Top 11 Premium Auditor Certifications
This article provides an overview of the top premium auditor certifications available and their associated benefits.
Published 18 min read
Certifications are an important credential for premium auditors in the job market because they demonstrate that an individual has the knowledge, skills and abilities to competently perform their job duties. Certification also serves as a way to distinguish qualified professionals from those who lack the necessary experience and training. By obtaining certification, premium auditors can ensure employers that they have met certain standards of proficiency and are knowledgeable about the industry. Additionally, certifications can help auditors increase their earning potential by demonstrating expertise in their field.
This article reviews some of the top certifications for Premium Auditors and explains how they can help to advance a premium auditor's career.
What are Premium Auditor Certifications?
Premium auditor certification is a professional credential that demonstrates an individual’s expertise in conducting premium audits. Premium auditors are responsible for verifying the accuracy of insurance premiums by examining and analyzing the data associated with insurance policies. They ensure that policyholders are paying the correct amount of premium for their coverage, as well as verifying that applicable discounts or credits have been applied correctly.
Having a premium auditor certification can help individuals stand out to potential employers when seeking jobs in the insurance industry. Employers may prefer to hire certified professionals who have received specialized training and have demonstrated their knowledge and skills in this area. Additionally, having a certification can show prospective employers that an individual has taken the initiative to become proficient in a particular field and is committed to providing quality services.
Certified premium auditors also benefit from having access to valuable resources such as continuing education courses and networking opportunities with other professionals in the field. This can be especially beneficial for those looking to advance their career or stay up-to-date on current trends and best practices within the industry. Additionally, having a certification can open doors to more job opportunities and higher pay rates since employers tend to favor certified professionals over those without credentials.
Pro Tip: Make sure to research the requirements for premium auditor certification in your state. Some states require additional testing or certifications, and some may even require continuing education credits to maintain your certification. Additionally, it’s important to understand the scope of work that is required as a certified premium auditor and any potential restrictions on the types of policies you can audit.
Related: What does a Premium Auditor do?
Top 11 Premium Auditor Certifications
Here’s our list of the best certifications available to Premium Auditors today.
1. Certified Premium Auditor (CPA)
A Certified Premium Auditor (CPA) is an individual who has been certified by a particular insurance company to audit and review the insurance premiums charged to policyholders. The CPA will analyze the policyholder’s premium rates, coverage limits, deductibles, and other factors to ensure that the policyholder is paying a fair rate for their coverage.
It typically takes between two and four years of experience in the insurance industry to become a CPA. In addition, applicants must pass an exam administered by the National Association of Insurance Commissioners (NAIC) in order to be certified. The exam covers areas such as insurance regulations, accounting principles, auditing standards, and risk management practices.
In order to become a CPA, you must first meet certain educational requirements. These include having at least a bachelor’s degree in accounting or a related field from an accredited college or university; completion of at least 24 semester hours of coursework in accounting; and completion of at least one year of professional experience in auditing or accounting related activities.
The cost of becoming a CPA varies depending on the specific requirements set forth by each insurance company. Generally speaking, it can cost anywhere from $500-$2,000 depending on the number of exams taken and other fees associated with certification.
2. Certified Insurance Premium Auditor (CIPA)
Certified Insurance Premium Auditor (CIPA) is a certification program offered by the National Alliance for Insurance Education & Research. It is designed to help insurance professionals become proficient in the field of premium auditing. The CIPA certification requires that individuals demonstrate their knowledge and understanding of insurance policies and procedures, as well as their ability to accurately audit premiums.
It typically takes between two to four months to complete the CIPA certification process. To get started, individuals must first submit an application, which includes a non-refundable application fee. Once accepted into the program, applicants must attend an approved training course, pass a written examination and then complete an online practical exam. Upon successful completion of all requirements, individuals will be awarded the CIPA designation.
