Fellow, Life Management Institute (FLMI)

FLMI is training that consists of a 10-course professional developments program that focuses on an industry-specific education relating to insurance and financial industries. 

Further, it gives you broad business education in the context of the services industry. You will benefit from meaningful and focused learning outcomes for each of its three levels

The Fellow, Life Management Institute consists of three levels. First, Level 1 is a certification program that teaches basic information about insurance products. As a result, candidates can gain confidence in the industry and serve customers more effectively. 

Second, the Associate level (ALMI) teaches topics that are position-specific within the insurance industry. Therefore, they explain how core insurance functions work. Meanwhile, they also attempt to give candidates a better grasp of business and finance. 

Finally, the Fellow level (FLMI), is an advanced course in insurance and financial concepts that are essential to a career in the insurance industry. 

Establishment of FLMI

FLMI was established in 1932. FLMI became the first independent insurance and financial industry education organization to gain approval in over 100 jurisdictions. 

FLMI is also one of the founding members of INSME (Insurance and Financial Management Education), an international association dedicated to academic excellence in the insurance and finance industries. 

This education program is administered by the Life Office Management Association (LOMA) and the American College (AC). FLMI is affiliated with both associations. FLMI, ALMI, and FLMI are registered trademarks of the AC. 

Three Levels of FLMI

The FLMI program teaches advanced insurance and financial concepts to build a deeper understanding of the insurance business. The FLMI program consists of three levels:

  • FLMI Level I: Insurance Fundamentals

This level provides need-to-know information about insurance products and operations so employees quickly gain confidence, serve the customer effectively, and contribute to company success.

  • Associate, Life Management Institute (ALMI)

The ALMI provides job-relevant knowledge about the core insurance functions and strengthens business and financial acumen.

  • Fellow, Life Management Institute (FLMI)

The five FLMI-level courses cover “big picture” business topics important to insurance professionals and managers. In general, these courses also cover quantitative and financial concepts in greater depth. 

Courses Available on Fellow, Life Management Institute Program

FLMI Level I

1. LOMA 280: Principles of Insurance or LOMA 281

Meeting Customer Needs with Insurance and Annuities Introduces basic insurance concepts and provides an overview of life insurance products. 

2. LOMA 290: Insurance Company Operations or LOMA 291: Improving the Bottom Line: Insurance Company Operations 

Provides an overview of insurance company formation, structure, and functional areas, and describes how various departments operate together to enhance the complete customer experience.

FLMI Level II

1. LOMA 301: Insurance Administration or LOMA 302: Lifecycle of a Policy: Insurance Administration 

Presents a broad overview of insurance product administration, focusing on underwriting, reinsurance, claims, and customer service. 

2. LOMA 307: Business and Financial Concepts for Insurance Professionals or LOMA 308: The Business of Insurance: Applying Financial Concepts 

Explains financial concepts and financial terminology that all industry employees should understand and relates those concepts and terms to insurance operations and profitability. 

3. LOMA 320: Insurance Marketing or LOMA 321: Insurance Marketing: Connecting with Customers 

Reviews the various elements involved in selling insurance products and the functions of marketing as integral aspects of the life insurance industry.

FLMI Level III

1. LOMA 311: Business Law for Insurance Professionals 

Provides an overview of business laws and industry regulations that affect insurance companies, products, and operations. 

2. LOMA 335: Operational Excellence for Insurance Professionals 

Explains how to deliver greater value to customers and increase operational efficiency, with a focus on motivating and leading people, improving business processes and project management, and engaging in effective and innovative decision-making. 

3. LOMA 357: Institutional Investing: Principles and Practices 

Introduces fundamental investing concepts and the “why” and “how” of institutional investing and explains the impact of investing on company operations and overall financial well-being. 

4. LOMA 361: Accounting and Financial Reporting in Life Insurance Companies 

Presents key financial and management accounting concepts that non-accountants need to know to improve performance management and decision-making across the entire company.

5. LOMA 371: Risk Management and Product Development for Life Insurance Companies 

Explains the risks faced by companies, the entire product development process (including technical design), and how risk management and product development functions are interconnected.

Who Benefits From FLMI?

The FLMI courses benefit current and future employees, managers, and leaders in the insurance industry. 

FLMI trains insurance professionals to better equip them for their roles as business partners working with clients and company stakeholders to improve company performance. 

FLMI also benefits aspiring members of the insurance profession by providing a foundation of essential knowledge, principles, concepts, and skills to equip them to pursue the FLMI designation.

FLMI complements FLMI courses can help students branch out by adding industry-specific knowledge and skills that will advance their careers. 

The FLMI designation is a non-credit designation that adds a level of distinction to a career in insurance, providing proof that a successful individual possesses relevant knowledge and possesses the skills to move forward in their careers. 

FLMI is open to all who are interested, not just employees of insurance companies. FLMI provides a foundation for future growth, enabling more opportunities for advancement or new career paths. the needs of stakeholders

FLMI training gives individuals who have not yet found what they are looking for more direction on how to achieve their goals.

The Bottom Line 

FLMI courses increase the depth and breadth of FLMI candidates’ knowledge, skills, and abilities. FLMI provides a recognized standard for demonstrating talent to employers, leading to greater success within life insurance companies. 

It provides a foundation of knowledge that can transfer across roles for life insurance professionals who are looking to take their career to the next level or branch out into another area of life insurance. 

FLMI gives ambitious insurance professionals the knowledge and skills they need to stand out in their current roles or open up new opportunities.

FLMI is a 10-course program that provides the foundation for insurance professionals to improve company performance. FLMI courses focus on training “business partners” to lead projects, produce results, and meet or exceed customers’ expectations.
FLMI is open to all who are interested, not just employees of insurance companies. FLMI provides a foundation for future growth, enabling more opportunities for advancement or new career paths.
FLMI courses increase the depth and breadth of FLMI candidates’ knowledge, skills, and abilities. FLMI provides a recognized standard for demonstrating talent to employers, leading to greater success within life insurance companies.
FLMI benefits aspiring members of the insurance profession by providing a foundation of essential knowledge, principles, concepts, and skills to equip them to pursue the FLMI designation.
There are 10 FLMI core courses. FLMI offers electives that include four other courses and an industry-specific course, each available online or in person.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.