Advice on Advancing to an Underwriter Position (Surety)
I recently began my journey in an underwriting admin role within the surety division and am seeking guidance on how to transition effectively into an underwriting position in the future.
With a couple of years since graduating from college with a degree that isn’t directly related, I previously spent about two years in sales before securing my current role.
I have always been interested in pursuing the CIP (Canadian Insurance Professional designation), but after researching, I’m considering the ACSB (Associateship in Canadian Surety Bonding) as it seems more specialized and potentially better suited for my career goals.
Do you think taking courses is necessary for this path?
I’m located in Alberta, Canada.
It’s great to hear that you’ve taken the first step into the underwriting admin role in the surety division! Both the ACSB and CIP programs offer valuable training, but they cater to different aspects of insurance and risk management.
Associateship in Canadian Surety Bonding (ACSB): This program is specifically tailored to the surety industry. It focuses on the unique aspects of surety bonding, including the fundamentals of underwriting, risk assessment, and risk management in this particular field. Given your goal to progress into an underwriting role in surety, the ACSB may provide you with the specialized knowledge and skills that directly apply to your current position and desired career path.
Chartered Insurance Professional (CIP): This program has a broader scope and covers various aspects of insurance beyond surety, including property, casualty, and liability insurance. While beneficial in creating a comprehensive foundation in insurance, it may not delve deeply into the specifics of surety bonding.
Recommendations:
Consider Your Career Goals: If you are primarily focused on a career in surety underwriting, the ACSB could be the more advantageous route. It may help you build a strong network within the surety field and gain knowledge that directly applies to your role.
Combining Both: If you are open to a broader insurance career in the future, taking the CIP first might still be a good option before specializing in the ACSB. Some professionals choose to pursue both certifications sequentially to enhance their knowledge and versatility.
Courses and Education: While formal education and certifications can certainly help, practical experience and industry knowledge are equally important. Continue learning through your current role and seek mentorship from experienced underwriters. Participating in workshops, webinars, and other industry events can also provide valuable insights and networking opportunities.
Networking: Join professional organizations related to surety and insurance, and connect with other professionals in the field. This can lead to insights about career progression and industry trends.
Ultimately, both paths can be valuable. Align your decision with your career aspirations, and consider how each option fits into your long-term goals in the surety industry. Good luck with your journey!