Emma Ann Hughes provides an update on findings from the CII Group’s Shaping the future together consultation and outlines the next steps
The CII Group’s Shaping the future together consultation aimed to give everybody the opportunity to engage with the professional body’s plans and strategy for the future.
Through the consultation, members and stakeholders provided the professional body – founded
125 years ago when local institutes came together to form the Federation of Insurance Institutes of Great Britain and Ireland – with a clear steer on the services and support they want to thrive professionally today.
There was consensus among members and stakeholders on the need for:
- Streamlined qualifications, modern assessment methods and the introduction of behavioural content, provided the focus on technical knowledge is not diluted.
- A focus on raising public trust in the profession through the promotion of professional standards and increasing confidence that member misconduct will be addressed.
- A common strategy and clear purpose (and objectives) agreed for societies, local institutes and regional committees.
- A governance and operating structure that achieves greater economies of scale.
- A Professional Map that provides individuals and firms, both large and small, with clarity around the competences required of a professional and what development support is available to address any gaps.
- The Personal Finance Society (PFS) to remain part of the CII Group, with greater collaboration between the boards and a new leader empowered to raise public trust in the profession.
Member feedback
The consultation, which ran from 15 October to 17 December 2021, sought feedback on the CII’s operating model and encouraged members and stakeholders to reflect on ways to ensure resources are managed and deployed effectively, to further the CII’s objective to raise public trust in the insurance and personal finance professions.
Members and stakeholders recognised local institutes and PFS regional committees as catering to local needs, building community and promoting professionalism.
Local institutes were seen by many of the insurance and personal finance participants who shared their feedback via the online consultation as being the “face of the CII”.
The main benefit of insurance membership societies was identified as the delivery of specialist content, although there were mixed views about the value and effectiveness of delivery.
There were calls for greater standardisation on what local institutes deliver, and a common strategy to drive an improved member experience and greater operational efficiencies.
As well as the online consultation, feedback to the consultation was received via a bespoke programme of consultation events that included: 47 local institute and PFS regional committee events, attended by 347 participants; and 15 consultation webinars, attended by 550 members.
Volunteers who lead our 56 local institutes, 26 PFS regional committees and five membership societies will again unite at this year’s Ambassadors in Action conference.
At the conference, which will take place in Birmingham on 17 May, local institutes, PFS regional committees and membership societies will be encouraged to reflect on ways we can work together to deliver our common purpose of securing and justifying the confidence of the public.
The conference, which will be held as a face-to-face event for the first time since the start of the Covid-19 pandemic, will also celebrate today’s local institute volunteers who have gone above and beyond in recent years to support members and make the CII a professional body worthy of a Royal Charter.
Next steps
Peter Blanc, president of the CII, will kick off the conference. He says: “The Shaping the future together consultation showed the value of coming together in friendly discourse to distil the lessons of the past, share experience of present challenges and develop insight into the future risks faced by the public.
“Our past shows that our strength as a profession comes from mutual respect between honourable rivals in business, maintaining ethical standards, plus the continued commitment to developing skills and knowledge for the benefit of the society we serve. That is why I look forward to sharing how the CII’s future strategy will be informed by your coming together last year to share views on how we can best support insurance and personal finance professionals, in order to raise public trust.”
In the coming months, the CII’s board will use the feedback received via the consultation to inform the next five-year strategy for our professional body, so that we build on the long and proud history that underpins our Royal Charter to “secure and justify the confidence of the public” in the insurance and personal finance profession.
The CII’s leadership team, working with a colleague group, will also seek to move quickly to begin prioritising and implementing those proposals for which the consultation has shown clear support from our members.
The CII aims to share more information on the areas for immediate action in the months ahead.
The PFS
The consultation also encouraged members and stakeholders to have their say to help shape the professional body’s strategy and relationship with the PFS.
The consultation sought feedback on the advantages and disadvantages in how the PFS and CII Group currently operate, and how the personal finance and insurance professions can work together to raise standards and secure public trust.
Feedback showed a preference for the PFS to remain part of the CII Group, with greater collaboration between the boards and a new leader empowered to raise public trust in the profession.
Economies of scale provided by a shared operational infrastructure, access to CII exams, Chartered titles, Statements of Professional Standing, continuing professional development from a renowned body – and delivering the particular services that PFS members are looking for – were all identified by financial planning professionals as reasons for remaining part of the CII Group.
You have been clear that you want the CII Group – societies, local institutes and regional committees – to work together
Sarah Lord, president of the PFS, says: “We remain focused on delivering the services that best meet the needs and expectations of our members, championing the value of professional advice and ensuring the best possible outcomes for clients.
“We also look forward to engaging with the Chartered Insurance Institute on common areas of interest, which include raising professional standards and improving public confidence and trust.”
Helen Phillips, chair of the CII, says: “Together, the boards of the CII and PFS will reflect on the views you have shared through this consultation, drawing on these to shape the future governance structure that delivers the economies of scale and the clear, shared purpose that you have told us you want.
“You have been clear that you want the CII Group – societies, local institutes and regional committees – to work together.
“As this consultation has shown, we are committed to engaging with our members, to understanding your needs and expectations so that we can best enable and empower you with the skills, knowledge and support you need to thrive professionally and help raise consumer confidence and trust in the insurance and financial planning professions.”
Our thanks go to everyone who shared their thoughts, needs and expectations by taking part in our Shaping the future together consultation, and we look forward to updating you further on how it will inform the CII’s strategy moving forwards.
Visit www.ciigroup.org/en/shaping-the-future to read a summary of the consultation’s findings.
Emma Ann Hughes is communications director of the CII