The cost of obtaining the CIPA certification varies depending on the provider offering the training course and exam fees associated with it. Generally speaking, you can expect to pay anywhere from $500 to $1,000 for both the course and exam fees combined.
3. Certified Professional Insurance Premium Auditor (CPIPA)
Certified Professional Insurance Premium Auditor (CPIPA) is a professional designation offered by the National Alliance for Insurance Education & Research. CPIPA is designed to recognize individuals who have demonstrated knowledge and proficiency in insurance premium auditing practices, procedures, laws and regulations.
It typically takes between 6-12 months to complete the requirements for the CPIPA designation. The process involves completing an online course, passing a comprehensive exam and submitting proof of at least three years of experience in insurance premium auditing.
To get the CPIPA designation, you must first register with the National Alliance for Insurance Education & Research. You will then need to complete their online course and pass their comprehensive exam. After successfully completing these steps, you can submit your application along with proof of at least three years of experience in insurance premium auditing.
The cost to obtain the CPIPA designation varies depending on whether you are a member or non-member of the National Alliance for Insurance Education & Research. For members, it costs $495; for non-members, it costs $795.
4. Certified Public Accountant (CPA)
Certified Public Accountant (CPA) is a professional designation given to individuals who have met the educational, experience, and examination requirements set by their state’s Board of Accountancy. CPAs are licensed to provide a variety of accounting services, including financial statement preparation, tax planning and preparation, auditing services, consulting services, and more.
It typically takes four years of college education plus one year of work experience in public accounting to become eligible for the CPA exam. After passing the exam, candidates must fulfill any additional requirements set by their state’s Board of Accountancy before they can be issued a CPA license.
To get certified as a CPA in the United States, you must meet specific educational requirements and pass the Uniform Certified Public Accountant Examination (CPA Exam). The exam consists of four sections: Auditing and Attestation (AUD), Financial Accounting & Reporting (FAR), Regulation (REG), and Business Environment & Concepts (BEC). Each section has its own set of topics that must be mastered before taking the exam.
The cost to take the CPA Exam varies from state to state but typically ranges from $200-$1,000 depending on which sections you take. Additionally, there may be other fees associated with obtaining your license such as application fees or continuing education credits.
5. American Institute of Certified Public Accountants (AICPA)
The American Institute of Certified Public Accountants (AICPA) is the national professional organization for certified public accountants in the United States. It was founded in 1887 and is headquartered in New York City. The AICPA sets ethical standards for CPAs, provides education and training opportunities, and administers the Uniform CPA Examination.
To become a CPA, you must meet certain educational requirements, pass the Uniform CPA Examination, and obtain a license from your state board of accountancy. The educational requirements vary by state but generally include completing 150 semester hours of college coursework with a concentration in accounting and related subjects. Most states also require applicants to have at least one year of experience working under a licensed CPA or other qualified professional before they can be licensed as a CPA.
Once you have met the educational requirements, you can apply to take the Uniform CPA Examination, which is administered by the AICPA. The exam consists of four sections: Auditing & Attestation (AUD), Financial Accounting & Reporting (FAR), Regulation (REG), and Business Environment & Concepts (BEC). Each section must be passed separately within an 18-month period in order to receive your license.
The cost of taking the exam varies depending on where you take it, but typically ranges from $150-$200 per section. In addition to this cost, there are also fees associated with applying for the exam and obtaining your license from your state board of accountancy. These fees vary by state but typically range from $50-$200.
Once you have passed all four sections of the exam and obtained your license, you will become an AICPA member and will be able to use their resources such as continuing education courses and networking events to further develop your skills as a CPA.
6. Association of Chartered Certified Accountants (ACCA)
The Association of Chartered Certified Accountants (ACCA) is a professional body that offers qualifications in accountancy and related fields. It was founded in 1904 and is one of the largest professional accounting bodies in the world, with over 200,000 members in 180 countries. ACCA provides a range of qualifications from entry-level to postgraduate level, allowing people to become qualified accountants at various stages of their career.
