Business Administration: Insurance and Risk Management

CampusStart DateTuition/Fees
MonctonSeptember 2023 (Blended Delivery) Domestic | International

Program Overview

Businesses and individuals face risk every day. Insurance and risk management professionals provide a critical security blanket for people, companies, and communities. We are the experts who think about all the “what if?” scenarios. Then we develop solutions that offer people and businesses long-term security, stability, and peace of mind. From start-ups to multinationals, all companies aim for peak efficiency, and that’s why insurance and risk management experts are needed in every industry.

In our Business Administration: Insurance and Risk Management program, you’ll learn core business fundamentals and specialized skills in underwriting, claims adjusting, and agency services for property, liability, and automobile insurance. Insurance specific content is taught aligned with the Insurance Institute of Canada (IIC). Upon successful completion of insurance related courses from the program, students may choose to register for the Chartered Insurance Professional (CIP) designation examinations administered by the IIC. If you’re strong with numbers and love the idea of protecting the best interests of people and companies, apply today and pursue a rewarding career as an insurance and risk management professional.


Duration

The requirements for this diploma program may be achieved within two academic years of full-time study.


Admission Requirements

    Profile B

  • High School Diploma or Adult High School Diploma or GED Diploma of High School Equivalency or Essential Skills Achievement Pathway: Post-Secondary Entry High School Diploma
    • Foundations of Mathematics 110
      or
      Geometry and Applications in Mathematics 112 and Functions and Relations 112

      NB Francophone High School Math Equivalencies
      International Student Admission Equivalencies


      Career Possibilities

      Welcome to an industry with a huge variety of career opportunities. You could work as an assessor, evaluator, or appraiser, determining the value of properties, businesses, estates, and personal items for purposes of sale, purchase, taxation, or disposal. Claims adjusters and examiners work for insurance companies and determine the amount of loss or damage covered by insurance policies. Graduates also work as underwriters, reviewing and evaluating insurance applications to assess insurance risks, insurance premiums, and extent of insurance coverage according to company policies.

      Graduates who enjoy working with the public often pursue careers as agents and insurance brokers, selling life, automobile, property, health, and other types of insurance to individuals, businesses, and public institutions. Insurance agents are employed by individual insurance companies or are independent representatives of specific insurance companies. Risk managers are employed within various organizations and as external consultants to identify, analyze, and treat risks.

      Find career possibilities related to this program in Career Coach.


      Specific Considerations

      The insurance specific content is aligned with the Insurance Institute of Canada (IIC). Upon successful completion of insurance related courses from the program, students may choose to register for the Chartered Insurance Professional (CIP) designation examinations, administered by the IIC. These exams are offered in the months of April, July, and December and students must register in advance. Exams must be written during the semester in which the student receives the given instruction. Should a student wish to defer a CIP examination, he/she must submit his/her request in writing in advance to the IIC registrar, along with supporting documentation. Registering for IIC examinations is the responsibility of the student.

      Technology Requirements
      NBCC is a connected learning environment. All programs require a minimum specification, including access to the internet and a laptop. Your computer should meet your program technology requirements to ensure the software required for your program operates effectively. Free wifi is provided on all campuses.


      Program Courses

      Courses are subject to change.

      This course provides a general overview of the Canadian business environment as well as the various functional areas of a business. Focus will be placed on the interrelationships between the functional areas of business, such as finance and accounting, sales and marketing, human resources, operations and logistics. The course will also introduce business structures, the role of government, business ethics, social responsibility and entrepreneurship. The course will provide a basic understanding of Canadian business practices and terminology and the concepts of macro and micro environments will be introduced.

      This course is designed to provide learners with the knowledge and skill to assess risks and to apply the resources to control their probability or impact. Learners are taught where and how risk management methodologies are applied as well as the principles and processes used to mitigate risks.

      This course is designed to allow the student to work independently in a business setting related to their field of study. Students are expected to follow the work schedule of the practicum host.

      This course is designed to strengthen fundamental skills in written communications.  This course focuses on how to write clear, effective sentences and paragraphs, create organized, unified, and coherent business messages and documents. Emphasis will be placed on recognizing the importance of communicating for the intended purpose and audience. The students will apply the stages of the writing process to business writing: prewriting, writing, and revising, as well as research, prepare, format, draft, proofread and edit a series of documents commonly used in business.

