The first of the CII's new societies has come into being. Mark Hutchinson looks at what members in the broking sector can expect-¦
As part of our strategic manifesto commitment to become a more relevant and diverse professional body, we will shortly be launching the first of our new dedicated societies -- the Society of Insurance Broking.
In transitioning our faculty of insurance brokers into a society, the objective is to create a dedicated professional body for those working in the insurance broking sector, offering an enhanced member experience and better engagement for those working in the wider sector.
The Society Board, which will provide strategic direction, is comprised of broker practitioners and CII executives. We are delighted that Liz Foster, of Ingram Hawkins & Nock, has accepted the inaugural non-executive managing director role and that Kevin Hancock of Yutree Insurance will be the society's chair.
Exciting developments Ms Foster comments: "I am a passionate advocate for professional insurance brokers and I am delighted to be appointed the Society of Insurance Broking's first non-executive managing director. This is an exciting development in the evolution of the insurance broking sector and gives us the opportunity to address key issues to help ensure improved consumer outcomes and trust, by demonstrating the value of the service we provide."
The core objectives of the Society of Insurance Broking, aligned to the CII's Royal Charter commitment of engendering consumer confidence and trust, will be to raise professional standards through a focus on professional ethics and culture, good practice guidance, thought leadership and a dedicated programme of continuing professional development.
Society of Insurance Broking practitioner Board members
Paul Anscombe, Seventeen Group
Peter Blanc, Aston Lark Mark Crawford, Aon
Simon Keenan, Griffiths and Armour
Stephen Lark, Aston Lark
David McCallum, Brokerbility
Barry O'Neill, Home and Legacy Insurance Services
Steve White, British Insurance Brokers' Association James York, Worry+Peace
Specific needs Keith Richards, CII group managing director of engagement, comments: "This is a significant new development for the CII and recognises that, while we are all part of a united insurance profession, individual segments within our membership have specific needs from a professional standards perspective.
"Our sector-level regulatory engagement has already developed, with the FCA keen to work with our Society of Insurance Broking board to offer insights and guidance for the market."
Members perceive the CII's faculties as being too academically focused, with too little constructive output adding value to members, so societies will be a fundamentally different proposition. The focus will centre on delivering practical and business-relevant support and guidance to meet the career needs of professionals in each sector. There will be a two-way dialogue with government and regulators to improve good practice among those working in the sector and help improve outcomes for their customers.
The role of a professional body, as well as helping to ensure good consumer outcomes, is to support members in their ongoing career development, through and beyond professional qualification.
As well as a commitment to ethical behaviour and customer-centric culture, professional body membership provides access to quality and topical continuing professional development and skills training. Where professional qualifications demonstrate competence and help practitioners become professionals, ongoing professional body membership is focused on providing the tools to help members
It will also be an excellent opportunity to engage the wider sector; there are many people that work in insurance broking that do not currently see the relevance of CII qualifications and membership to their role, so through a society dedicated to their sector we want to reach out to them and show them the value and relevance of engaging with the professional body for their particular sector.
Existing broking faculty members, together with members who work in the insurance broking sector, will automatically be transitioned to become members of the new Society of Insurance Broking during September 2018.
Coming soon!We have been busy creating new CPD and good-practice content specifically for the insurance broking sector, so watch out for details of how to access it. From September, we will also begin rolling out a comprehensive programme of regular and topical CPD and thought leadership videos, webinars and articles.
Insurance Distribution Directive
Senior Managers and Certification Regime
Tracking, jamming and security
Four-part series -- 'The Future of Commercial Insurance Broking' Professional standards and the insurance profession
- Good practice guides
Dedicated societies will be launched for other sectors of the insurance profession during the coming months, including claims and underwriting, complimenting the existing Personal Finance Society and Society of Mortgage Professionals CII sub-brands.
For more information about the launch of the Society of Insurance Broking please visit www.sib.org.uk