Stay ahead in the RMI landscape with expert insights, practical tips, and innovative solutions designed to help you elevate your career and drive organizational success.
Diane Hanlon
In an era of increasingly complex cyber-threats, organizations must be prepared for a wide range of attacks, from ransomware to cryptojacking to targeted data breaches. These risks pose a unique...
READ MORE
The Institutes Launches a New Cyber Risk Management Designation
By Skills Edge TeamIn recent months, numerous surveys of business leaders have reported that one of their top concerns, if not their top concern, is the issue of cyber security. In many cases, small businesses that suffer a cyber event fail to recover from it. Even for larger businesses, the fallout from a cyber hacking or phishing event can be punishing financially.
Risk & Insurance, which is affiliated with The Institutes, recently spoke with Adam Carmichael, CPCU, the President of The Institutes Knowledge Group, about a new Institutes Designation. You can read the original interview on the Risk & Insurance website now. The Associate in Cyber Risk Management™ (ACRM™) is intended to bolster the knowledge and effectiveness of risk managers and risk-transfer professionals in this very important area of the insurance sector.
You can also try out a free sample course (about 30 minutes of content) to learn a little more about cyber risk and the scope of the program. What follows is a transcript of Risk & Insurance’s discussion with Mr. Carmichael, edited for length and clarity.
Risk & Insurance: In terms of your new cyber designation, which segments of the risk management and insurance profession is this course built for?
Adam Carmichael: I think a lot of times when people hear cyber, they immediately jump to IT. But really, cyber risk is an enterprise risk.
This new designation is focused on professionals such as the risk manager, the underwriter, the broker; various roles that have to manage cyber risk, to better equip them with a framework of how to do so.
R&I: How long did it take to pull the structure and the resources together to create this new designation?
AC: We worked on the program for several months. We talked to various practicing subject matter experts in the field to gather what are the most important things, what are best practices, to make sure we’re putting all of that in the courses, and in the program.
R&I: If I was going to take this course and get this designation, how much time should I set aside to do so?
AC: The designation has 3 main courses. It also has a short ethics course that goes with all of our designations. But with the 3 main courses, for most people, you could complete the entire program within 6 to 9 months if you’re doing a few hours of study each week.
R&I: As we know, cyber risk is a complex topic. As your team was putting together the materials, what were you trying to address in terms of knowledge gaps that you thought you could help professionals with?
AC: It is a complex topic. I think from that perspective, first, what we want to do is help people develop a plan or a strategy, a holistic approach on how to manage cyber threats.
That’s everything from identifying cyber-related risk exposure to understanding downstream impacts such as potential revenue loss, that could stem from a cyber event. Of course, the best course is to prevent these events.
We want to predict and prevent wherever possible and at least mitigate any losses. But we also want those that take the course to know what options are available for cyber coverage. It is an area that’s still evolving, but there are some key aspects to be able to understand what is and what is not covered, and to be able to plan accordingly.
R&I: That’s going to be an ongoing learning curve, isn’t it, in terms of what’s happening with coverage, exclusions and insurance capacity?
AC: No doubt. In some cases, the coverage is an endorsement of a certain policy. In other cases, it’s a cyber-specific policy. So we really do encounter a lot of variety there.
R&I: I assume you got a good deal of feedback or communications from risk professionals saying, “Hey. We could really use some help here.”
AC: We certainly heard directly. We also have an advisory board that we communicate with on the nuances of cyber risk and cyber coverage. Then added to that, we do look at independent research as well, to see what is top of mind for companies, and where the needs are.
Just to list a few statistics: A recent Munich Re survey showed that 87% of C-Suite-level executives said their company is not adequately protected against cyber risks or cyber-attacks. That’s a big number.
When we started talking about having a strategy and a holistic plan for how to manage that risk, it was the scope of that business leader concern that we were trying to address.
Similarly, the International Insurance Society, which is affiliated with The Institutes, conducts a Global Priority Survey in which 62% of executives polled said cybersecurity was their top priority. So again, very top of mind for business leaders. And this wasn’t just for large companies, either.
Cyber risk, as you know, applies to companies as well as individual risks, which we do address in the program as well. It’s startling, but 60% of small businesses close within 6 months of a cyber attack. Yet, despite these risks, about two thirds of small businesses lack any cyber insurance coverage.
R&I: When you think about this, is there anything about the topic, Adam, that I didn’t ask you about that you’re particularly passionate about that you wanted to get across to the readers?
AC: What I’m passionate about is that cyber risk is one of the largest threats that organizations of all sizes face. It’s not hard to not see it in the news or be impacted personally. Data breaches happen; that’s the interconnected world that we live in. It’s a data-driven world and cyber risk is very real. Our hope is that this designation is going to really help learners; help both them and their customers better manage cyber risk.
