earn your degree fast
The Insurance and Risk Management program is a pathway to BCIT’s Bachelor of Business Administration program, giving you the opportunity to earn your degree in as little as one year after earning your diploma.
Learn more about the BBA
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overview
The School of Business, with the cooperation, support and guidance
of leaders from various companies and organizations from within the
general insurance industry in BC, is offering a Diploma of Technology
program in General Insurance and Risk Management. The general insurance industry has selected BCIT as the preferred institution to offer such a program.
The general insurance industry has recognized that their greatest
challenge for the future in British Columbia and across Canada is to
find willing, capable, and properly-educated people with the desire to
manage BC's $6 billion property and casualty business, which is
approximately 10% of Canada's $66 billion industry total. It is
forecast that two-thirds of the available insurance jobs in the next
six years will be due to attrition, while one-third will be due to
sector growth.
The general insurance industry in BC wants to hire individuals who
possess a formal business education background, with a concentration on
industry-specific insurance topics. Traditional entry-level, clerical
jobs where employees learn the business on the job are diminishing, due
to new technology and methods. The projected need is for employees who
are initially more qualified and able to progress more quickly
The General Insurance and Risk Management program builds on the
existing first year of the Financial Management program with minor
differences. Insurance is a natural fit with the Financial Management
program since, along with banking and wealth management, insurance is
the third pillar of the financial world; and is the largest segment of
the financial industry as measured by revenue.
The Program
In
the first year, General Insurance and Risk Management students complete
studies in core business subjects with an insurance-specific course and
a project management course in level 2.
The second year of the program includes twelve insurance and risk
management courses in addition to four financial management courses.
Seven of the Risk Management courses are based on courses offered by
the Insurance Institute of Canada (IIC). Students will write five IIC exams during the BCIT program and may be granted advanced
standing towards the Chartered Insurance Professional (CIP) designation.
program entry
Entrance requirements
- High school graduation
- English 12 (C+) or English-language proficiency
- One of the following math requirements:
- Math 11 (C)
- Apprenticeship and Workplace Mathematics 11 (C)
- Foundations of Mathematics 11 (C)
- Pre-Calculus 11 (C)
- OPMT 0199 Math for Business or OPMT 0198 Business Math Assessment Test
Check for acceptable equivalent courses taught in BC high schools.
It is strongly recommended that you assess your fundamental mathematical skills. The Mathematics Self-Diagnostic Test below is voluntary. If you find these problems difficult, we strongly recommend that you attend OPMT 0199. You should be able to do this exercise in about an hour, after which you should compare your answers with the correct ones supplied. If you scored less than 20 out of 26 correct, you should seriously consider upgrading your mathematical skills.
Note: The following full-time business programs are accepting applications from students with a C in Math 11:
Advanced Placement
Applicants who already possess a university degree, Associate of Arts Degree or a Diploma of Technology may be eligible for direct entry to the second year of the General Insurance and Risk Management program. The required prerequisite courses are RMGT 2110 (or C11 offered by the Insurance Institute of BC) and FMGT 1152 (or the equivalent) with a grade of 70% or better. As well applicants may be eligible for direct entry into level two of the first year. The required prerequisite course is FMGT 1100 (or the equivalent) with a grade of at least 60%.
Applicants who have completed the equivalent of the first-year program at BCIT may also be eligible for direct entry to second year. Please note that FMGT 1105 with a grade of at least 50% or FMGT 1100 (or the equivalents) with a grade of at least 60%, and FMGT 2105 or FMGT 2100 (or the equivalents), with a grade of at least 50% is required. As well, RMGT 2110 (or C11 offered by the Insurance Institute of BC) is required to enter the second year of the program. All applicants are encouraged to contact the department directly to clarify their opportunities as early as possible.
For more information about advanced placement, please contact Advanced Placement and Degree Programs at 604-432-8230.
Apply to program
Submit an application: online or by mail.
Scheduled intakes
September each year
PLAR
PLAR for RMGT courses will be available on a case by case basis.
Application processing
October 1 of the previous year until the program fills.
Applications are considered for a specific intake.
costs & supplies
Books and supplies
Level 1: $707; Level 2: $613; Level 3: $864; Level 4: $947
(General estimated cost, and subject to change)
Students will write five Insurance Institute of Canada (IIC) exams at a cost of $135.00 each (paid to IIC) as follows:
- Level 2: 1 exam
- Level 3: 3 exams
- Level 4: 1 exam
courses
Class hours
0830–1730, Monday through Friday
Program delivery
The program is offered via in-class delivery only and on a full-time basis. All courses will be offered Monday to Friday daytime.
