The Institutes in Malvern PA

October 2004 Report to the CPCU Society

The Institutes have issued their October 2004 Report to the Society which provides information on the Institutes’ activities.

CPCU Program Update

The first class of CPCU designees to complete under the new 8 course curriculum consisted of 2,269. This class received their designation at the 2003 conferment in New Orleans. Dec. 31, 2003 closed the first full year of examinations under the new CPCU program. The number of CPCU exams administered in 2003 was 19,221 which is down slightly from the 2002 number of 19,246. First time exam takers increased in 2003 to 4,444 which is an increase of 21 percent over 2002. The target for 2004 is 4,700 new students. The 2004 class of new designees is 1,322 which is just short of the 1,350 that was projected.

The Institutes continues to partner with other educational institutions to accept CPCU and IIA credits toward online certificate, associate’s, bachelors’ and master’s degrees. The following institutions have singed agreements with the Institutes: Boston University; Drexel University; Excelsior College; Franklin College; New England College of Finance; New York University’s School of Continuing and Professional Studies; University of California’s Berkeley Extension; University of Maryland, University College; and Walden University.

IIA Program Update

The Associate in Risk Management (ARM) program is under revision, with two course scheduled for release in 2005. The Associate in Reinsurance program has been restructured. It now consists of four required courses and one elective. There is also a new online readings course in which students study recent articles on both primary insurance and reinsurance theory and practice.

Exam Activity

In 2003, the Institutes administered 19,221 CPCU exams, 47,515 IIA exams and 9,187 Exams on Request. This is a total of 75,923 exams administered which is a 2.9 percent increase over 2002. A total of 80,142 exams are projected for 2004.

Beginning in 2005 the Institutes will expand the testing windows to four two-month windows. These windows will begin on January 15, April 15, July 15 and October 15. In addition to the Prometric test locations the Institutes have 589 approved employer testing sites at which students can take CPCU and IIA exams. Approximately 30 percent of exams in each testing window are administered at employer locations.

Insurance Research Council Studies

The Insurance research Council is publishing four projects in 2004: (1) The report Auto Claims in California: A Research Perspective on Regional Differences (2) The report Paying for Auto Injuries: A Consumer Panel Survey of Auto Accident Victims, 2004 Edition (3) The report Fraud and Buildup in Auto Injury Insurance: Claiming Behavior and Compensation in Claim Closed With Payment (4) The report Interstate Comparison of Auto Injury Insurance Claims

International Activities

The Institutes is building a base on which to establish an educational presence in Greater China. The Institutes plan on selling texts and exams to employees of insurance companies operating in China and to students at Chinese universities with business and insurance curricula.

Other News

The Society of Insurance Trainers & Educators presented it 2004 Innovation Award to the Institutes for its instructional design process.

The Institutes Online class enrollment reached 1,181 in 2003. The 2004 enrollment is running about 30 percent ahead of 2003.