The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability. With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.
Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).
Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.
CII responds to the Government’s industrial strategy
The CII (Chartered Insurance Institute) has welcomed the Government’s industrial strategy. The Government’s aim is to increase productivity and growth through the use of technologies such as artificial intelligence. This, in turn, should stimulate demand and lead to the creation of more jobs.
However, the strategy comes with two key risks:
- Improvements in efficiency can result in lower standards of service and protection for customers if they are not managed properly.
- Increased efficiency can lead to higher unemployment or stagnant wages, as higher productivity reduces demand for workers with traditional skills.
Matthew Connell, Director of Policy at the Chartered Insurance Institute, said:
‘Professionalism can overcome the risks involved in the industrial strategy.
‘It can enable us to protect consumers from the potential downsides of improved efficiency. For example, in can help us develop new forms of governance around the use of artificial intelligence to ensure that decisions taken by machines are fair and reasonable.
‘Professionalism can help people adapt to a changing economy through initiatives like apprenticeships, new qualifications and evolving professional standards. This puts UK workers in a strong position to compete for high-quality jobs.
‘Finally, and most importantly, professionalism promotes a greater focus on consumers, which in turn will help firms create new products and services that are relevant to consumers’ needs. A better focus on consumers can lead to new products from cyber insurance to pet insurance, and new services tailored to meet the needs of vulnerable consumers in an ageing population. This will ensure the wealth that comes with greater productivity gets spent on better products and services and creates high quality jobs.’
More information about the strategy here: https://www.gov.uk/government/topical-events/the-uks-industrial-strategy
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