Continuing Education Definition
General and Auto Only Broker Licensees
The objective of continuing education is to improve and increase the ability of the general insurance agent to deliver a high quality of performance, keeping abreast of current and emerging developments in the insurance industry.
Continuing education must be directly related to knowledge relevant to giving advice about general insurance products or services, including the claims process, or the operation of a general insurance business. This includes programs which are structured for the specific purpose of educating and providing skills to agents to communicate insurance matters effectively.
The focus of an agent/broker seminar should be analysis of risk and the use of insurance products or loss prevention/reduction programs to minimize/reduce the potential damages.
The focus of a management seminar should be knowledge relevant to the operation of an insurance business.
Agent/Broker Topics:
Examples of selections that might be eligible for continuing education credits follow.
- Identifying risk exposures and the alternative methods for handling risks with emphasis on address by insurance products.
- Techniques for improving written and verbal communication for customers and industry partners to determine and relay insurance strategies, implementation, and monitoring and modification
- Information gathering and needs evaluation
- Rate manual usage
- Insurance policy terms and wordings i.e. coverage
- Comparison of insurance policies
- Quotation assessment and selection of insurer
- Agent negotiation skills with consumers and insurers
- Insurer contracts including binding authority and agent legal obligations
- Contract law as it relates to insurance and insurance transactions
- Insurance policy maintenance
- Amendments to the policy
- Policy renewal process
- Conflict resolution
- Claims process - agent management
- Time and priority management
- Legislative requirements for insurance agents – Insurance Act, its Regulations, its Rules and Code of Conduct
- Legal issues for insurance agencies
- Ethics
- Professional liability issues and programs
- Professional conduct
- Privacy legislation
- Current legal decisions
- Evolving issues
ICM recognizes that sales are a large part of an agent’s everyday activities and therefore sales knowledge and skills are a requirement for agents. While ICM encourages agents to engage in programs or courses as part of their insurance education, it has determined that the focus of continuing education credits will exclude activities such as programs and meetings primarily based on sales production, promotion and motivation.
While the health and welfare of agency employees is of concern in the workplace, it is not the subject for ICM continuing education credits.
Guidelines follow to assist licensees in clarifying whether material meets the definition where the activities include sales production, promotion or motivation.
The focus of the seminar will not be of the following nature:
- Selling skills
- How to maintain a client list
- Setting and meeting sales targets
- Prospecting including cold calls
- Recruiting clients
- Closing sales
- Motivational techniques and speeches
- Maintaining a positive self-image
- Personal needs fulfilment
- Personal goal setting for the organization
- Personal achievement and balanced living
- Personal betterment
- Stress management
Partial credits may be applicable to seminars that include the above noted subjects, provided that there is substantial content which relates directly to the topics included in Agent/Broker Topics.
Management Topics:
Examples of selections that might be eligible for continuing education credits follow. Remember that these must relate specifically to the insurance business and not general knowledge. For example, an accounting program that relates to reading agency financial statements would be acceptable whereby introduction to general accounting would not meet the requirement.
Legal/Licensing/E&O/Ethics
- Contract law as it relates to insurance and insurance transactions
- Legislative requirements for insurance agents – Insurance Act, its Regulations, its Rules and Code of Conduct
- Legal issues for insurance agencies
- Ethics
- Professional liability issues and programs
- Professional conduct
- Privacy legislation
- Current legal decisions
- Insurer selection and contracts
- Operating structures, affiliations and sub-brokers
Planning Management/Continuity
- Business environment, management or organization
- Strategic planning
- Operations management
- Perpetuation & succession planning
- Purchase and sale of agency
- Policies and procedures
Human Resources
- Employment legislation
- Recruiting, selection, hiring, training, orientation, evaluation, and terminations
- Professional development management
- Employee supervision
Technology
- Broker
- Broker Management Systems Selection and Operation
- Insurance policy processing - quote to cancellation
- Current technology issues i.e. telematics
Accounting and Finance
- Insurance Accounting i.e. required to operate an agency or as in bonding or business interruption application
- Financial management
Marketing/Growth
- Developing a customer service program for your agency
- Principles and management of the claims process
- Communication skills e.g. difficult customers, overcoming objections
- Selection of Insurers and relation expectations