Program matrix
| Level 1 (15 weeks) |
Credits |
| |
BSYS 1000 |
Business Information Systems 1
Lecture demonstrations supplemented by hands-on laboratory computer exercises provide students an understanding of computer terminology, hardware components, Windows XP and Windows 7 and the most popular office software used in business. Students learn advanced MS Office 2007 including practical spreadsheet and charting exercises (Microsoft Excel 2007), word processing (Microsoft Word 2007), and presentations and graphics (Microsoft PowerPoint 2007) as well as the increasingly popular Web-based productivity tools (e.g. Google Docs). They also get a solid, introduction to social media (e.g. WordPress, LinkedIn, Twitter, YouTube) and hands-on application of the tools through a career e-portfolio assignment.
|
3.0 |
| |
COMM 1100 |
Business Communication 1
COMM 1100 is designed to give students basic listening, writing and speaking skills that will allow them to prepare written and oral reports for BCIT courses and to proceed to more advanced communication courses.
|
3.0 |
| |
ECON 2100 |
Microeconomics
Investigates economic analysis, focusing on fundamentals of markets, supply and demand, consumer and producer behaviour, and monopoly and competition. Optional areas of business application may explore labour markets, government intervention and environmental regulation. Prepares students to identify and evaluate the economic considerations they will undoubtedly encounter in business.
|
3.0 |
| |
FMGT 1105 |
Accounting 1 for Financial Management
This course is the first of two designed to provide first year Financial Management students with a theoretical and practical foundation in accounting. Topics include accounting concepts and principles; income measurement; business transactions; adjusting and closing entries; financial statement preparation; the accounting cycle; merchandising operations; accounting systems; and internal control and cash. Students need to achieve 65% to proceed into FMGT 2105. Note: Fulltime General Insurance and Risk Management students need to achieve 50% or better to proceed into FMGT 2105.
|
5.0 |
| |
MKTG 1102 |
Essentials of Marketing
Designed to provide the student with an overview of the marketing concept and how it can be applied to any type of organization or service. Includes the controllable and uncontrollable elements of marketing, strategic planning, market characteristics, marketing research techniques, market segmentation, and target market selection.
|
3.0 |
| |
OPMT 1110 |
Business Mathematics*
Reviews basic mathematics applicable to business and industry. Topics include consumer and commercial credit, simple and compound interest, financial instruments and discounting, annuities, mortgages, loans, sinking funds, leases, depreciation methods, capitalized costs, cash flow analysis, NPV and IRR. Emphasis is on maximum use of pre-programmed calculator and practical applications from the field of Financial Management. As of September 2007, this course replaces OPMT 1102 for Part-Time Studies Certificates.
|
4.0 |
| |
ORGB 1100 |
Organizational Behaviour
Presents the study of factors that either influence or are influenced by people at work. The course will focus on macro factors such as organizational structure, technology and environment; group factors such as group dynamics, leadership, conflict, change and decision making; and micro or individual factors such as personality, attitudes, perception and motivation.
|
3.0 |
Students must achieve FMGT 1105 (50%) or FMGT 1100 (60%) in order to take FMGT 2105. * Note: During the first week of OPMT 1110 Business Mathematics, an assessment test will be administered to all students. Based on the outcome, students may be required to attend a weekly Business Math Success Workshop. |
|   |
| Level 2 (20 weeks) |
Credits |
| |
BSYS 2050 |
Business Information Systems 2*
Begins with a brief review of introductory Windows and Excel concepts (using Office 2003) covered in introductory computer application courses. From there the course moves into more advanced Excel commands and applications (larger and more professional worksheets). Topics include "if-then modeling," built-in functions, charting transferring data to and across applications and/or macros. Prerequisites: BSYS 1000
|
2.0 |
| |
BSYS 2060 |
Business Information Systems 3*
This course provides an introduction to relational database management systems and the use of computer software to meet reporting and decision support needs within an organization. The student will use Microsoft Access to create data tables, build the table relationships, develop and modify custom screen forms, generate reports, and perform queries, while taking measures to ensure data validity, efficiency, and integrity. Subject to time available, additional topics will be included. Prerequisites: BSYS 1000 or BSYS 1005
|
2.0 |
| |
BUSA 2100 |
Principles of Management*
A study of the basic concepts of the management process: planning, organizing, staffing, leading and controlling. Integrated with the concurrent first-term courses and using the case-study method, it creates opportunities for the students to develop analytical, problem-solving, teamwork and communications skills, by analysing and presenting solutions to typical business problems. Topics covered include: structuring organizations, decision making and an introduction to production, human resources, controlling and strategic and tactical planning. Prerequisites: ORGB 1100
|
2.0 |
| |
COMM 2200 |
Business Communication 2
This course provides further instruction and practice in the principles taught in COMM 1100. It concentrates on more sophisticated forms of written communication: the job application package, indirect correspondence, and reports. The course might also include modules on graphics, questionnaires, telephone techniques, and organizing and running meetings. Prerequisites: COMM 1100
|
4.0 |
| |
ECON 2200 |
Macroeconomics
Presents a challenging overview of the workings of an economy. Stresses measurement and determination of national economic activity, the role of monetary and fiscal policy, and the understanding of inflation, unemployment and growth in an international environment. Prepares students to weigh political and economic issues as they relate to their business ventures.
