Mark Hutchinson explains the launch of a new Chartered title -- insurance underwriting agent
As we all know, the insurance sector is evolving at a rapid rate. As with all sectors, technology is driving efficiencies and creating new opportunities. Artificial intelligence and machine learning are no longer about the future but are driving ethical dilemmas for society now. Along with driverless cars, drones and a multitude of other developments, the very nature of risk is changing. Add the continued onslaught of terrorism and the realities and potential impact of climate change, and there is no question that our world is changing -- and fast.
Our sector will continue to evolve and as it does, so too will the organisations and job roles that fulfil the vital functions of a modern insurance market. During the past decade, the emergence of managing general agents as a distinct business model with specialist roles and expertise is one example. To recognise this fast-growing sub-sector of the insurance landscape, the Privy Council has granted the CII approval to award the new Chartered insurance underwriting agent title to qualifying individual members and firms.
Sian Fisher, CEO of the CII, welcomed the new title: "Our core purpose at the CII is to build public trust and Chartered is already an established indicator of professional standards. As the professional body for the insurance sector, it is essential that we evolve with the market and help members with advanced and specialist knowledge to demonstrate their achievements. For individuals and firms, Chartered status is very much an ethos that represents a shared public declaration of professional standards."
To obtain the title as an individual, members must pass the Advanced Diploma in Insurance, a Level 6 qualification with a recommended study pathway that includes core qualification units together with specialist units in Advanced Underwriting and Delegated Authority. Firms looking to acquire the new Chartered insurance underwriting agent title must have a holder of the new title on the board, while the whole board plus 90% of staff involved in the underwriting function, or impacting customer outcomes, must be members.
For individuals and firms, Chartered status is very much an ethos that represents a shared public declaration of professional standards
Peter Staddon, managing director of the Managing General Agents Association, commented: "We wholeheartedly welcome this exciting new Chartered title for individuals and firms. MGAs are an important, established and fast-growing sector of the UK insurance market, responsible for underwriting more than 10% of the UK's £47bn general insurance market premiums. It is essential that we quickly establish professional recognition and trust among our customers and Chartered status will go a long way in helping us to achieve this."
Members who are working in the MGA sector and currently hold an individual Chartered title with the CII, such as Chartered insurer or Chartered insurance practitioner, can switch to the new title with immediate effect, at no additional cost.
MARK OF TRUST
Achieving Chartered status takes commitment. Those who succeed are among the top professionals within their field. Chartered not only demonstrates specialist knowledge but delivers parity of esteem with other professionals and is acknowledged as a mark of trust by consumers.
For further information about the new Chartered title and the Advanced Diploma in Insurance, visit: cii.co.uk/membership/join-us/chartered
Mark Hutchinson is societies and member marketing director of the CII