Insurance Institute of Canada launches new course on financial management

The Insurance Institute of Canada sees financial management as a critical skill unique to the insurance industry, and is offering a new course to teach it in Fall 2011.
Financial management is of primary importance as middle managers move their way up in the industry, the Institute notes in a statement.
“Middle managers could find themselves catapulted into top insurance jobs without having the knowledge to perform effectively, based on a study that indicated that 40% of the industry’s aging workforce could retire by 2017,” the Institute says, citing a demographics survey it conducted of the Canadian P&C industry in 2008.
Financial management could mean the difference between success and failure as an insurance leader, the institute says. For this reason, the institute is offering a Financial Management for Insurance Leaders course for the first time in Fall 2011.
Potential students must apply for entry into the new FCIP program to be able to take the course, and must pass an online math test upon registration.
For new students, June 30, 2011 is the application deadline for the new FCIP program.
“What’s being sold is the offer to keep insureds whole in case of calamity, and there is room to be grossly wrong because firms establish policy premiums based on future and uncertain events and generally collect money in premiums in advance of having to pay it out in claims,” says Jim Harvey, retired chief financial officer for Allstate Insurance and founder of the Basic Financial Literacy course. “One of the important financial decisions is ensuring this cash is invested wisely so that the firm can make payment when required without affecting their cash flow.”
For more information on the new FCIP Program including course descriptions, entrance requirements, syllabus, admission information and registration deadlines, visit www.insuranceinstitute.ca/newFCIP