NEW ENTRANT PROFESSIONAL CERTIFICATE IN INSURANCE (APA) PROFESSIONAL DIPLOMA IN INSURANCE (CIP) SECURE YOUR REGULATORY LICENSE

Transcription

1 NEW ENTRANT PROFESSIONAL CERTIFICATE IN INSURANCE (APA) PROFESSIONAL DIPLOMA IN INSURANCE (CIP) SECURE YOUR REGULATORY LICENSE

2 IF YOU RE WORKING IN AN ACCREDITED ROLE OR SPECIFIED FUNCTION FOR THE FIRST TIME, YOU ARE CLASSIFIED AS A NEW ENTRANT

3 CONTENTS 1 WHY DO NEW ENTRANTS COMPLETE QUALIFICATIONS? THEY RE WHAT THE REGULATOR REQUIRES THEY RE WHAT YOUR CUSTOMERS EXPECT THEY RE WHAT YOUR CAREER DEVELOPMENT DEPENDS ON 4 2 FIRST STEP: PROFESSIONAL CERTIFICATE IN INSURANCE (APA) KEY FACTS AND OVERVIEW QUALIFICATION STRUCTURE LEARNING OUTCOMES 6 3 NEXT STEP: PROFESSIONAL DIPLOMA IN INSURANCE (CIP) KEY FACTS AND OVERVIEW QUALIFICATION STRUCTURE LEARNING OUTCOMES 9 4 STEPS TO SUCCESS SUPPORTS AVAILABLE TALK TO US HOW TO REGISTER ONLINE FAQS 11 NEW ENTRANT 1

4 III QUALIFICATION FRAMEWORK APA CIP MDI ACII FCII ACHIEVING AND MAINTAINING PROFESSIONAL QUALIFICATIONS IS THE BEST WAY OF ENSURING YOUR COMPLIANCE AND COMPETITIVENESS IN A VALUE DRIVEN MARKET. 2

5 FCII FELLOWSHIP OF THE CII The highest standard and international recognition of professional excellence for those working in the insurance industry. ACII ADVANCED DIPLOMA IN INSURANCE The CII s Advanced Diploma in Insurance is an advanced professional qualification for insurance staff working across all sectors of the industry. MDI MANAGEMENT DIPLOMA IN INSURANCE As an advanced qualification, the Management Diploma in Insurance (MDI) meets industry demand for more specialised insurance expertise and greater business acumen at management level. MDI modules also allow you to accumulate CII credits that count towards the ACII qualification. CIP PROFESSIONAL DIPLOMA IN INSURANCE While the APA is the entry level and minimum requirement for compliance, the Professional Diploma in Insurance (CIP) is the benchmark qualification and the expected standard across the industry. The modules you study for the APA, make up 50% of this qualification, so once you ve completed it, just three more modules stand between you and the industry standard. APA PROFESSIONAL CERTIFICATE IN INSURANCE This is the entry level qualification on the III s framework and is ideal for New Entrants to secure their regulatory license and meet the requirements of the Central Bank s MCC. It s also a good place for Grandfathered Persons to build their exam confidence and achieve a qualification. NEW ENTRANT 3

6 1 WHY DO NEW ENTRANTS COMPLETE QUALIFICATIONS? 1.1 THEY RE WHAT THE REGULATOR REQUIRES The Central Bank of Ireland wants to protect customers by making sure that anyone giving advice on financial services and products is competent to do so. Their Minimum Competency Code 2011 (MCC) sets out various standards and requirements that those at work in the insurance industry - and other financial services - must meet in order to be deemed compliant. There are a number of different product areas within insurance and you will probably be working in one main area such as personal, medical, life etc. The III awards APA designations in the following areas; personal general insurance (e.g. home, motor, travel insurance), commercial general insurance (e.g. business, motor fleet, liability) and private medical insurance (e.g. private health insurance and related insurances). If you are new to the industry and give advice to customers in any of these areas, the Central Bank requires you to achieve the Accredited Product Adviser (APA) designation within four years of entering the industry. It s basically your regulatory license. 1.2 THEY RE WHAT YOUR CUSTOMERS EXPECT From plumbers to dentists, when you call a professional you expect a qualified, knowledgeable and competent person to look after you. It gives you peace of mind. Your customers feel the same. Due to the reputational damage sustained during the global economic crash, many consumers are becoming more discerning when purchasing financial products and services. Customers expect - and deserve - advice delivered by capable, competent and qualified professionals. 1.3 THEY RE WHAT YOUR CAREER DEVELOPMENT DEPENDS ON Qualifications are the best way of meeting the demands of your job. They also help you to secure your future by ultimately allowing you to progress into specialist areas or more senior roles. Having those letters after your name demonstrates to your employer that you recognise the value of technical knowledge and are willing to work to acquire it. Achieving success in exams also illustrates your ability to organise your time, work towards a goal and follow through on your commitments. These are all positive traits that attract employers and give you a competitive edge. 4