      This course is designed to develop professional verbal communication and presentation skills for the business environment. Emphasis is placed on verbal communication techniques, strategies, and presentation tools to deliver oral presentations with confidence and professionalism.

      This course introduces students to a wide range of macroeconomic issues such as aggregate supply and demand, fiscal policy, nature and causes of unemployment and inflation, the role money and banking play in the economy, as well as international trade and the international monetary system.

      This course enables students to examine key economic issues and problems as they relate to business and to the Canadian business environment. Students apply economic principles to the study of Canada and its economy. They acquire the skills to manage businesses more effectively, make appropriate personal choices in business, and contribute to society overall.

      This course is designed to examine the challenges and successes of corporate social responsibility.  The focus will be exploring corporate social responsibility as the continuing commitment by business to contribute to economic development while improving the quality of life for the workforce, their families and society at large. Focus will also include the application of ethical concepts and principles to make thoughtful and responsible ethical decisions for a business.

      This course introduces accounting concepts. Focus will be placed on recording financial transactions for the complete accounting cycle, inventory, and related ratio analysis.

      This course expands on transactions related to assets and current liabilities.  Focus will be placed on cash, receivables, capital assets, payables, basic payroll transactions, related ratio analysis and an introduction to various forms of businesses.

      Prerequisites:

      • GACG1126A

      This course is designed to provide learners with foundational knowledge of insurance principles and practice. Students are taught the history of the insurance industry as well as its current day function, roles, and risks. They are taught the Canadian law and regulatory bodies impacting the insurance industry as well as fundamental processes such as determining rates, writing contracts, and processing claims.

      This course is designed to address the legal concepts, legislation, and doctrines that apply to personal automobile coverage. Students begin the course by learning about the history and development of Automobile Insurance in Canada. In doing so, they learn of the shift from uniformity across provinces to distinct differences based on provincially regulated plans; thereby focusing on provisions that apply to the Atlantic Provinces. Students learn the types of personal automobile coverages available and how they are applied.

      Prerequisites:

      • INAS1016A

      This course is designed to address the legalities and doctrines that apply to liability insurance; a form of insurance that provides specific protection against third party insurance claims. It focuses on the Canadian criminal and civil laws systems and how they relate to liability insurance. Students are also taught the various types of liability that exists and the coverage available to protect against them.

      Prerequisites:

      • INAS1016A

      This course is designed to provide knowledge and skill in risk assessment (as it pertains to insurance coverage) and determining whether to accept or reject the risk.

      Prerequisites:

      • INAS1016A

      This course is designed to develop the knowledge and skills of the beginner broker. It guides students through the evaluation process, application process, and policy documentation for the property, liability, and automobile insurance sectors.

      Prerequisites:

      • INAS1016A

      This course is designed to address the legalities and doctrines that apply to all commercial and personal property insurance. It discusses the elements that comprise the commercial, habitational, and homeowner insurance contract as well as the standardized forms that are utilized for these contracts.

      Prerequisites:

      • INAS1016A

      This course is design to develop detailed knowledge and skill to handle claims after a loss has occurred. Students are introduced to legal and corporate systems that impact the claims process. They are also taught the methodologies, tools and techniques used to analyze the policy contract, investigate the loss, as well as evaluate, negotiate, and settle the claim.

      Prerequisites:

      • INAS1020A

      This course is an introduction to basic concepts in Canadian law that pertain to business. It provides students with an overview of various acts and legislations that govern the marketplace. Topics include contract law, tort liability, employment legislation, intellectual property, and real property.

      This course develops arithmetic and algebraic skills to solve mathematical problems related to business. Business calculations include gross earnings, commission, taxes, break-even analysis, cost-volume-profit analysis, trade and cash discounts, markups, markdowns, and simple interest.

      This course develops skills in financial mathematics. The primary focus is calculating compound interest. Topics include loans, invested sums of money, annuities, amortization, mortgages, sinking funds, and bonds.