It takes around three years to become an ACCA member. To become an ACCA member you must pass 14 exams and have three years’ practical experience. The exams cover topics such as financial reporting, audit and assurance, taxation, business law, ethics and corporate governance.
The cost of becoming an ACCA member varies depending on where you take your exams and how quickly you want to complete them. Generally speaking it will cost around £3,000–£4,000 for tuition fees plus exam fees which can be up to £200 per exam. There are also additional costs associated with membership such as subscription fees and study materials.
7. National Association of Independent Insurers (NAII)
The National Association of Independent Insurers (NAII) is a trade association that represents the interests of independent insurance companies in the United States. The NAII was founded in 1925 and is headquartered in Des Plaines, Illinois.
The NAII works to advocate for its members on issues such as insurance regulation, legislation, and public policy. It also provides educational opportunities and resources to its members and works to promote the independent insurance industry.
It typically takes about two weeks to get an application approved by the NAII, provided all necessary documentation is submitted correctly. To become a member of the NAII, you must submit an application form along with payment for the membership fee. The annual membership fee varies depending on your company size; however, it typically ranges from $500-$2,000 per year.
8. International Association of Insurance Auditors (IAIA)
The International Association of Insurance Auditors (IAIA) is a professional organization that provides education, certification, and networking opportunities for insurance auditors around the world. IAIA serves as an advocate for the profession by promoting ethical practices, standards, and professional development.
It typically takes about two to three years of experience in the field of insurance auditing to qualify for IAIA membership. To become a member, you must complete an application form and provide proof of your qualifications. The application fee is $150 USD. Once accepted into the program, you will receive access to exclusive resources such as webinars, seminars, publications, and more.
The IAIA also offers several certifications that demonstrate your expertise in the field of insurance auditing. These certifications include Certified Insurance Auditor (CIA), Certified Insurance Examiner (CIE), and Certified Risk Management Professional (CRMP). Each certification requires its own set of requirements and fees ranging from $300 to $600 USD depending on the certification chosen. The cost also includes exam fees and study materials.
In addition to these certifications, IAIA also offers continuing education courses throughout the year that cover topics such as risk management techniques, financial analysis methods, legal issues related to insurance auditing, and more. These courses are designed to help members stay up-to-date on industry trends and best practices. The cost for these courses varies depending on the topic but generally range from $50-$200 USD per course.
Overall, becoming a member of IAIA is a great way for experienced professionals in the field of insurance auditing to gain recognition in their field while staying informed about industry trends and best practices.
9. Institute of Internal Auditors (IIA)
The Institute of Internal Auditors (IIA) is a professional association dedicated to promoting the highest standards of ethics, education, and practice in the field of internal auditing. It was founded in 1941 and has grown to become the world’s largest professional association for internal auditors with more than 200,000 members in over 170 countries. The IIA provides guidance, training, and certification programs to help internal auditors meet their professional goals.
To become a Certified Internal Auditor (CIA), one must pass the CIA exam which is administered by the IIA. The exam consists of three parts: Part 1 – Internal Audit Basics; Part 2 – Practice of Internal Auditing; and Part 3 – Business Knowledge for Internal Auditing. Each part consists of multiple-choice questions and takes approximately four hours to complete.
In order to sit for the exam, candidates must meet certain eligibility requirements such as having at least two years of experience in internal auditing or related fields. Candidates may also be required to submit proof of education or other qualifications depending on their country’s specific requirements.
The cost for taking the CIA exam varies depending on location but typically ranges from $200-$400 USD per part. Additionally, there is an annual membership fee associated with being a member of the IIA which currently costs $250 USD per year.
10. Property Casualty Insurers Association of America (PCI)
The Property Casualty Insurers Association of America (PCI) is a trade association that represents more than 1,000 property and casualty insurance companies in the United States. PCI's mission is to promote a healthy and competitive insurance market, protect the interests of its members, and ensure that policyholders receive fair treatment.