How a Cyber Risk Management Framework Strengthens RMI Operations, From Underwriting to Advisory
By Diane HanlonIn an era of increasingly complex cyber-threats, organizations must be prepared for a wide range of attacks, from ransomware to cryptojacking to targeted data breaches. These risks pose a unique challenge to risk management and insurance companies, where protecting sensitive business and client information is a top priority. That’s why employee preparedness is so important. It’s a key defense not only for an organization, but also for RMI professionals who advise clients on how to manage risks.
Are your employees equipped to guide your organization and clients through the nuances of cyber risk? It’s predicted that the annual global cost of cybercrime will reach $15.63 trillion by 2029, an increase from $8.15 trillion in 2023. So the question isn’t if an organization will face cyber threats, but when. By developing a comprehensive cyber risk management framework, your team can safeguard your organization and become a trusted resource for clients.
To build confidence in handling cyber threats, it’s essential to have a cyber risk management framework in place that guides response efforts and continues to be relevant even as risks change and evolve over time. A cyber risk management framework is a structured approach to identifying, assessing, managing, and mitigating cyber risks. It provides a lasting roadmap to help companies address vulnerabilities, implement proactive safeguards, and effectively respond to incidents.
For RMI professionals, this framework can be a highly valuable tool for advising clients on effectively navigating cyber risk. These threats have grown beyond technical issues to affect the entire organization. From financial losses, to operational disruptions, to reputational damage, the consequences of a cyber-attack can be devastating to the entire organization. That’s why managing cyber risk, risk assessment, and continuous upskilling is crucial for every employee.
Despite the rise of AI and predictive modeling, your employees are the first line of defense against cyber risks. They are the guardians of your organization's data and the trusted advisors to your clients. And the best way to strengthen these crucial defenses is to incorporate robust cyber risk management training into your learning and development programs. This includes ensuring employees are familiar with your cyber risk management framework, can apply it to real-world situations, and can make practical adjustments when needed.
Consider having employees earn their Associate in Cyber Risk Management™ (ACRM™) from The Institutes Designations. This new designation is the first of its kind and is designed to help build lasting cyber resilience. Plus, investing in this specialized upskilling will not only help employees predict and prevent losses, but also grow your organization’s reputation as a leader in cyber security.
When building an effective cyber risk management framework, it’s important to account for the entire insurance value chain and continuously monitor the evolving risk landscape. Make sure your plan covers these five elements:
Risk Identification
Employees need the skills to identify vulnerabilities, both internally and for clients. By spotting risks early, they can help prevent potential issues and keep systems secure.
Integrating Cyber Exposures
Cybersecurity risks should be treated as an integrated part of any risk management strategy. Employees trained in cyber exposures can help clients see where cyber threats fit into the bigger picture.
Filling Coverage Gaps
Traditional insurance policies may fall short of fully covering cyber risks. Employees should be trained to identify these gaps, advise clients on potential vulnerabilities, and recommend better coverage options.
Incident Response
Responding quickly to a cyber-attack can make all the difference. Employees should know how to efficiently guide clients through incident response processes, minimizing damage from breaches.
Regulatory Compliance
Cyber regulations are constantly changing. Employees need to stay up to date on these rules to help clients remain compliant and avoid legal risks while securely managing threats.
Equipping your team with a strong cyber risk management framework is essential to managing cybersecurity risks. Empower your employees to invest in specialized training and upskilling with The Institutes Designations’ new Associate in Cyber Risk Management™ (ACRM™). This designation will help provide them with an adaptable framework to stay ahead of emerging cyber-attacks and better manage risks.
Enable your team to become skilled in cyber resilience strategies with the Associate in Cyber Risk Management™ (ACRM™) designation today!
Managing Cyber Risk: The In-Demand Skillset You Need to Stay Ahead of the Curve
By Adam Carmichael, CPCUAs cyber-attacks grow in frequency and sophistication, managing cyber risk has never been more critical for organizations of all sizes. From ransomware to large-scale data breaches, everyone is vulnerable—especially risk management and insurance (RMI) professionals who handle sensitive business and client data.
That’s why it’s key to stay ahead in managing cyber risk. Those who are proficient in cyber resilience can protect their organizations and clients from emerging threats while standing out as valuable assets to employers.
Cyber risks are continuously evolving, with new threats emerging every day. In fact, the average cost of a data breach has reached $4.45 million—an all-time high and a 15% increase over the last three years. What was once the concern of IT departments alone has become a top priority for entire organizations. High-profile data breaches, ransomware attacks, and cyber espionage are just a few examples of the increasingly complex security risks facing businesses today.
RMI professionals must stay informed about these emerging threats to make accurate risk assessments and protect sensitive data. The first step? Learn what you’re looking for.
Courses like ACRM 401: Effectively Managing Cyber Risk from The Institutes Designations’ Associate in Cyber Risk Management™ (ACRM™) provide a deep dive into evolving cyber threats and how to assess vulnerabilities to mitigate their potential impact. Remember: risk mitigation is not just about reacting to attacks; it’s about preventing potential threats before they occur.
