Principles of Commercial Underwriting, Commercial Property & Liability Underwriting, and Advanced Commercial Underwriting. Each course includes both classroom instruction and online learning activities. The courses are typically offered over a period of six months or longer, depending on the school or provider offering the program.

To become an ACU, you must complete all three courses and pass an exam administered by The Institutes. You can find providers offering ACU programs through The Institutes’ website. The cost for the program varies depending on the provider but can range from $2,500 to $4,000 USD for all three courses combined.

7. Certified Professional Liability Underwriter (CPLU)

Certified Professional Liability Underwriter (CPLU) is a professional designation granted by the Insurance Institute of Canada (IIC). It is designed to recognize those individuals who have demonstrated knowledge and proficiency in the field of professional liability insurance. The CPLU designation is recognized by insurers, brokers, and other industry professionals as an indication of expertise in this specialized area.

The CPLU designation requires successful completion of the IIC's Professional Liability Underwriting Course. This course consists of four modules: Introduction to Professional Liability; Professional Liability Risk Management; Professional Liability Claims Management; and Professional Liability Insurance Products. Each module consists of two days of classroom instruction followed by an exam.

In order to be eligible for the CPLU designation, applicants must have at least five years' experience in the insurance industry, including three years' experience in professional liability underwriting or related activities. Applicants must also pass all four exams with a minimum score of 70%.

The cost for the course varies depending on where it is taken, but typically ranges from $1,500 to $2,000 CAD. The cost includes tuition fees and materials.

Once all requirements are met, applicants will receive their CPLU designation within six weeks after completing their final exam.

8. Associate in Reinsurance Administration (ARA)

Associate in Reinsurance Administration (ARA) is a professional designation offered by the American Academy of Financial Management (AAFM). It is designed to provide a comprehensive understanding of reinsurance and its role in the insurance industry. The ARA program covers topics such as reinsurance principles, underwriting, accounting, claims handling, and risk management.

The ARA program consists of four courses: Introduction to Reinsurance, Reinsurance Underwriting, Claims Handling and Risk Management. Each course takes approximately two weeks to complete and can be taken either online or in-person. The cost for the entire program is $1,995 USD.

In order to obtain the ARA designation, applicants must pass all four courses with a minimum score of 70%. Once all four courses are completed successfully, applicants will receive their ARA certificate from the AAFM.

9. Chartered Life Underwriter (CLU)

Chartered Life Underwriter (CLU) is a professional designation for life insurance agents, advisors and financial planners. It is offered by The American College of Financial Services and is recognized as the highest standard of excellence in the field of life insurance planning.

To become a CLU, an individual must complete coursework and pass a comprehensive exam. The program includes seven courses covering topics such as life insurance, estate planning, retirement planning, investments and taxation. The courses are offered both online and in-person at The American College’s campuses.

The program typically takes about two years to complete, depending on the individual’s prior knowledge and experience. In addition to completing the coursework, individuals must also take part in continuing education activities each year to maintain their CLU designation.

The cost of becoming a CLU varies depending on the individual’s situation. For example, if an individual has already completed some or all of the required coursework through another institution or organization, they may be able to transfer credits towards their CLU designation. This could reduce the overall cost significantly.

In addition to tuition fees for the courses themselves, individuals will need to pay an application fee when they apply for their CLU designation as well as annual dues once they have been certified.

10. Certified Insurance Service Representative (CISR)

Certified Insurance Service Representative (CISR) is a professional designation that is awarded by the National Alliance for Insurance Education & Research. It is designed to recognize individuals who have demonstrated a high level of knowledge and understanding of the insurance industry, as well as customer service skills.

To become certified, individuals must complete five courses and pass an exam. The courses cover topics such as personal lines, commercial lines, agency operations, risk management and customer service. The exam is administered by the National Alliance for Insurance Education & Research and consists of 125 multiple-choice questions.

The cost of obtaining the CISR designation varies depending on the state in which you live. Generally speaking, it costs around $900 to complete all five courses and take the exam. Additionally, there may be additional fees associated with taking the exam or renewing your certification every two years.

It typically takes between three to six months to complete all five courses and take the exam. However, this timeline can vary depending on an individual's availability and commitment to studying for the exam.

Do You Really Need a Insurance Manager Certificate?

The answer to this question depends on your particular situation. If you have a strong interest in insurance and want to pursue a career in the field, then yes, you should consider getting an Insurance Manager Certificate. With this certification, you will gain valuable knowledge and skills that can help you advance in the insurance industry.

Having an Insurance Manager Certificate can open doors for you when looking for jobs or promotions within the insurance industry. It shows employers that you are knowledgeable about the industry and have a commitment to learning more. It also demonstrates that you understand the importance of staying up-to-date with trends and changes in the industry, as well as being able to effectively manage risks and develop strategies.

Additionally, having an Insurance Manager Certificate may give you an advantage over other applicants when applying for positions or promotions within the industry. Companies want employees who are knowledgeable about their field and demonstrate initiative by taking steps to increase their knowledge base. An Insurance Manager Certificate is one way of doing this and shows potential employers that you are serious about your career goals.

Ultimately, whether or not you need an Insurance Manager Certificate depends on your own personal goals and interests. However, if you want to advance in the insurance industry, it is definitely worth considering pursuing one of these certificates.

Related: Insurance Manager Resume Examples

FAQs About Insurance Manager Certifications

Q1. What is an insurance manager certification?

A1. An insurance manager certification is a type of credential that verifies a person’s knowledge and skills in managing various types of insurance policies and procedures. It is designed to help those who want to specialize in the field of insurance management gain the necessary credentials to become successful in this role.

Q2. What are the benefits of obtaining an insurance manager certification?

A2. Obtaining an insurance manager certification can help you stand out from other applicants when applying for jobs, as it demonstrates your commitment to professional excellence and specialty knowledge within the industry. It also provides you with a competitive edge over others who may not have the same level of expertise or experience in the field, making it easier to secure higher-paying positions.

Q3. How do I obtain an insurance manager certification?

A3. To obtain an insurance manager certification, you will need to complete a program offered by an accredited institution or organization that specializes in providing such certifications. This can include both online and offline courses, depending on your preferred learning style and budget constraints.

Q4. How long does it take to earn an insurance manager certification?

A4. The length of time it takes to complete a program for an insurance manager certification varies depending on the specific program you choose, but typically ranges from six months to one year for most programs offered by accredited institutions or organizations.

Q5. Is there any cost associated with earning an insurance manager certification?

A5. Yes, there are typically costs associated with earning an insurance manager certification, including course fees and other expenses related to completing the program (e.g., materials, textbooks). However, these costs are usually quite minimal compared to the potential career benefits associated with gaining such a credential.