IT Pack, brought to you by Insurance Times and Aviva, recognises that young brokers gaining professional qualifications is helping to raise the profile and standards of insurance broking in the UK
The 2012 IT Pack competition is now well under way, with Insurance Times and Aviva standing behind young UK brokers and searching for the industry’s rising stars.
This month, Insurance Times looks at the issue of professional qualifications and their importance for young brokers, including the path to gaining chartered status.
The Chartered Insurance Institute (CII) is the body that deals with insurance qualifications. It offers chartered status to individuals and firms, with the intention being that achieving this status is a hallmark of professionalism.
For general insurance brokers, the CII offers several levels of qualification, starting at ‘award’, then moving up through ‘certificate’ to ‘diploma’ and ‘advanced diploma’.
We know that brokers are more keen than ever to develop and up-skill their staff”
Nick Burrows, Aviva
The highest level involves completing the CII’s fellowship programme to gain Fellow of the Chartered Insurance Institute (FCII) status.
Young brokers can pick and choose different modules from the CII, and need to earn enough credits to pass each level. The course is generally paid for by the employer.
A sound investment
So what are the benefits of professional qualifications, and is it worth the time and money?
Biba technical services manager Steve Foulsham says yes to both, arguing that many brokers now expect their staff to get some sort of professional training.
But Foulsham believes there is often an extra sweetener for young brokers, aside from getting the qualifications themselves. He says:”Many employers would take the view that there would be a cash incentive at the end of it.”
Aviva’s head of propositions and marketing Nick Burrows says: “We know that brokers are more keen than ever to develop and up-skill their staff. So Aviva has revamped its Learning and Development Zone, giving up-and-coming brokers easy access to personaldevelopment and learning tools.”
Meanwhile, CII statistics show that 76% of chartered brokers have found that the qualification has improved their image to existing clients, while 50% had won new business as a result.
Biba offers a CII-backed qualification called Broker Assess, a website that gives easy access to broker training.
Foulsham says that another benefit of professional training is that it gives brokers a benchmark that elevates them to the same level as other service industries, such as law firms, in the eyes of their clients.
“If we want to set ourselves up like the legal profession as a trusted adviser, we need to play that same game,” he says.
Romero Insurance Brokers managing director Simon Mabb says that having chartered status for staff and brokers has become more important in recent years.
He says: “I think it’s the recognition of being at the top of your profession.”
He adds, however, that the CII should do more to educate the public about the benefits of buying insurance through a chartered broker.
The IT Pack challenge
Brokers taking part in the IT Pack this year can look forward to an exciting and challenging process designed to select the best for the grand finale. The finalists will be entered into a challenge designed to test the IT Packers’ teamwork and leadership skills.
This year’s winner will bag £1,000 worth of vouchers, the chance to write a column for Insurance Times and the prestigious IT Pack Member of the Year Award at the Insurance Times Awards 2012 in December.
Click here to read the Insurance Times career doctor tips and advice for young brokers.
Professional qualifications benefit both staff and business performance
Ravenhall Risk Solutions founder and director Neil Grimshaw (pictured) says that having chartered status has given his staff and his firm several advantages.
He says one benefit is that customers respect chartered status, and it has helped Ravenhall staff win business. But he adds that professional qualifications go much further than that.
“Certainly we use it in all of our marketing literature, but it’s not just a sales gimmick to us, it’s a culture,” he says. “You go out in this world and we have all kinds of chartered organisations. I’m certainly of the mindset that to be a chartered broker is the gold standard.”
Grimshaw adds that most of Ravenhall’s broking staff have CII qualifications, as well as the firm itself being chartered.
He says that because Ravenhall is only six years old, having chartered status has proved to naysayers that the firm’s staff are professional and capable.
“There’s only about 80-odd brokers in the country that are chartered,” Grimshaw says.
He also believes that broking qualifications could become an official requirement in the future. “At some point our friends in Europe or the Financial Conduct Authority will turn around and say: ‘There needs to be a minimum standard of professional qualifications in the UK.’”
Talking points …
● Have brokers become more willing to pay for younger staff members to take examinations from the CII?
● How many brokers’ commercial clients know what chartered broking status entails and the benefits of buying through a chartered broker?
● What part does chartered status have to play in raising the profile and reputation of insurance broking?
Here’s how to send us your IT Pack entry
The IT Pack is open to all young brokers, who can either apply directly (goo.gl/7ldyl) or be nominated by their boss (goo.gl/PDRQT).
Entrants need to list their proudest achievement, discuss what they think are the big industry issues and attach their CV.
Video entries are also encouraged.
www.insurancetimes.co.uk/home/the-it-pack
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