Non-IT professionals are increasingly responsible for understanding and mitigating cyber risks. This is in part because these threats have grown beyond technical issues to affect the entire organization. From financial losses, to operational disruptions, to reputational damage, the consequences of a cyber-attack can be devastating. Despite the risks, 87% of C-Level executives believe their companies lack adequate protection.
RMI professionals have always played a crucial role in evaluating insurance coverage, identifying organizational vulnerabilities, and implementing risk mitigation strategies. So it’s no surprise that as cyber threats become more prevalent, their responsibilities expand to help build a cybersecurity risk management process as well.
Their knowledge of organizational structures, operational risks, and financial exposures makes them key players in developing a comprehensive cyber risk management strategy. For example, underwriters may need to understand cyber insurance policies and coverage gaps. Risk managers must collaborate with IT and other departments to build an organization-wide defense plan against potential risks.
Developing the risk management framework and skills needed for assessing and managing cyber risk is essential for those who want to future-proof their careers. Employers are increasingly seeking out those who cannot only identify cyber vulnerabilities, but also work collaboratively to develop robust data security defenses. Here are four key skills you need to build cyber resilience:
The first step in managing risk is identifying where an organization is most vulnerable. This can involve data storage, outdated securities measures, and even human errors.
Having an in-depth knowledge of different types of coverage and knowing how to fill coverage gaps is crucial for comprehensive risk management.
Staying current on cyber regulations is no longer just a best practice; it’s a necessity. New regulations around data privacy, like the European Union's GDPR and California's CCPA, directly impact how organizations manage cyber risks.
Cyber risk management, once seen as an information technology (IT) issue, is no longer siloed to a single security team. Rather, it is an enterprise risk that requires collaboration across departments to create comprehensive and effective strategies.
In today’s rapidly changing threat landscape, mastering cyber risk management is quickly becoming an essential skillset for every RMI professional. By developing the skills to manage cyber risk, you can protect your organization and your clients from catastrophic events while positioning yourself as an indispensable asset.
The Institutes Designations’ new Associate in Cyber Risk Management™ (ACRM™) is designed to help you build lasting cyber resilience. It will equip you with an adaptable framework to stay ahead of emerging cyber threats and broaden your cyber risk management perspective beyond IT.
Take the next step in your career and become a leader in assessing, mitigating, and managing cyber risk by earning your Associate in Cyber Risk Management™ (ACRM™) today!
Why Become a CPCU? Interview With Kelsey Connors, CPCU
By Skills Edge TeamYou may have been asking yourself, is CPCU worth it? We definitely think it is, but don’t just take our word for it! Over 90,000 RMI professionals have invested in themselves to become CPCUs, and today we’ll hear from one of them about how earning her CPCU has impacted her career.
We sat down with Kelsey Connors, a Policy & Performance Underwriter at USAA, to talk about the benefits earning her CPCU has had on her professional development. Kelsey shares how she’s been able to improve her communication about complex topics, expand her professional network, and grow her career. Read on!
Answer: I wanted to get into the underwriting path, and I knew I would ultimately need my CPCU, as it’s required for most of those roles. Plus, I wanted to learn more about the industry in general. CPCU gives you a lot of broad knowledge, whether it's in personal lines, commercial lines, different types of contracts, or even life insurance and health insurance. It really gives you a well-rounded education that you can only get at The Institutes.
A: In my previous role, I often communicated with company members directly on our chat channel. A lot of the discussions would be about servicing. For example, rates are a common discussion, especially in today's climate with the rate increases going on. After earning my CPCU, I was able to better explain that process and what goes into reviewing and analyzing rates. You learn a lot more behind the rate making process, what different carriers have to analyze, and the different types of ratios that the company is looking at. Just knowing that information helped me communicate better with members at my company.
CPCU also helped me easily segue into my current underwriting role. Because this is a completely new department, a lot of what I’m doing is different than what I'm used to. However, I’ve already had some of that background in the CPCU courses, whether it’s learning about how actuaries are calculating, what they're looking for in risk reviews, etc. My designation has helped me a lot, but the main benefit is helping educate others about it, too.
A: I've really tried to get involved at my company and become a voice for CPCU. I've encouraged my peers to look into the designation while answering questions about it because I think it's one of the most valuable tools you can get working in insurance. For me, CPCU has been even more valuable than my degree. It helped set me up for future roles and my current role that I really wasn't able to get prior.
CPCU helped my career path a lot and I want to help express that to others. For example, we have professional designation talk rooms where we chat with different people about what they're studying, and my goal is to help continue to educate about CPCU. Plus, I’m on the membership committee for The Institutes CPCU Society, which has helped me learn things I never knew before, like that students can join through the Pathways membership. In general, I think there's a lot of opportunity to get more people involved.
A: It feels exciting because it's a very prestigious credential in the industry. Looking at insurance professionals as a whole, less than 10% have their CPCU designation. I feel more accomplished; I took it upon myself to go through the process, and I've done something that most might not have pursued.
