In a press release, the CII has confirmed that a group of ‘rising stars of the insurance broking profession’ have called for the FCA to introduce mandatory qualifications to advise clients on insurance coverage. The group concluded, after conducting a survey of consumers and newcomers to the profession, that mandatory qualification requirements or a minimum number of years’ experience should be introduced for insurance brokers, in a similar way to the requirements set by the Isle of Man Financial Services Authority.
A poll of 84 people who purchase insurance, conducted through online surveys in 2021 found:
- 45% felt that knowledge of staff was the most important factor when choosing an insurance broker, ahead of price.
- 70% of respondents thought a professional insurance qualification was the minimum requirement already in place for an insurance broker.
- 41% of respondents believed that accredited qualifications relevant to insurance were the most important measurement of staff knowledge.
A poll of followers of the London Insurance Life Instagram page conducted on 14th July 2021 revealed:
- 58% of respondents consider insurance as prestigious a profession as law or accountancy.
- 49% felt that mandatory qualification requirements would have made them more likely to want to join the sector.
- 54% said the perceived time commitments to completing mandatory qualifications were the biggest hurdle.
The new generation group’s report comes after the CII’s ‘Shaping the future together’ consultation, which encouraged members and stakeholders to help shape the professional body’s future strategy, and proposed creating a new voluntary standard of certification that embraced both technical knowledge and professional ethics. Six out of ten UK-based insurance and personal finance participants felt certification has the potential to enhance professionalism and provide assurance for employers and the public.
In the coming months, the CII’s Board will use consultation feedback to help inform the next five-year strategy of the professional body.
It should be noted that the details in the above press release are believed to be accurate, but the opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.