5 Reasons Why You Need a PRC Designation
The insurance landscape is constantly changing, and ongoing education is a must. That’s why brokers will often seek multiple certifications throughout their careers.
If you’re looking for a way to step up in your professional career, you might consider obtaining your PRC. The PRC is a new designation from The Institutes.
Launched at the end of 2017, it introduces new insurance pros to the world of risk management. Receiving this designation will help you improve interactions with your clients and will set a foundation for continuing education from the very beginning.
What is the PRC Designation?
A Professional Risk Consultant (PRC) is a risk specialist, and the designation is ideal for insurance pros with less than three years of experience. Obtaining the PRC is like a hyper-focused, short-course MBA in risk.
When you pursue your PRC, you’ll take two core courses, two electives, and an ethics course. Your core courses include:
- Risk Consulting with Confidence: This course will give you a better understanding of risk and risk management. It also ties it to core skills you’ll need to bring that knowledge to your clients, such as recommending the right solutions and closing coverage gaps.
- Trending Topics for Producers: In this self-paced course, you’ll explore trending topics in the insurance industry. After completing the course, you’ll answer multiple-choice questions to demonstrate you’ve learned the material.
With your PRC, you gain practical skills and a foundation to set you up for continued education and even potentially a degree or higher certification. The certification takes between six to nine months to complete. The PRC is one of a number of designations preferred to obtaining an MBA.
5 Benefits of Obtaining Your PRC
Any additional training you pursue will take time and (possibly) money to complete. If you’re on the fence about whether or not to go for your PRC, here are five benefits to consider.
1. Transform from Broker to Business Partner
Workers compensation isn’t just mandatory — it mitigates the damage posed by significant risks. When you have a better understanding of risk, and the role insurance plays in mitigating that risk, you’re not just a broker with a sales pitch.
Instead, you become a valuable business partner, which is vital in lines that are both expensive and mandated by law. You’ll consult with your clients to help them identify potential risks and put a plan in place to minimize their exposure.
2. Increase Your Competitive Edge
The fact is, most of your local competitors are not risk experts, and you know those online aggregators aren’t. Obtaining this kind of specialized knowledge will help you stand out to potential clients.
Plus, obtaining your PRC could help you stand out to other insurance professionals as well. Receiving your PRC demonstrates your commitment to your profession, which will earn you more respect from your peers.
3. Make Better Product Recommendations
After completing the course, you’ll not only have a better understanding of risk, but you’ll also be better equipped to make product recommendations to clients. And you’ll have a greater understanding of industry-specific insurance needs.
The information you learn will give you greater insight into your clients’ risk profiles and the solutions available on the market. You’ll have enhanced knowledge about commercial auto coverage, commercial property coverage, and how to use additional coverage forms.
If you’re considering the PRC to inform your product recommendations, the CIC may be of interest to you as well.
4. Stay Ahead of the Market by Understanding Risks
Many brokers take a very reactive view of risk and only assess it and look for solutions after an incident has happened. As a PRC, you’ll learn to identify emerging risks and how they impact both your business and your clients.
5. Opt into Specializations with Elective Courses
When you obtain your PRC designation, you can broaden your client base and improve your marketing opportunities by taking advantage of the elective courses. These electives give you a chance to broaden your skills in the following areas:
- Captive Insurance Fundamentals
- Cyber Risk Fundamentals
- Surplus Lines Fundamentals
- International Insurance Fundamentals
These electives will help you become a more knowledgeable, well-rounded broker.
The Bottom Line
Continuing insurance education is the best way to ensure you’re offering the best service to your clients. Obtaining your PRC designation will help you do just that, and it can give you the confidence you need to achieve additional training in the future.
The PRC is best for commercial producers with three years of experience in the insurance industry. Obtaining this certification will expand your knowledge of risk and how to help your clients prevent it. You can visit the Institutes website to learn more about whether you’re the right fit for this program and explore others like the CPCU.