Plus, I’ve been able to make a lot of new connections. I went to In2Risk in November in San Francisco where I met a lot of great people, either from my company or at other carriers. Being able to network with different people and attend local chapter events made me feel more included in the insurance community. All of that is what I've enjoyed the most from earning my CPCU.
A: I'm a CPCU because I want to know the most about insurance and be a part of a great community. I highly encourage anyone out there to obtain their CPCU. It really is worth the time that you put into it, and you gain so much more than you think you will at the end of the process.
So, is CPCU worth it? It was for Kelsey and thousands of others who’ve used their designation to leverage new networking opportunities and career advancement. The Institutes Designations' CPCU® is the leadership standard in risk management and insurance for a reason, and those who embark on their CPCU journey will gain practical leadership expertise, credibility, and valuable skills they’ll use for the rest of their RMI career.
Hear more from Kelsey in this video, and get started on your CPCU journey today!
Demystifying Data Science in Insurance: Speak the Language of Data
By Eric CzerwinImagine making informed decisions, predicting risks accurately, and tackling strategic business challenges—all through the incredible power of data. The evolution of data science in insurance is redefining business practices, making it essential for RMI professionals to continuously upskill to stay competitive.
Keep in mind, data science doesn’t have to be intimidating! With a basic understanding, you can learn to speak the language of data, collaborate confidently across your organization, and fully leverage data-driven insights.
Data science processes vast amounts of data to extract valuable insights that can be leveraged across the business.
Because the fields of risk management and insurance rely on data for informed decision-making, professionals across the business value chain must have a solid understanding of data science principles. They also need a mindset to prioritize data and analytics throughout day-to-day operations. Whether your role is in risk management, claims, underwriting, marketing, or any other function, it’s important that you’re comfortable working with data.
Embracing this mindset not only helps you stay resilient and competitive in a rapidly changing environment, but also empowers you to speak the language of data effectively.
In today's data-driven world, data literacy isn't just a technical skill—it's a vital component of professional growth and organizational success. And spending time developing that skill may benefit you in more ways than you realize.
1. Better Collaboration
Understanding basic data science in insurance concepts allows you to have more effective communication and collaboration across teams. Whether you're working with underwriters, actuaries, or data scientists, being able to have efficient conversations using the correct terminology helps ensure everyone is aligned.
2. Improved Decision-Making
Data literacy enables you to make evidence-based decisions. By knowing how to access and analyze relevant data, you can better identify trends, uncover insights, and predict future outcomes with greater accuracy.
3. Increased Efficiency
Proficiency in data analysis allows you to automate routine tasks and optimize workflows. For example, using data algorithms to automate claims processing can speed up the resolution time and improve customer satisfaction.
4. Enhanced Competitive Edge
Both individuals and organizations gain a significant advantage by leveraging data insights. For individuals, data literacy enhances career prospects and professional growth. For organizations, it means being able to offer better products, services, and customer experiences.
5. Strengthened Risk Mitigation
Data analysis provides a clearer understanding of risks and potential vulnerabilities. By identifying patterns and predicting possible issues, you can help minimize losses, boost profitability, and ensure a more stable and secure operational environment.
While data analytics may seem daunting at first, it's more accessible than you might think! Courses such as AIDA 402: Developing and Implementing Data-Driven Strategies can help you feel confident with the fundamentals of data science including:
Collecting high-quality data is a key first step to making better decisions. Insurers gather and analyze data to better understand customer profiles and risk landscapes. Good data collection practices streamline operations and uncover new opportunities for innovation.
Managing data well ensures its reliability and trustworthiness. For example, categorizing telematics data by factors like speed and braking patterns helps insurers spot behaviors that might affect claims. This structured approach enhances data accuracy and makes it easier to extract actionable insights.
Efficient data communication bridges the gap between data science and traditional insurance roles. By bringing together data scientists, actuaries, underwriters, claims specialists, and more, insurers can make insightful decisions and respond faster to market trends.
Understanding these concepts and more will allow you to build a culture of data literacy at your organization, ethically manage data, and establish yourself as a trusted RMI leader.
Adopting a data-driven culture is a team effort. Everyone across the organization has a responsibility to better understand and communicate about data. After all, big data and technology are central to the future of the risk management and insurance business.
That’s where a commitment to your learning and professional development comes in. The Institutes Designations’ all-new Associate in Insurance Data Analytics® (AIDA™) is designed to help you understand data science principles so you can speak the language of data, future-proof your skillset, and grow your career.
How to Foster a Data Collaboration Mindset in Risk Management and Insurance Organizations
By Angela Pilotti, CPCU, AReCutting-edge organizations are harnessing the power of big data in ways that are transforming the RMI landscape across all fronts. Traditional functions like claims, underwriting, and customer service are already undergoing big changes, and the most forward-thinking organizations are applying data science principles to improve efficiency in everything from onboarding to employee meetings.
