The CII is relaunching its Corporate Chartered proposition for the insurance and financial planning profession.
The proposition has been re-designed following extensive consultation with the profession, consumers and public bodies, to support the modern profession and its customers.
The refreshed Corporate Chartered proposition is built around a joint public commitment to professional standards from both the CII and Chartered firms. The Chartered ethos combines the shared commitments to nurturing knowledge, client centricity and serving society.
"The refreshed Corporate Chartered proposition is built around a joint public commitment to professional standards from both the CII and Chartered firms"
To bring this to life, the CII is focusing on five priorities:
1. ENHANCING THE VALUE
The CII will promote Chartered status to the public via an advertising campaign and provide a toolkit to firms to help them to promote Chartered status to their customers, staff and wider stakeholders. It will also develop induction materials to on-board new professionals within the framework of the Chartered ethos together
with ethical learning and assessment materials.
2. RELEVANCE TO CHANGING BUSINESS MODELS
The CII is making the criteria more reflective of the broad range of modern business models across the profession, so that all employer types can be included. For example, updating the definition of a 'division' and 'appropriate management team'.
The CII is also launching a new Chartered title to reflect the growth of the managing general agent (MGA) sector. At present, MGAs cannot meet the criteria to be a Chartered insurer or a Chartered broker, yet many are keen to support the ethos of Chartered. The CII plans to launch a new title of 'Chartered Insurance Underwriting Agent', subject to member vote.
3. APPLICATIONS AND RENEWALS
The CII is simplifying the application process, starting with the documentation; reducing the number of documents to be completed, and ensuring guidance and staff are available to support firms through the process. The CII will also move both the application and renewal process from paper to email, and plans over time to digitise the whole application and renewal process.
4. EFFECTIVE OVERSIGHT
The CII is changing the oversight arrangements to reduce unnecessary bureaucracy and to increase focus on public trust. The CII is not a regulator but must nevertheless exert effective oversight to maintain and strengthen the credibility of Corporate Chartered status to the benefit of participating firms and wider society. The renewal process will be the primary tool used by the CII to check information and verify compliance and the CII will produce a range of good practice guides to support firms through the process.
5. SOCIAL IMPACT
A focus on diversity and inclusion underpins the continuing relevance of the profession, but the CII recognises that practices will vary by firm size, type, location and many other factors. The CII will expand its criteria around 'core values and business practices' to encompass diversity and inclusion (D&I). This will be principles based, not rules based, so that it can be applied according to the situations of different firms.
Sian Fisher, CEO of the CII, said: "Those working in the insurance and financial planning profession play a vital role in supporting consumers, businesses and wider society as a whole, not only at the point of claim but throughout their lifetimes. It is my ambition that Chartered status achieves parity of esteem with other chartered professions and this refreshed proposition will help us get there.
"We have carried out an extensive consultation with the sector, consumers and public bodies on Corporate Chartered status to understand how we can make it more relevant to a modern profession in a modern world. As a result, we are investing in building awareness of what being Chartered means, so that consumers will understand what they are selecting when they choose Chartered and professionals will understand the Chartered ethos.
"We are living and working in a constantly changing world and the role of the insurance and financial planning profession is increasingly important to help safeguard the lives and livelihoods of our society. We are very excited to launch the new Corporate Chartered proposition and work with the profession as we move into this next phase."
For more details about the Corporate Chartered proposition and the consultation responses, please visit: www.cii.co.uk/membership/join-us/chartered/corporate-chartered/