Business Administration: Insurance and Risk Management

CampusStart DateTuition/Fees
MonctonSeptember 2022 (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 in keeping 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 a risk manager identifying, analyzing, and managing an organization’s risk to minimize the adverse impact of losses and exploit risks which can help an organization achieve its objectives. 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.

      Find career possibilities related to this program in Career Coach.


      Specific Considerations

      The insurance specific content is taught in keeping 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.

      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.  You can review these computer specifications here (under your program specifications).  Free wifi is provided on all campuses.


      Program Courses

      Courses are subject to change.

      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 provide students with the knowledge and skill to formulate strategies and operational plans to achieve performance targets and gain/sustain competitive advantage. Using knowledge acquired in this and other program courses, students establish the direction a business must take to adapt to the changing environment & then align its resources and actions to reach its goals. Course concepts and content are applied through the use of case studies.

      This course is designed to help students strengthen their fundamental skills in writing clear, effective sentences and paragraphs, and enable them to create organized, unified and coherent documents. The writing process is introduced. Students will recognize the importance of writing for the intended purpose and audience.

      This course introduces a structured approach to writing business messages for emails, memos, letters, and other documents. Students will apply the stages of the writing process to business writing (prewriting, writing and revising). They will research, prepare, format, draft, proofread and edit a series of documents commonly used in business writing.

      Prerequisites:

      • COMM1257B

      This course introduces students to the fundamentals of business report and proposal writing including why businesses need reports and proposals, common types of reports and proposals, and a simple process for writing business reports and proposals.
       
      In this course, students will use some of their previously acquired writing skills. They learn how to properly research, plan, structure and write various reports and proposals using proper layouts, form, and formats. Application of the writing process is emphasized.

      Prerequisites:

      • COMM1258B

      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 utilizes a practical approach in introducing students to the fundamentals of ethics and ethical decision-making in the workplace.

      Delivered with a hands-on approach, students will examine real-world case studies that illustrate ethical issues and dilemmas in today’s workplace. Students apply ethical concepts and principles to make thoughtful and responsible ethical decisions.

      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 provides students with the fundamentals of analysis and recording of financial transactions for the complete accounting cycle.

      This course builds on the knowledge in Accounting I. It provides students with an in-depth understanding of and the skills necessary to apply accounting concepts, principles, and procedures.

      Prerequisites:

      • GACG1050

      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 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:

      • INAS1007

      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:

      • INAS1007

      This course is designed to allow students quality time to prepare for the Insurance Institute of Canada’s (IICs) examinations. Successful completion of these examinations qualifies towards the Chartered Insurance Professional (CIP) designation.

      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:

      • INAS1007

      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:

      • INAS1007

      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:

      • INAS1012

      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:

      • INAS1012

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

      This course provides students with a review of fundamental operations, familiarizes students with problems related to business, and with the mathematics of cost-volume-profit analysis.

      This course is designed to familiarize students with the mathematics of merchandizing, simple interest, compound interest, and annuities.

      Prerequisites:

      • MATH1086

      This course provides students with an overview of the marketing function, emphasizing consumer satisfaction as a focal point of an organization’s activities.

      This course focuses on the elements of the marketing mix: products and services; pricing; distribution channels; and promotion.

      Prerequisites:

      • MKTG1027

      This course introduces students to a systematic approach to organizational behaviour (OB). Students will study organizational behaviour from an individual, group, and organizational perspective. They examine how different individual, group and organizational aspects can affect effectiveness, productivity and possibilities to reach the organization’s goals.

      Students learn how to apply the concepts and theories of organizational behaviour to make organizations work more effectively.

      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 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 course provides students with the knowledge and skills necessary to plan, coordinate, implement and evaluate a project within a team environment. Students learn effective project management techniques that allow them to monitor all work activities and ensure a quality product while remaining within budget and meeting all contract requirements.

      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.

      Students develop skills in strategic customer service that lead to retention of customers in a high tech, competitive and demanding consumer market.

      This course builds on the basic spreadsheet skills and examines more advanced software functionality. Among the areas covered are the creation and management of tables and charts, the manipulation of multiple worksheets and workbooks, and various advanced functions.

      Prerequisites:

      • SAAL1830A

      This course introduces students to fundamentals of computer system components and functions, electronic file management, email including scheduling and calendar management, and word processing concepts.

      Students will learn how to manage electronic files and folders, and use the word processing and email software applications in managing files or documents, emails, scheduling and calendars. Students will also use the Internet as a research tool.

      This course introduces students to basic spreadsheet concepts. A strong understanding of those concepts assists in designing spreadsheets for a variety of tasks, such as numerical reporting, sorting, budgeting and forecasting.

      Students gain the necessary skills required when working with spreadsheets, including how to create, edit, format, save, move, copy, sort, and calculate data. They will also learn how to summarize data using formulas and present their results visually using various chart types and styles.

      This course covers the basic fundamentals of selling with an emphasis on the concepts and practices of selling.

      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:

      • MATH1086

      This course helps students develop knowledge and skills in planning, preparing, and delivering presentations of various lengths and purposes. Additionally, students will learn how to captivate the audience and enhance a presentation using effective visual aids and presentation software.

      Delivered with a hands-on approach, students will use communication skills to research, write, speak, and build professional audience rapport. Strong presentation skills validate a speaker’s knowledge and perspectives and are central to success in today’s organizations.


      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


      Articulation Agreements

      Institution: University of New Brunswick Saint John - Faculty of Business
      Articulation Period:
      Information: Bachelor of Applied Management Degree
      NBCC graduates of any 2 year diploma program with a GPA of 70% or greater receive 2 years full credit toward this degree and will be eligible to enter year 3 of the 4 year Bachelor of Applied Management (BAM) program.


       


      Institution: Galway Business School
      Articulation Period:
      Information: Graduates who complete the Business Administration - Insurance and Risk Management program will have the opportunity to obtain a business related degree from Galway Business School. They will also be able, upon completing the degree, to work in Ireland and Europe for one year.
      Institution: Royal Roads University
      Articulation Period:
      Information: All Business Administration graduates with the appropriate prerequisite qualifications are eligible to enter the 3rd year of the Bachelor of Administration in Sustainability and International Business degree
      Institution: Limerick Institute of Technology (LIT)
      Articulation Period:
      Information: Graduates may enter Year 3 of Bachelor of Business Studies (BBs) of Business at LIT
      Institution: Yorkville University
      Articulation Period:
      Information: NBCC Business Administration graduates will receive two years credits toward admission to the Bachelor of Business Administration.
       
      Institution: Royal Roads University
      Articulation Period:
      Information: Business Administration graduates with the appropriate pre-requisite qualifications are eligible to enter the 3rd year of the Bachelor of Commerce in Entrepreneurial Management degree
      Institution: Athabasca University
      Articulation Period:
      Information: Graduates from all Business Administration 2 year diploma programs will receive 60 block credits towards Athabasca University Athabasca University’s Bachelor of Commerce (Post Diploma) (BCOMM (PD)), Bachelor of Commerce with Major (Post Diploma) (BCOMM (PD) +), Bachelor of Management 3Yr (Post Diploma) (BMGMT 3Yr (PD)), Bachelor of Human Resources Labour Relations (Post Diploma) (BHRLR (PD)) programs. 
      Institution: Mount Saint Vincent University
      Articulation Period: 2010-2020
      Information: Business Administration graduates will receive up to two years credits toward a Bachelor of Business Administration.

      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.


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