While these changes offer immense potential, they also introduce operational and cultural challenges. Breaking down silos, shifting habits, and securing buy-in are critical to building a data-savvy culture. This work begins by bridging the gap between data science and other functions and upskilling employees across your organization to speak the language of data.
Successful data collaboration thrives on diverse perspectives and skill sets. When your organization is looking to improve how data is shared and leveraged, it can be a helpful first step to assemble a data transformation team. This team should include cross-functional members such as:
Involving data analytics experts is crucial, as they manage data from various sources and provide it to other areas of the organization. You may need to include data architects, data wranglers, statisticians, business analysts, and data visualization specialists. Ensure your data reps cover areas like business intelligence, analysis, and modeling, as well as efficient data storage and potential privacy issues.
Including actuaries on your data transformation team is essential, as they help redefine how your organization analyzes and addresses risk. Leveraging their knowledge of insurance data, actuaries work with data scientists to update models and assessment tools.
Involve team members from various departments to offer input on where data has the most potential to increase efficiency and service. Claims, underwriting, customer service, and marketing teams should all contribute, and it’s important they have a fundamental understanding of data analytics so they can ask the right questions and elicit insights from the data science team.
IT resources are vital for developing, implementing, and maintaining the new systems and processes you have in place to make data collaboration more efficient.
Data-driven changes require significant operational changes. Including someone with business operations expertise helps ensure smooth transitions and minimizes business interruptions.
Once your internal team begins connecting data from various sources and vetting insights, you may consider sharing with the appropriate external teams such as agents and brokers.
Cross-departmental teams excel when collaboration efforts are prioritized. To help ensure this, set a clear hierarchy and expectations from the outset. Some team members should focus on asking the right questions and identifying the right problems, while others develop solutions.
It’s critical that non-data scientists have a basic understanding of data analytics so they can ask the right questions and collaborate efficiently with data experts in real time. Success is more likely when everyone across the organization sees data scientists as partners.
Building support for new processes and procedures surrounding data collaboration is essential.
Data scientists and other team members should meet with frontline employees to understand problems, trends, and areas where data analytics and predictive modeling can make a difference. Engaging with frontline employees and demonstrating how big data can help them do their jobs will significantly improve buy-in for new data-driven initiatives.
Effective communication between data and frontline employees is just the beginning. Data pervades every aspect of business operations, so organizations and individuals who challenge traditional processes and learn to effectively leverage data will gain a huge competitive advantage.
Data literacy is increasingly important for all employees, with research showing it’s set to be the most in-demand skill by 2030. This starts with building a foundation of knowledge around insurance data science, data management, and data sharing. Building a data-driven mindset involves:
The Institutes Designations’ new Associate in Insurance Data Analytics® (AIDA™) enables your employees to speak the language of data. AIDA gives employees the skills and confidence to use data effectively, streamline data conversations across the organization, and foster innovative decision-making in today's competitive landscape.
Why Stepping Into Insurance Leadership is the Right Move
By Adam Carmichael, CPCUBeing a leader within your organization is a challenging yet rewarding responsibility that can transform your career. Leaders have more influence to shape the culture of their organization and guide decisions that impact clients and society. However, many employees today—both in and outside of the risk management and insurance field—are hesitant to make the move into a leadership role.
You may have even found yourself questioning if the benefits of leadership outweigh the potential increased pressure and workload.
Becoming a leader is an important step in your career that you should feel empowered and excited to make when the time is right. Read on to explore the top benefits of being in a leadership role, what part continuous learning and development plays in your career journey, and why taking the leap into risk management and insurance leadership is ultimately worthwhile.
RMI professionals are some of the most dedicated employees you can find—they understand the importance of their jobs and the impact their decisions have on their clients and society as a whole. It’s no surprise that many are hesitant about jumping into a leadership role without the right consideration and preparation. The increased workload and added responsibilities might seem overwhelming, and they may even be worried about a shift in work-life balance.
But here's the thing: these challenges also bring incredible opportunities to grow as a professional and make a real impact along the way. Plus, the need for new leaders in the RMI field has never been higher.
According to the U.S. Bureau of Labor, half of the current insurance workforce will retire in the next 15 years, leaving over 400,000 positions to fill. This creates a unique chance to step into a leadership role while being guided by experienced mentors and supported with educational opportunities. 
While being an insurance leader comes with unique challenges, it offers even more rewarding benefits.
Leadership comes with more opportunities to develop key skills like strategic decision making, critical thinking, and cross-organizational collaboration. These people-centric capabilities are some of the most valuable insurance skills in 2024 and will not only open many doors to those who master them, but also lead to growth as an individual outside of the workplace.
An organization’s leaders drive the major decisions and policies that directly affect the rest of the workforce. Internally, good leaders can help influence a positive work culture for all employees. Externally, they can participate in regulatory discussions, join professional associations like The Institutes CPCU Society, and begin to impact the risk management and insurance field at large.