7 2 FIRST STEP: PROFESSIONAL CERTIFICATE IN INSURANCE (APA) This is the entry level qualification on the III s framework and is ideal for New Entrants to secure their regulatory license and meet the requirements of the Central Bank s MCC. 2.1 KEY FACTS AND OVERVIEW Qualification: Professional Certificate in Insurance Designation: APA Modules: 3 (2 compulsory + 1 product) Exam sittings: January, May and September Study: 125 hours per module Fees: 295 per module The III awards the professional APA designation for the three main non-life insurance product categories: personal general insurance (PDI-03 module) commercial general insurance (PDI-04 module) private medical insurance (PDI-05 module) Designation The term designation refers to the letters graduates are entitled to use after their name following successful completion of a qualification i.e. Jane Smith, APA (Commercial General Insurance). The APA designation is effectively a regulatory license and once awarded it must be maintained through CPD in line with the requirements of the Central Bank of Ireland s Minimum Competency Code 2011 (MCC). Learn more about CPD requirements for new graduates on Qualification The academic qualification is the Professional Certificate in Insurance, which is a level 7 certificate on the National Framework of Qualifications (NFQ). It is awarded by UCD through the Institute of Banking College of Professional Finance. Exemptions If you have completed courses or qualifications in the past that may have contained content relevant to some III qualifications, you may be entitled to an exemption or recognition of this prior learning. Consult the III s exemption policy online at for detailed information on all exemptions available and the application process involved. Alternatively call our Member Services team on for more information. NEW ENTRANT 5

8 2.2 QUALIFICATION STRUCTURE You must complete PDI-01: The Nature of Insurance and PDI-02: Compliance and Advice. Then choose one of the remaining product modules (PDI-03, PDI-04 and PDI- 05) to correspond to the role you occupy. Although you can choose to complete the relevant modules in whatever order you like, each is designed to build on the one before, so in general it s advisable to sit them in order. Professional Certificate in Insurance (APA) Complete two compulsory modules PDI-01: The Nature of Insurance Contents: Introduction to the concept of risk the insurability of risk the structure of the insurance market the role of industry bodies legislation contracts underwriting proximate cause indemnity subrogation contribution. Exam: 2 hour multiple choice exam featuring 100 questions. A 40% pass mark applies. PDI-02: Compliance and Advice Contents: Regulation of the Irish insurance market key EU regulations risk management consumer protection codes complaint resolution ethical practice relationship management non-insurance legal requirements documentation renewal procedures. Exam: 2 hour multiple choice exam featuring 100 questions. A 40% pass mark applies. Product modules - choose one PDI-03: Personal General Insurance (home, car, travel insurance etc.) PDI-04: Commercial General Insurance (commercial property, fleet, liability insurance etc.) PDI-05: Private Medical Insurance Exam: 2 hour written exam featuring 12 short answer questions. A 40% pass mark applies. 2.3 LEARNING OUTCOMES Once you ve completed the Professional Certificate in Insurance (APA) you can expect to: Understand the general theory, practice and core concepts of general insurance. Describe the relevant regulation and how it impacts the advice you give to your customers. Be able to apply the knowledge you ve acquired of products, processes and regulation when giving advice to your customers. Communicate and demonstrate your new found knowledge and understanding to your peers, supervisors and customers. The experience of studying for a qualification and sitting exams will also equip you with key transferable skills that you can use in your day to day work, and to pursue further studies in your career. 6

9 3 NEXT STEP: PROFESSIONAL DIPLOMA IN INSURANCE (CIP) While the APA is the entry level and minimum requirement for compliance, the Professional Diploma in Insurance (CIP) is the benchmark qualification on the III s framework and the expected standard across the industry. The modules you study for the APA make up 50% of the Professional Diploma in Insurance (CIP), so once you ve completed the APA, just three more modules stand between you and the industry standard. Where the APA delivers a regulatory license and a grounding in the basics, this qualification adds to your knowledge and improves your career opportunities. 3.1 KEY FACTS AND OVERVIEW Qualification: Professional Diploma in Insurance Designation: CIP Modules: 6 (2 compulsory + 2 product + 2 process) Exam sittings: January, May and September Study: 125 hours per module Fees: 295 per module Designation The term designation refers to the letters graduates are entitled to use after their name following successful completion of a qualification i.e. Jane Smith, CIP Once accepted the CIP designation must be maintained through CPD in line with the compliance requirements of the MCC. Learn more about CPD requirements for new graduates on Qualification The academic qualification is the Professional Certificate in Insurance, which is a level 7 certificate on the National Framework of Qualifications (NFQ). It is awarded by UCD through the Institute of Banking College of Professional Finance. Exemptions If you have completed courses or qualifications in the past that may have contained content relevant to some III qualifications, you may be entitled to an exemption or recognition of this prior learning. Consult the III s exemption policy online at for detailed information on all exemptions available and the application process involved. Alternatively call our Member Services team on for more information. NEW ENTRANT 7

