value of CPCU or LOMA (FLMI, etc) certs?

Discussion in 'Horn Network' started by CleverNickname, Apr 11, 2008.

  1. CleverNickname

    CleverNickname 500+ Posts

    The CPCU is P&C related, although it covers a lot of general underwriting issues as well, and the LOMA courses are generally for Life/Health. Do either of these have the cachet in the insurance/financial industry to be worth the effort?
     
  2. Titan

    Titan 100+ Posts

    Obtaining a CPCU designation is worth it. I know a few folks that have it and they said the test was hard as hell, but they received a significant pay increase and it opens up a lot of doors if you choose to look outside your current company.

    I have a P&C now, I'm debating on whether I want to try for the CPCU and get back in insurance. My current employer is under "strategic assessment" and will probably be sold in the next 6 months.
     
  3. HatDaddy

    HatDaddy 1,000+ Posts

    CPCU is definitely worth it in the insurance ranks. More on the Operations/Management side that on the agency/sales side.
    I've started working on my ChFC in case I finally decide to do my own agency.

    Stuff bores me to tears though.
     
  4. orangecat

    orangecat 1,000+ Posts

    Anybody know anything about LOMA? My wife is an hourly customer service phone answering person, but the company seems pretty interested in LOMA. They pay her $50 every time she passes one of their tests. Over the past 5 years, she has probably passed at least 7 of these tests, and can put some letters behind her name, not exactly sure what they are.
     
  5. orangecat

    orangecat 1,000+ Posts

    My wife has finished a milestone on the LOMA certificate path. She is now certified a PCS(Professional Customer Service). Doesn't mean a thing as far as I can tell for promotions, but, she got a nice big $150 check for finishing this one.

    I just wish I knew if there was any company that valued the LOMA thing. She seems to study quite a bit for each test.
     
  6. CleverNickname

    CleverNickname 500+ Posts

    I'm not sure where you are at, but I would think a LOMA cert would get her a low paying (30s?) but very family friendly full time job at the state Department of Insurance. Flex time and/or telecommuting options would make it a perfect job for a secondary income in a two parent home. A LOMA cert seems like it definitely would have some value as some kind of claims handler, contracts manager or whatnot at a life or health insurance company.
     
  7. orangotango

    orangotango 25+ Posts

    I've taken a fair number of LOMA test and personally find them pretty useless. I haven't had to study for any of them yet. I take 6-7 at a time just to get the certs.

    The reason I take them is that I'm currently working in an insurance company and this is an industry that thing they are different (they aren't) and the long-timers hold it against newer people that they aren't 'insurance people'. The certificates, particularly the FLMI, seem to quite them up a bit.

    It would also help, a fair amount if you were looking for a job in the industry or if you didn't have a 'real' degree and wanted to move up in the industry. Having said that, I don't think there are many places that will move you up because you get one and also I believe they will have little impact to anyone in the professional ranks.
     

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