Leadership positions typically come with a clear path for career advancement and salary increases. The more an emerging leader invests in their professional education and development, the more opportunities they’ll have for continued growth later in their career.
The average worker spends at least 40 hours a week at their job, so why not spend that time doing something fulfilling? The ability to make impactful decisions, guide a team toward success, see the real results of your efforts, and eventually mentor someone to follow in your footsteps can be incredibly rewarding.
Becoming a leader unlocks a whole new network of other key stakeholders and insurance experts. Cultivating these connections can lead to new friendships, more opportunities to share ideas, and early insights into the state of the risk management and insurance field.
Those who adopt a growth mindset realize the path to leadership is a journey, not a destination. To be truly successful in their roles, RMI professionals need to stay up to date on emerging trends and commit to the growth of their technical and leadership skills.
One of the most impactful ways to advance your RMI knowledge and skills is by earning The Institutes Designations' CPCU®, the leadership standard in risk management and insurance. CPCU is more than just a designation—it's a commitment to excellence and a signal to your colleagues, clients, and employer that you’re prepared to lead the future.
In addition, the importance of on-the-job mentorship and apprenticeship opportunities can’t be overstated. Having real-world exposure to the nuances of underwriting, claims processing, risk assessment, customer service, and compliance will be invaluable when leading those teams and innovating new solutions.
While the idea of moving into a leadership position may seem daunting to some, the personal and professional benefits are well worth it. Insurance is a stable, supportive career to become established in, and the community is full of thought leaders who are ready to welcome more into the fold!
To start your risk management and insurance leadership education journey today, learn how you can lead the future with The Institutes Designations' CPCU®.
The Most In-Demand Risk Management and Insurance Skills in 2024
By Diane HanlonThe RMI field is evolving at a rapid pace, which is only accelerated by the rise of AI and machine learning. This means that professionals across all sectors should be continuously honing their skills and keeping up with the latest trends. Whether they want to stay competitive among their peers, provide better customer service, or anything in between, investing in the right risk management and insurance skills can help any professional advance in their field.
Read on to discover more about these top skill areas!
Each year, risk management and insurance professionals from around the world engage with leading education resources from The Institutes Knowledge Group. In the past year alone, our community of learners completed nearly 100,000 courses and earned over 11,000 designations.
We compiled that data into our 2024 Skills Report, which identifies the top designations earned, courses completed, and skills utilized in the past year. The report groups those skills into broader categories to identify trends and patterns and give insights into the state of RMI skills development. Below, we dive into a few of the top skill areas. Be sure to check out the report for the full findings.
Risk assessment is all about identifying, analyzing, and evaluating risk. By determining the likelihood of potential risks, risk factors, and the overarching impact they could have, RMI professionals provide stakeholders with crucial knowledge they rely on to create a plan of action. If the risk assessment is flawed or incomplete, there can be serious consequences for both the insurer and the insured.
Risk analysis, risk management, and risk assessment are all key aspects of this skill area and need to be continuously nurtured. To protect assets and data in an increasingly digital world, skills such as cyber risk management are especially important to stay current on.
We offer a range of formats to sharpen risk assessment skills, including courses from the following Institutes Designations:
And this collection of leading topic courses is a great way to learn new skills within the flow of work, with average course times that range from 1-3 hours.
Due to the wide range of personal information insurance companies need to collect and maintain—from policy records, to claims details, to credit references—they’re a prime target for cybercriminals. Plus, all that information needs to be processed and analyzed for experts to accurately assess and price risk. So employees not only need to be well-versed in compliance, but also in skills like data analysis and financial statements.
In fact, data science is quickly revolutionizing the RMI field. This is helping insurers move from a “detect and repair” model to a “predict and prevent” one, as individuals and organizations move to more innovative risk management practices. With the ability to access more data than ever from a multitude of sources, insurance companies need to be able to efficiently extract the most valuable insights and apply the proper products, services, and actions to every situation.
Looking for the best way to upskill in data and compliance? We recommend these designations and courses:
For those new to risk management and insurance, the wide range of terminology, laws, and processes can be overwhelming. So it’s no surprise that these green employees are eager to close the gaps in their knowledge and learn as much as they can at the beginning of their RMI career. This may range from the role of insurance in society, to regulations, to insurance and risk management fundamentals.
Organizations can leverage this interest by providing recommended learning pathways that give employees a view of their full education journey. This not only helps increase engagement, but also sets employees up for success and guides them through deeper levels of knowledge acquisition. A few popular designations and courses to grow fundamental insurance skills include:
Strategic leadership is one of the most valuable skills in 2024, but according to the U.S. Bureau of Labor, an estimated half of the current insurance workforce will retire in the next 15 years. There’s a critical need to fill the talent pipeline and start fostering future leaders now. Otherwise, people-centric skills like critical thinking, collaboration, and strategic decision-making may be lost, along with valuable institutional knowledge.