      This course provides an overview of marketing functions from a Canadian marketplace perspective. Emphasis will be placed on understanding a socially responsible marketing environment, researching and understanding consumer and business buying behaviours, and defining the marketing target.

      This course introduces marketing strategies and focuses on the elements of the marketing mix. Emphasis is placed on decision-making for tangible and intangible products, pricing, distribution, and marketing communication, to achieve marketing goals.

      Prerequisites:

      • MKTG1102A

      This course introduces a systematic approach to the concepts and theories behind creating effective workplaces. Organizational behaviour (OB) explores how individual, group and organizational characteristics can influence an organization’s effectiveness, productivity, and its ability to accomplish goals. Understanding organizational behaviour concepts and theories helps contribute to successful organizations.

      This course provides an introduction to the meaning of community service.  Students learn how community service can enhance a student’s educational experience, personal growth, employability, and civic responsibility. Students participate in one day of volunteering to enhance their understanding of civic responsibility and to help the New Brunswick Community College realize its vision of transforming lives and communities.

      This workshop introduces students to the process of finding employment. It explores the various strategies and resources available, and examines the role of social media.

      This course allows students to apply their learning from their Business Administration program to an industry partner project. Working with faculty and an industry partner, students are tasked with finding solutions to a business problem. Working independently or in small groups, students will gain a deeper understanding of their Business Administration field, apply theory and best practices, and use the tools and learnings they have gained throughout the program. This course culminates with a final presentation of the project findings and recommendations.

      All business strives to make smart decisions. As part of the decision-making process, stakeholders meet to exchange ideas and agree upon a course of action. Varying interests are negotiated to serve the goals of the organization and those of its stakeholders. Successfully facilitating meetings and discussions enhances group consensus and commitment. Negotiating with confidence and overcoming resistance can produce outcomes which serve various interests and still produce quality conclusions. By employing effective facilitation, negotiation, and decision-making skills, you can increase productivity, make smarter decisions, and accomplish better results.

      This course allows students to apply their learning from their Business Administration program to an industry partner project. Working with faculty and an industry partner, students are tasked with finding solutions to a business problem. Working independently or in small groups, students will gain a deeper understanding of their Business Administration field, apply theory and best practices, and use the tools and learnings they have gained throughout the program. This course culminates with a final presentation of the project findings and recommendations.

      This course introduces the fundamentals of computer applications and file management in a business environment. Focus will be placed on software features and functions for email, word processing and spreadsheets; scheduling, calendar management, and collaboration; and time and task management.

      This course builds on the spreadsheet application skills acquired in Business Computer Applications I. Learners produce quality business workbooks designed for effective data management and analysis. The focus is on software processes, functions, and features to manipulate large data sets across multiple worksheets and workbooks.

      Prerequisites:

      • SAAL1849A

      This course is designed to examine the fundamentals of selling and customer service.  Emphasis will be placed on the concepts and practices of selling, preparing and conducting sales presentations that create customer value and developing skills in customer service that lead to retention of customers.

      A safe and healthy workplace is the responsibility of the employer and the employee. This course introduces students to the importance of working safely and addresses how employers and employees can control the hazards and risks associated with the workplace. Students will also learn about the roles and responsibilities of key stakeholders including WorkSafeNB, the employer and the employee in ensuring workplaces are safe.

      The course introduces students to the major concepts and tools for describing, analyzing and drawing conclusions from data. Course topics include summarizing and presenting different types of data, analyzing the risks and assumptions underlying statistical analysis and the principles and methods associated with sampling.

      Prerequisites:

      • MATH1277A


      NOC Codes

      0121 - Insurance, real estate and financial brokerage managers
      1212 - Supervisors, finance and insurance office workers
      1312 - Insurance adjusters and claims examiners
      1313 - Insurance underwriters
      1314 - Assessors, valuators and appraisers
      1434 - Banking, insurance and other financial clerks
      6231 - Insurance agents and brokers


      Disclaimer: This web copy provides guidance to prospective students, applicants, current students, faculty and staff. Although advice is readily available on request, the responsibility for program selection ultimately rests with the student. Programs, admission requirements and other related information is subject to change.


      Ask us

      Career Coach