"If we truly want to put the customer first, we must make our sector a profession by introducing mandatory qualification requirements and attract the best talent."
In some areas, including the Isle of Man, insurance professionals are required to have qualifications or a minimum number of years’ experience, which the group said would 'improve the image and professionalism of the sector hugely'.
In a survey UK-based insurance and personal finance participants, 60% felt certification had the potential to enhance professionalism and provide assurance for employers and the public.
A online poll of consumers in 2021 showed that almost half (45%) felt that an insurance broker's knowledge - not their fees - was the most important factor when choosing who to use to buy a policy, and 70% of respondents thought a professional insurance qualification was already a requirement for an insurance broker.
In the coming months the CII’s Board will use consultation feedback to help inform the next five-year strategy of the professional body.
Emily Kenna (Director of Sense Risk Solutions), a member of the Chartered Insurance Institute’s New Generation Insurance Broking Group for 2021, said:
“Customer-facing broking staff who join the sector generally enter in at the deep end and are required to provide detailed advice to customers, with little to no academic grounding in insurance. This presents many issues from a professional indemnity aspect as well as reducing the quality of service that customers receive.
“If we truly want to put the customer first, we must make our sector a profession by introducing mandatory qualification requirements and attract the best talent.”
Peter Blanc, CEO of Aston Lark and President of the Chartered Insurance Institute, said:
“Nothing beats experience, but qualifications should be the basis for building that experience. Certificate-level qualifications as a minimum for all staff would be my recommendation. It would improve the image and professionalism of the sector hugely.
“We will end up with better quality of staff if everyone has to attain a basic level of qualification in order to be able to help customers.”