Organizations that want to attract and retain top talent, while protecting their bottom line, should encourage their employees to develop strategic leadership skills. As the leadership standard in risk management and insurance, The Institutes Designations' CPCU® provides employees with practical leadership expertise, credibility, and holistic risk management and insurance skills. There’s no better way to support the talent who will lead the future!
Explore CPCU and everything you need to get started today.
In this rapidly evolving landscape, the benefits of continuous learning and skill development for RMI professionals can’t be overstated. Organizations are looking for employees with knowledge in key skill areas like risk assessment, data & compliance, and strategic leadership, and those who are new to the RMI field can make a big impression by mastering insurance fundamentals early on. And those are just a few of the top skill areas—our full 2024 Skills Report has even more to explore.
Remember: Whether you or your team are looking to enhance existing expertise or gain new skills, The Institutes Knowledge Group is here to help, now and into the future! To connect and learn more, contact Sales@TheInstitutes.org.
Innovative Risk Management: Shifting To A Predict & Prevent Approach
By Skills Edge TeamIn today's rapidly evolving insurance landscape, staying ahead of the curve is not just a strategy but a necessity. Embracing innovation has become essential for navigating uncertainty. But what defines innovative risk management, and how is technology driving the shift toward a predict and prevent approach?
Innovative risk management extends beyond reactive measures to address potential threats; it involves anticipating them proactively and leveraging technology that enables prediction and prevention. This strategy moves beyond conventional risk mitigation approaches by identifying and addressing risks before they escalate into crises.
To adopt an innovative approach to managing risk, individuals and organizations must lean into experimentation and continuous learning. It’s also important to stay current on advancements in the risk management and insurance field and invest in the right solutions to anticipate and respond to risks proactively.
The shift to a predict and prevent approach is at the center of innovative risk management and will help revolutionize the way society approaches risk. It’s a model that makes sense for all parties involved:
The traditional detect and repair model is being challenged by one that uses technology to predict and prevent losses from ever happening in the first place.
Organizations are now equipped with cutting-edge analytics and predictive algorithms, giving them the power to foresee and prevent potential threats before they become serious issues. This proactive stance isn’t just about minimizing risks; it’s about protecting safety, assets, and reputation.
A major advantage of these technological advancements is the efficient gathering and analysis of large amounts of data. Through real-time data processing and predictive modeling, predicting emerging threats and anticipating risks will become more efficient.
There are many new approaches for leveraging technology to predict and prevent losses. For example, Whisker Labs has developed an innovative device being deployed to millions of U.S. homes that's proven to prevent 80 percent of home electrical fires. And Betterview deploys a property intelligence platform that can score various property risks.
Peter Miller, CPCU, President and CEO of The Institutes, deep dives on both of these innovative risk management technologies on episode 2 of the Predict & Prevent™ Podcast. Through conversations with insurance experts, the podcast sheds light on how technology and resilience techniques are being used to prevent losses before they occur.
For those interested in staying current on advances in technology, successful initiatives, and emerging trends in risk management, be sure to subscribe to Predict & Prevent wherever you get your podcasts.
Keeping ahead of risks is key to staying resilient in uncertain times. By embracing technology and continuously upskilling employees, organizations can proactively predict and prevent risks, boosting their resilience and ensuring success into the future. This not only minimizes potential disruptions but also fosters a culture of innovation and adaptability, leading to sustained growth and competitive advantage.
To navigate today's risks effectively, it's vital for individuals and businesses to fully embrace these innovative strategies. Investing in technology-driven methods and proactive risk management not only safeguards assets and reputation but also fosters a safe and resilient culture.
Professionals looking to gain strategic risk management skills and remain competitive in the evolving shift from detect and repair to predict and prevent should explore The Institutes Designations' Associate in Risk Management (ARM™). ARM equips individuals with the knowledge and expertise to navigate today's complex risk landscape effectively through a holistic and strategic understanding of risk assessment and treatment. You can even try ARM and see if it's right for you with this free sample course!
The Power of Recognition for Employee Engagement and Performance
By Diane HanlonEmployee recognition is essential for cultivating a positive work environment and a thriving company culture. By regularly acknowledging and rewarding employees for their contributions, your organization can boost employee engagement, performance, and retention.
Recognition can take many forms, from public shoutouts on social media, to financial incentives for hitting professional development milestones, to quarterly awards for high performers. The key is finding what best fits your organization and makes your employees feel valued.
Read on to discover why you should leverage the power of recognition and actionable tips to get you started!
Investing in a culture of recognition is vital for making your employees feel engaged with your organization and its mission. Gallup research shows that 70% of workers today are disengaged, and this number is even higher for employees under 35. And with a potential leadership gap looming in the risk management and insurance (RMI) field, it’s more important than ever to engage your emerging talent.
A recognized employee, on the other hand, is five times as likely to be connected to company culture and four times as likely to be engaged. This engagement leads to enhanced job satisfaction, a greater sense of belonging and loyalty, and an increased motivation to contribute to team goals.
