Rising stars of the insurance broking profession have called for the regulator to make it mandatory to have qualifications to advise clients on coverage.
The CII’s New Generation Insurance Broking Group for 2021 has published a report stating that a knowledge gap exists in the broking profession, which is resulting in many customers not receiving the highest level of professional advice.
The group reached the conclusion that mandatory qualification requirements or minimum number of years’ experience should be introduced for insurance brokers after conducting a survey of consumers and new talent in the profession.
A poll of 84 people who purchase insurance, conducted through online surveys in 2021, found:
- 45% felt that knowledge of staff was the most important factor when choosing an insurance broker, ahead of price
- 70% of respondents thought a professional insurance qualification was the minimum requirement already in place for an insurance broker
- 41% of respondents believed that accredited qualifications relevant to insurance were the most important measurement of staff knowledge.
The New Generation Group’s report comes after the CII’s Shaping the future together consultation, which proposed creating a new voluntary standard of certification that embraces both technical knowledge and professional ethics.
Six out of 10 UK-based insurance and personal finance participants felt certification has the potential to enhance professionalism and provide assurance for employers and the public.