|
4.0 |
| |
FMGT 2105 |
Accounting 2 for Financial Management
Continues from FMGT 1105. Topics include temporary investments; receivables, capital assets; liabilities; partnerships; corporations; bonds; statements of changes in financial position; financial statement analysis; manufacturing accounting; departmental accounting; cost-volume-profit analysis. Note: Fulltime Financial Management students who receive less than 65% in this course will need to complete FMGT 2100 with a grade of 70 or better before entering Level 3. Prerequisite: FMGT 1105 (or FMGT 1100 with 70 or better.). Note: Fulltime General Insurance and Risk Management students need a grade of 50% or better in FMGT 1105 or 60% or better in FMGT 1100 and at least 50% in FMGT 2105 or at least 60% in FMGT 2100 before entering Level 3.
|
5.5 |
| |
OPMT 1130 |
Business Statistics
Includes descriptive statistics, including numerical and graphical presentation of data, measures of central tendency and dispersion, elementary probability, index numbers and time series. Introduction to inferential statistics through selected topics such as sampling, confidence limits of the mean, hypotheses testing and simple linear regression. Spreadsheets are used for calculations.
|
5.5 |
| |
OPMT 1170 |
Project Management*
Introduces the fundamentals of project management. Includes the unique characteristics of projects and fundamentals of project planning using techniques such as WBS, Gantt charts, CPM, dealing with people and team issues, maintenance and control of projects using check points and milestones, communication, and common sources of difficulty in project management. Use of MS Project.
|
2.5 |
| |
RMGT 2110 |
Principles and Practice of Insurance
This course provides a foundation of knowledge of risk management and the insurance industry. No prior experience or knowledge of insurance is required as this course covers the general principles that underlie the operation of insurance. Students are introduced to the concept of risk and shown how insurance deals with it. Students will study the basic concepts and language of insurance; the legal context of insurance; and the participants in the industry and their relationships to each other. Although specific types of insurance are not covered, the principles students learn underlie the situations encountered in the industry and every policy and course students will study throughout the program.
|
5.5 |
| * denotes a half-term course |
|   |
| Level 3 |
Credits |
| |
BLAW 3100 |
Business Law
Presents a practical study of Canadian business law, including the legal and administrative systems, torts, contracts, sale of goods and consumer protection, secured transactions, employment, agency and business organizations. Participation in this course, taught by lawyers, prepares you to recognize and feel comfortable with the legal aspects of doing business.