If you’re looking for inspiration to enhance employee recognition efforts in both the short and long term, try implementing these tried-and-true methods.
Provide clear goals for your employees to work towards, and then celebrate them when they achieve important milestones. For example, if you have structured learning pathways, your employees will understand how to progress in their professional development and which credentials are most valued for their career path.
This structured approach also brings equity to career advancement and shows your employees that commitment to development and performance will be recognized and rewarded.
Explore our guide for sample learning pathways covering the entire RMI employee lifecycle: from onboarding, to technical development, to strong leadership.
You should make a commitment to celebrate wins both big and small. When an employee in your organization completes one of The Institutes Designations, for example, do they earn a bonus? Is the credential worked into promotional criteria?
Financial and promotional incentives are powerful motivators, but you can celebrate hard work in other ways too. Try highlighting accomplishments in a company newsletter, all-hands meeting, or social channel. You can use this recognition graphic template to quickly create images that can be shared to enhance your employee recognition program.
And for everyday wins, encourage managers to show appreciation on a more personal level. A quick email or message acknowledging a job well done can make a big difference.
When you develop a culture of recognition, your employees will begin to cheer each other on as well. Encourage team members to share their learning achievements with their managers, peers, and social networks.
You can use this communication template to inspire employees to proudly share their accomplishments. And when they do, be sure to interact with their posts from your organization’s accounts to fuel excitement and motivation!
Recognition is most powerful when it’s delivered close to the achievement. Set reminders or a consistent schedule to recognize and celebrate employees within your organization who achieve a major goal or milestone, like earning a designation.
Remember that if you’re a corporate client of The Institutes Knowledge Group, you have access to detailed reports on exam statistics and designation completers, among others. Explore our Key Person Resources Manual for step-by-step instructions on viewing and exporting reports, reviewing student scores, and more! Then, use this information to recognize your high achievers.
The power of recognition influences every aspect of your organization, from motivating employees to boosting profitability. Start putting these recommendations into action and get more tips and tools by subscribing to our Key People Resources today.
To learn more, contact Sales@TheInstitutes.org.
How to Study for Professional Exams While Balancing Work and Life
By Angela Pilotti, CPCU, AReEarning one of The Institutes Designations is a great way to enhance your professional skills and your career. It’s a signal to your employer, peers, and clients that you’re committed to gaining and maintaining expertise in the fields of risk management and insurance.
When you start your journey towards a designation, it’s important that you’re aware of all the study resources available to you so you can take advantage of them. In fact, our research shows that students who complete their course content and use the exam prep resources score, on average, two to five points higher on exams.
Here are three tips to help you prepare for your exam while balancing your professional and personal commitments.
Course materials from The Institutes Knowledge Group are designed for the busy adult learner and are accessible whenever and wherever you need them. Whether you’re fitting studying in over lunch, in the evenings, or even between rounds of pickleball on the weekend, you can learn at your own pace.
When you’re preparing for your exam, remember to make the most of the digital resources available to you, including assignments, study outlines, flashcards, quizzes, and a simulated exam—all designed to help you build new skills.
Remember: Use these resources as a part of your overall study plan to boost your chances of success!
Creating a daily study routine is a great way to stay focused and maintain progress when preparing for professional exams. It's not just about putting in the hours; it's about making a plan, setting goals, and using your time effectively.
According to PWC research, people who set at least four daily goals per week were 34% more likely to hit their targets than those who didn’t. Try setting goals around your exam prep and integrating study sessions into your daily routine to help you stay on track.
To get started you can use this personalized study plan. There are even two formats depending on your preferred study style!
Keep in mind that effective time management is essential in this process. Start by identifying your peak productivity hours and schedule focused study sessions accordingly. Whether it's early morning or late evening, choose a time when you're most alert and ready to absorb information. Set specific goals for each session, such as completing a certain number of assignments, to keep your progress steady and measurable.
Lastly, it’s important to maintain motivation and accountability throughout your exam preparation process. One effective strategy is to partner up with a study buddy—ideally someone who’s also working through similar course material. You might find a study buddy by connecting with other colleagues or connections who are working towards the same designation.
A great place to find support is The Institutes Chat Facebook group. This group offers a space of encouragement, study tips, and success stories.
Additionally, remember to communicate your commitment to your study goals with colleagues, friends, and family to help you stay accountable. And when you’ve achieved a goal you’ve set for yourself, be sure to celebrate the milestone: share it with your colleagues and manager, post about it on social media, and find a way to treat yourself and reflect on the progress you’ve made.
Balancing work, life, and prepping for professional exams might feel like a juggling act, but don’t worry—you’ve got this! With these study tips you’ll be ready to tackle that next exam with confidence.
Make the most of The Institutes Knowledge Group's study resources, and don’t forget to celebrate and share your success when you pass your exam. Your dedication to continuous learning and professional growth is setting you up for success as you navigate your career in risk management and insurance.