Membership in PCI is open to any property/casualty insurer that is licensed to do business in the United States. To become a member, an insurer must complete an application form and submit it to PCI for review. The application process typically takes about two weeks from start to finish.
There are no membership fees associated with joining PCI; however, some members may be asked to pay dues based on their size and other factors. Additionally, members may be required to pay for certain services or events hosted by PCI.
In addition to providing educational resources and advocating for industry-wide issues, PCI also offers its members access to exclusive discounts on products and services such as technology solutions, legal services, and marketing materials.
11. National Alliance for Insurance Education & Research (NAIER).
The National Alliance for Insurance Education & Research (NAIER) is a non-profit organization that provides education and certification programs for insurance professionals. The organization offers various certifications, such as the Associate in General Insurance (AINS), Certified Risk Manager (CRM), Chartered Property Casualty Underwriter (CPCU), and Certified Insurance Counselor (CIC).
It takes approximately six months to complete the AINS program, which is offered in both online and classroom formats. The CRM program takes two years to complete, while the CPCU and CIC programs take three years each. All of these programs require successful completion of an exam at the end of the coursework.
To get started on any of these certifications, you must first register with NAIER. You can do this by visiting their website or calling their customer service line. Once registered, you will be able to access all of the materials needed for your chosen certification program.
The cost of NAIER's certification programs varies depending on the type of program you are taking. Generally speaking, it costs between $600-$1,000 per year for a certification program. This includes all course materials, exams, and other related fees.
Do You Really Need a Premium Auditor Certificate?
A premium auditor certificate is a certification that verifies that an individual has the qualifications and competency to perform audit services for insurance companies. It is important for auditors to have this certification in order to ensure that they are properly qualified and capable of performing the necessary duties and tasks associated with auditing.
The need for a premium auditor certificate ultimately depends on the type of work you are doing as an auditor. If you are working in the public sector, a premium auditor certificate may not be necessary since public sector auditors do not typically handle large amounts of money or other financial assets. However, if you are an independent auditor or work in the private sector, then it is likely that you will need a premium auditor certificate in order to demonstrate your ability and qualifications to potential employers.
Having a premium auditor certificate can also be beneficial when applying for jobs as it demonstrates your commitment to professional development and shows that you have taken the initiative to become certified in your field. Additionally, having a certification can help you stand out from other applicants as employers may view it as evidence of your knowledge and expertise.
Overall, whether or not you need a premium auditor certificate ultimately depends on what type of work you are doing as an auditor and where you plan on working. If you plan on working in the private sector where more complex auditing services may be required, then having a premium auditor certificate may be beneficial as it demonstrates your professional qualifications and abilities.
Related: Premium Auditor Resume Examples
FAQs About Premium Auditor Certifications
1. What is a Premium Auditor Certification?
Answer: A Premium Auditor Certification is a professional credential that demonstrates an individual's knowledge and experience in auditing insurance premiums. It is awarded by the National Association of Insurance Commissioners (NAIC) and is recognized throughout the insurance industry.
2. How do I become certified as a premium auditor?
Answer: To become certified as a premium auditor, you must complete the NAIC's approved training program and pass their certification exam. Once you have passed the exam, you will be issued your certification and can begin working as a premium auditor.
3. What kind of training is required for certification?
Answer: The NAIC requires prospective premium auditors to complete an approved training program prior to taking the certification exam. The program covers topics such as loss control, policy interpretation, rate structures, and more.
4. Do I need to renew my certification?
Answer: Yes, certifications must be renewed every two years in order to remain active. Renewal involves completing continuing education courses related to premium auditing and passing an updated version of the NAIC's certification exam.
5. What are the benefits of becoming a certified premium auditor?
Answer: Becoming certified as a premium auditor can open up new career opportunities within the insurance industry, provide access to higher-paying positions, and increase your credibility with clients and employers alike. Additionally, it allows you to stay up-to-date on changes in regulations and best practices within your field of expertise.