|
4.0 |
| |
FMGT 3610 |
Security Analysis 1
The Financial Management technology at BCIT has entered into a partnership with the Canadian Securities Institute (CSI). This course, a product of the partnership, is the CSI's Canadian Securities Course (CSC) Volume 1. Topics include the Canadian investment marketplace, the nature of marketable securities, factors which influence their price and a review of the various methods employed to evaluate their worth. In addition, the operation of stock exchanges and investment dealers and the regulatory environment in which these institutions operate is discussed. Finally, the methods by which governments and corporations have their securities listed on the exchanges so that investors can trade them is studied. Successful completion of this course and Security Analysis 2 (FMGT 4611) earns the student credit for the CSC and the Professional Financial Planning Course (PFPC) with the Canadian Securities Institute. Note: There is an extra fee of approximately $800 (plus textbooks and GST) to enroll with the CSI for the CSC and a fee of approximately $550 (plus textbooks and GST) to enroll in the PFPC. Prerequisites: FMGT 2100 or FMGT 2190 or FMGT 2105
|
4.0 |
| |
RMGT 3110 |
Insurance Broker and Agent Roles
This is a skills-based course providing an overview of the insurance business from a broker's perspective, concentrating on the needs of personal lines clients and small commercial risks. The course begins by introducing the broker as an insurance intermediary, and then follows the progress of a risk from the initial broker-client contact, through the evaluation and application process, to the binding of insurance and issuing of a policy. Major insurance product lines and common policy transactions handled by a broker are also covered. Prerequisites: RMGT 2110
|
4.0 |
| |
RMGT 3210 |
Property Insurance
This course lays the foundation for all types of property insurance, and then discusses the perils, clauses, and limitations in the most common personal lines policies. Coverage begins with the Basic Fire Policy. Then students learn how other policies developed, with unique perils, clauses, and limitations, to suit changing needs. Prerequisites: RMGT 2110
|
4.0 |
| |
RMGT 3310 |
Automobile Insurance
This is a detailed study of automobile insurance in Canada. It deals with legislation related to automobile insurance and policies and/or regulations, concentrating mostly on personal coverages. It gives students an overall view of the different provincial approaches to automobile insurance and some of the problems related to it. Students will deal in detail with owners' policies or coverages specific to BC. Prerequisites: RMGT 2110
|
4.0 |
| |
RMGT 3535 |
Marketing for Insurance and Risk Management
This course focuses on applying the marketing concepts from the introductory marketing course. Marketing strategy will be discussed as an essential requirement for business success. It emphasizes the development of personal selling skills and customer relationships. Prerequisites: MKTG 1102
|
4.0 |
| |
RMGT 3720 |
Computer Applications for Insurance Professionals
This course builds on the students' basic computer skill set to enable students to be fully functional with insurance industry computer applications. Generic applications and those specific to particular insurance companies will be learned. The applications learned in this course will be updated as insurance applications emerge and are revised. Prerequisites: BSYS 1000 or OPMT 1600
|
4.0 |
|   |
| Level 4 |
Credits |
| |
FMGT 4525 |
Financial Planning
Equips the student with the basic knowledge and skills necessary to provide advice of a financial nature to individuals. The primary topics include taxation, risk management, pension plans, trusts, investments and estate planning. Prerequisites: FMGT 3610
|
5.5 |
| |
FMGT 4610 |
Security Analysis 2*
The objective of this course is to impart to the students the principles of investment management . This course is part two of BCIT's offering of the Canadian Securities Institute's (CSI) Canadian Securities Course (CSC). As such, the course is designed to convey to those who are enrolled in it the fundamentals of investing . It includes a study of the nature and function of the securities markets, the framework essential to the valuation of common shares and fixed income securities. In addition, portfolio management, taxation, asset allocation and economic forecasting are studied. Prerequisites: FMGT 3610
|
2.5 |
| |
RMGT 3410 |
Liability Insurance*
To understand liability insurance, students must first know something of the law and the Canadian legal system; and the differences between the common law and the Civil Code of Quebec. This is not a law course, but it does introduce students to those legal principles that affect liability insurance. It discusses some of the more common ways people become liable to each other and explains how this liability may be insured or why it cannot be insured. Prerequisites: RMGT 2110
|
3.5 |
| |
RMGT 4110 |
Advanced Broker and Agent Skills*
This course, building on the foundation of RGMT 3110, addresses the more complex insurance needs of commercial clients through the risk management principles of exposure identification, risk analysis, identifying risk management options, and implementing a risk management plan; followed by the study of various terms, conditions, and clauses in commonly used wordings. Students analyze three categories of commercial clients - manufacturers and distributors, contractors, and builders' risks - using a case study process. The course also addresses the broker's continuing task of monitoring and modifying a risk management plan including monitoring the progress and insurance needs of commercial clients once an initial policy has been placed. Prerequisites: RMGT 3110
|
4.0 |
| |
RMGT 4510 |
Loss Adjusting
Focused knowledge of insurance and professional conduct within the claims domain forms the core of this course. Soft skills and knowledge required to handle claims are blended in the curriculum in order to improve fundamental claims handling techniques. Students will learn how to manage relationships in order to gather critical information in the claims handling process. A step-by-step process delivers the key to policy analysis for coverage evaluations. Students will also learn the fundamentals of investigation, evaluation, negotiation and settlement within the claims process. Prerequisites: RMGT 3110
|
5.5 |
| |
RMGT 4535 |
Sales for Insurance Professionals*
This course provides the student with the selling and communications skills essential to success in a financial profession. The course covers the marketing of financial products and services and, in addition, it will introduce the student to the institutional environment in which many financial professionals operate. Prerequisites: RMGT 3535
|
2.5 |
| |
RMGT 4610 |
Principles of Underwriting
This course will develop essential skills for an entry level underwriter. Topic coverage begins with an overview of the underwriter's role as an investor of shareholder capital on behalf of the insurer. Students will learn how that role has evolved and how the underwriter accepts or rejects risk for the insurer within the parameters set by the insurer and imposed by the external environment. Students will consider the types of detailed knowledge, the "hard" and "soft" skills, and the temperament an underwriter needs to succeed. Students will see these characteristics applied in the analysis of individual property, liability, and automobile risks. Prerequisites: RMGT 3110
|
5.5 |
| |
RMGT 4710 |
Risk Assessment*
This course introduces risk management in a Canadian insurance environment. Topics include the risk management concept; objectives and techniques; risk management in an organization and its effect on profits; risk identification and analysis; property, income and liability risks - traditional, industrial, consumer, environmental; personnel loss and probability risks; risk management decision-making; and capital budgeting methods.
