Earning Additional Insurance Accreditation: What Can it Do for You?
When it comes to protecting health, property and lives, consumers are undoubtedly going to give their business to an insurance professional that they can trust. And, often times, consumers equate expertise with an agent's level of education—and the statistics show it.
In fact, the American College reports that some agents with special distinctions are making up to 34 percent more than agents without these distinctions!
To help you increase your business, we at InsureMe have collected some information on different certifications amid life, health and property and casualty insurers, and the benefits of each.
Taking Your Education to the Next Level
It's important to note that each state has different requirements for continuing education (CE). In your pursuit for higher education, be sure to check with your superiors as some of your credits toward your certifications may count toward your CE credits—and vice versa.
It's also important to remember that due to the increasing number of agents selling multiple lines of insurance, many of the distinctions below are no longer directed toward one type of insurer or another!
Chartered Financial Consultant (ChFC)
The objective of the ChFC is to hone your skills in financial planning—the knowledge of which will have a direct impact on your ability to advise clients on their financial planning needs.
Your courses of study will involve topics on legal principles, insurance tax credits, gift tax, retirement planning, federal estate tax and property transfers after death.??
The Certified Financial Planner (CFP) certification is closely tied to ChFC accreditation and is usually done as a prerequisite to the ChFC. And, while the CFP is still a valuable distinction to receive, courses in both programs are closely related, causing more agents to obtain ChFC rather than the CFP accreditation.
Chartered Advisor for Senior Living (CASL)
This rapidly growing distinction among insurers is directly associated with the generation of baby boomers approaching retirement. While this distinction is most beneficial for life and health agents, it can be an asset for all insurers who'd like additional financial planning accreditation.
Topics of study for the CASL certification include long term care (LTC) insurance, health insurance planning, pension planning, government-sponsored health plans and estate planning.
Many agents feel that the CASL distinction helps to propel trust between themselves and older clients whose first concern is being taken care of in their golden years.
Registered Health Underwriter (RHU)
According to the American College, nearly 8,000 insurers now have this special distinction. Designed for health insurers, this distinction includes the study of up-to-date medical information, disability insurance, LTC, the underwriting of managed care plans, COBRA, HIPAA, as well as tips for marketing health insurance.
Registered Employee Benefits Consultant (REBC)
As the name suggests, this certification is designed for insurers who work business for employee and group benefits. The distinction asserts that you are an expert in helping businesses with their employee benefits—which will help you land those big sales.
To obtain REBC certification, you will be trained in group life, dental and LTC insurance, COBRA, HIPAA, government-sponsored programs, human resource planning, HMO's, PPO's, as well as how to market managed-care plans to your clients.
For insurers specializing in group insurance, many agents are finding that REBC distinction has its benefits.
Chartered Property Casualty Underwriter Professional (CPCU)
The CPCU designation is becoming a must-have amid property and casualty insurers and offers two tracks of study: risk management of commercial insurance and risk management of personal insurance.
While the foundation courses for each of the tracks is the same—focusing on legal issues, risk management, financial services and financial analysis—the course subjects do diverge after the initial courses are completed.
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The American Institute Chartered Property Casualty Underwriters also lists a host of other property and casualty distinctions, most of which can only be completed after earning the CPCU certification.
Boost Your Brainpower Today!
The purpose of these and other industry accreditations is simply to become a well-respected expert in your field—thereby enhancing your marketability. Your continuing commitment to providing the best possible insurance and financial services will speak volumes to new prospects and existing clients!
This information was provided by InsureMe, the leader in online insurance leads for the insurance industry. Since 1993, InsureMe has helped thousands of insurance agents succeed in the insurance business by providing top quality leads that are both detailed and affordable. For more information on InsureMe leads, please visit our agent Web site at agent.insureme.com
