CPCU® 550 Exam: Most Important Topics

In this blog, we are breaking down the most important topics of the CPCU® 550 exam (so you know what to study). We will detail exactly what you should focus on when studying to pass this exam. The information in this blog post comes directly from our CPCU® 550 Online Course.

CPCU® 550 Exam Topics

The CPCU® 550  exam is all about data, data science, and technology. Here is an outline of the chapters covered in our CPCU® 550 Online Course:

  • Section I: Data
  • Section II: Data Analytics
  • Section III: Insurance Analytics
  • Section IV: Technology
  • Section V: Risk Analysis
  • Section VI: Data Management

As you can see, every chapter is about data, analytics, and technology. A majority of the questions on this exam will be based on data science tactics and how data science techniques can be applied to the insurance industry. The main topics covered in this exam include big data, data mining, data modeling, data use in the insurance industry, risk analysis, and technologies (such as artificial intelligence and telematics). These questions will require you to fully understand the job of a data scientist and how various techniques can help to improve the analytics of an insurance company.

As a high-level overview, these are some of the topics covered on the CPCU® 550  exam:

  • Big data types, characteristics, and sources.
  • Data Science.
  • Data mining.
  • Data analytics.
  • Data-driven decision making.
  • Data modeling techniques and types.
  • Predictive model training, evaluation, and performance.
  • Data analytics in the insurance industry (underwriting, claims, IT, and marketing departments).
  • Technologies such as smart products, AI, computer vision, internet of things, and sensors.
  • Analyzing risk and workplace accidents.
  • Probability.
  • Data quality.
  • Data management.
  • Data ethics.
  • Data privacy.

CPCU® 550 Most Important Topics

Luckily, the CPCU® 550 is not a very difficult exam. In fact, we rank it as the second easiest of the CPCU® exams. But don’t get me wrong, that does NOT mean this exam is easy. All CPCU® exams are difficult. On average, one out of every four will fail the exam. There is a lot of content you will need to memorize to pass this exam.

In our opinion, there are three critically important topics that you need to know to pass the CPCU® 550 exam:

  • Modeling – including data model characteristics, data model types, evaluating data models, data mining, predictive models, and how each can assist in data-driven decision-making in the insurance industry.
  • Technologies – Section IV of the CPCU® 550 course is all about technologies used in the risk management and insurance industries. This includes smart products and technologies such as Artificial intelligence, the Internet of Things, Computer Vision, deep learning, sensors, and telematics. Understand each technology, how it is used, and how it can be applied throughout the risk management industry. Particularly how they can be used to reduce risk in the industries of catastrophe tracking, construction, employee safety, property rental, shipping, and supply chain.
  • Risk Analysis – including workplace accident prevention techniques and the methods an organization can use to analyze accidents (root cause analysis, change analysis, energy transfer theory, job safety analysis, sequence of events, and technique of operations). You should also understand probability, and how this ties into risk analysis to prevent accidents.

We have found that these are important topics that may be on your exam in the form of a scenario-based question.

You can see an example of how these are worked into a scenario-based question in our CPCU® 550 Practice Exam Questions Blog.

Free Practice Exam

Ready to get started studying? We’re here to help (for free). Download our free CPCU® 550 practice exams to get a feel for the type of questions you will see on the exam.

Download: Free Practice Exam (CPCU® | ARM™ | AINS™ | API™)

More Information

For more information about the CPCU® 550 exam, check out some of our other free resources:

Disclaimer

Remember, every CPCU® exam is different. No single exam is the same. Be sure to study ALL topics (not just our recommendation). This resource is intended to provide you with a general idea of where your focus should be. Make sure to thoroughly study every topic of this exam.

Difficulty rank, importance rank, and the advice provided in this resource are solely the opinion of AssociatePI. This resource is intended to provide you with a general idea of where your focus should be. Each exam administered by The Institutes is different. AssociatePI is not affiliated with The Institutes or involved in the exam writing process. Please be sure to thoroughly study every chapter and every topic of this course.

CPCU® exams are administered by the American Institute for Chartered Property Casualty Underwriters (“The Institutes”). AssociatePI does not administer the actual exams, we are an independent resource of free content, advice, and study material for professional insurance education. This blog is intended for informational purposes only, to inform prospective students of the benefit of the CPCU® designation.

CPCU® and API are trademarks of the American Institute for Chartered Property Casualty Underwriters (“The Institutes”). AssociatePI LLC is not affiliated with, associated with, endorsed by or otherwise supported or recognized by The Institutes in any way. AssociatePI LLC is not authorized by The Institutes to offer courses, practice examinations, or any other resources related to the Institutes’ designations or other programs.

For further information, please email contact@associatepi.com.

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