10 3.2 QUALIFICATION STRUCTURE The Professional Diploma in Insurance (CIP) qualification consists of six modules; two compulsory, two product and two process. Although you can choose to complete the relevant modules in whatever order you like, each is designed to build on the one before, so in general it s advisable to sit them in order. Professional Diploma in Insurance (CIP) You must complete the following two compulsory modules: PDI-01: The Nature of Insurance Contents: Introduction to the concept of risk the insurability of risk the structure of the insurance market the role of industry bodies legislation contracts underwriting proximate cause indemnity subrogation contribution. Exam: 2 hour multiple choice exam featuring 100 questions. A 40% pass mark applies. PDI-02: Compliance and Advice Contents: Regulation of the Irish insurance market key EU regulations risk management consumer protection codes complaint resolution ethical practice relationship management non-insurance legal requirements documentation renewal procedures. Exam: 2 hour multiple choice exam featuring 100 questions. A 40% pass mark applies. Then choose two product modules: PDI-03: Personal General Insurance (home, car, travel, insurance etc.) PDI-04: Commercial General Insurance (commercial property, fleet, liability insurance etc.) PDI-05: Private Medical Insurance Exam: 2 hour written exam featuring 12 short answer questions. A 40% pass mark applies. And finally complete two process modules PDI-06: Practice of Risk Control and Underwriting Contents: Underwriting strategy principles and practice of risk pricing underwriting policy and practice analysis of risk and relationship the significance of core concepts within the underwriting process reinsurance. Exam: 2 hour written exam featuring 12 short answer questions. A 40% pass mark applies. PDI-07: Practice of Claims and Loss Adjusting Contents: Notification process claims information policy coverage legal environment in insurance first party claims third party claims quantum settlement and opinion alternative dispute resolution. Exam: 2 hour written exam featuring 12 short answer questions. A 40% pass mark applies. 8

11 3.3 LEARNING OUTCOMES Once you ve completed the Professional Diploma in Insurance (CIP) you can expect to: Understand the theory and practice of general insurance, how it s regulated and what factors influence development in these areas. Be able to demonstrate extensive technical knowledge of insurance products and functions with a view to advising consumers. Answer customer s general insurance questions and make appropriate recommendations by balancing your knowledge of products, functions and regulation. Apply your academic knowledge in the provision of general insurance advice and also in the wider functional, occupational and social context. Communicate and demonstrate your knowledge and understanding of products, functions and advice to peers, supervisors and clients. The experience of studying for a qualification and sitting exams will also equip you with key transferable skills that you can use in your day to day work, and to pursue further studies in your career. Being an III graduate has given me not only the skills and knowledge I need to do my job, but also the opportunity to challenge myself. I started off by earning the APA in 2013 and this year I was awarded the CIP after completing three further modules. Niamh Eustace, Motor Claims handler, Allianz NEW ENTRANT 9

12 4 STEPS TO SUCCESS 4.1 SUPPORTS AVAILABLE We recognise that it can be challenging to balance study with a busy work and personal life, so we ve designed supports to allow you the flexibility to study when it suits. Textbooks Your module bible. All of the questions asked in your exam will be based on the content in this book. Online supports The III s online learning management system is called iiiconnect and offers access to these supports: syllabus (found in learning plan) study planner webinars (including advice on exam preparation) student and tutor blogs mock exams past papers glossaries e-books Learning plans These provide revision schedules broken down week by week to help you manage your time. They also feature a breakdown of key words and how they re used to frame exam questions, as well as suggested exam timings and top tips arising from common mistakes. A comprehensive list of tips to help you prepare for exam day as well as a checklist for what you ll need on the day are also included in your learning plan. Face to face exam revision sessions Held in advance of each exam, these nationwide sessions are designed and delivered by experienced lecturers and industry practitioners, who share their expertise. They highlight: common problem areas exam techniques advice on exam preparation case studies feedback from previous exam sessions MCQ Exam feedback In an effort to assist students, a feedback report is available with results to highlight where marks were gained and lost. Feedback reports are uploaded to student s iiiconnect accounts on the day the results are released. 10

13 4.2 TALK TO US If you are unsure of what qualification to undertake, or even if you re nervous about returning to education, please don t hesitate to give us a call or drop us an . Our Member Services team are always happy to help. Their dedicated number is and their address is memberservices@iii.ie Our Client Services Manager Naomi Gaffney regularly holds information sessions during site visits to different insurance companies. Through her work Naomi meets lots of people considering qualifications and some in the middle of exams. If you d like to have a chat with her about your options, contact her on or NGaffney@iii.ie 4.3 HOW TO REGISTER Already an III member? Go to Click on the Member Area (top right corner of the webpage) and login. Click Apply/Renew Here to choose your module. Not an III member? Go to Click on the Member Area (top right corner of the webpage). Click Register Today and complete the online form. A member of III staff will contact you to discuss your requirements. If you have any questions please contact Member Services on or memberservices@iii.ie 4.4 ONLINE FAQS This booklet is designed to give a broad overview of what s involved in completing III qualifications. If you have questions about anything not covered in this booklet, please visit for more information or simply contact our Member Services team who are always happy to help. NEW ENTRANT 11

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