|
2.5 |
| |
RMGT 4910 |
Business Strategy
In this course students will integrate what they have learned in prior courses on the various functional areas of managing a brokerage. Topics include Strategic Leadership, Financial Management, Human Resources, Inside the Brokerage, Sales and Service, Marketing Strategies, Strategic Communication, and Growth, Valuation and Perpetuation. Prerequisites: RMGT 3110 and RMGT 3535
|
4.0 |
| * denotes a half-term course |
| |
| Total Credits: |
120.5 |
Transfer credit
Do you have credits from another BC/Yukon post-secondary school? Do you want to know if
they transfer to courses here at BCIT? Check out BCIT's
Transfer Equivalency Database to find out.
program details
Program length
Two years, full-time
Grading
Minimum passing grade for each course is 50%. Insurance and Risk Management students need to achieve a grade of 65 per cent or better in FMGT 1105 or, a grade of 70 per cent or better in FMGT 1100 to continue into FMGT 2105. A passing grade in the IIC exam must be achieved in order to pass the following courses: RMGT 2110, RMGT 3110, RMGT 3210, RMGT 3310.
Accreditation
Students in the Insurance and Risk Management program will take eight courses based on courses offered by the Insurance Institute of Canada (IIC). Students will write five of the IIC exams during the BCIT program and may be granted advanced standing towards the Chartered Insurance Professional (CIP) designation. Graduates can then take 3 more IIC exams shortly after graduation to gain more credits towards the CIP designation. To achieve the CIP designation, two more courses available only through the IIC must be completed.
Continue your education
Qualified graduates may apply for acceptance into BCIT's existing Bachelor of Business Administration (BBA) degree program. The program will ladder into the BBA program which is offered as a full-time degree in the day, or part time in the evenings.
graduating & jobs
Job Opportunities
The General Insurance and Risk Management
program will prepare candidates for a variety of careers in the general
insurance industry including:
- insurance sales representatives
- insurance agents
- insurance brokers
- insurance adjusters
- claims examiners
- underwriting service representatives
- property underwriters
- marine underwriters
- insurance underwriters
- commercial underwriters
Professional associations
The Insurance Institute of Canada (IIC) is the professional education arm of the country's general insurance industry. It is a not-for-profit association of individual members employed in the general insurance business with insurance and reinsurance companies, brokerages, agencies, adjusting firms, and employers of risk managers.
The Chartered Insurance Professional (CIP) Program is the property/casualty insurance industry's professional education program and for many years, the designation has been highly valued and respected within both the national and international insurance communities. The program equips candidates with technical expertise and successful graduates have found the designation to be essential to advancing their careers.
The Insurance Brokers Association of British Columbia represents the interests of over 760 member offices in BC offering professional education and other services to their members.
The Insurance Council of British Columbia regulates the general insurance industry in BC. As well they issue the different levels of licenses to allow licensee's to conduct general insurance business.
faculty, advisors & staff
Advisory committee
- Mr. J. Ball, President, Reliance Insurance Agencies
- Ms. D. Bolduc, Manager, Insurance Institute of BC
- Mr. J. Preston, Regional VP, ING Insurance Co.
- Mr. D. Laird, Regional Manager, Aviva Insurance Co.
- Ms. P. Kernaghan, President & CEO, Kernaghan Adjusters
- Ms. T. Johnson, VP & GM, Gore Mutual Insurance Co.
- Mr. S. Bath, Senior Manager, Business Intelligence and Customer Research, ICBC
- Mr. B. Wills, VP Marketing, Axa Pacific
- Mr. J. Goring, Manager, Technology Practice, Aon Reed Stenhouse Inc
As BCIT strives to keep our programs current, programs and courses are subject to change without notice.
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