Society of Insurance Broking reveals 2022 challenges and opportunities

Society-of-Insurance-Broking-reveals-2022-challenges

The Society of Insurance Broking has revealed the challenges and opportunities facing the profession in the next 12 months.

Kevin Hancock, Chair of the Society of Insurance Broking and Managing Director of Yutree Insurance, said: “Looking to the year ahead, I believe the dominant theme for our profession will be ensuring that [clients’] cover and the sums insured are under regular review as labour and materials costs continue to increase.

“Alongside helping our clients cope with the ongoing impact of the pandemic and Brexit, we will need to review and refresh our product offerings so we meet the regulators [standards/requirements] around fair pricing and product governance. 

“As many brokers are seeing a hard market for the first time, our Society will continue to support brokers by producing a series of webinars and articles to help members explain market dynamics to their clients. We will also provide useful tips to insurance brokers on how to work with insurers and manage customers’ expectations.”

Mr Hancock said the Society would also focus on attracting fresh talent to the profession in 2022.

He noted: “We must do more to make insurance a more accessible degree-course, and to increase the availability and awareness of insurance apprenticeships, which are both excellent routes into our profession.

“There are many impressive apprenticeship training providers and in my firm we’ve benefitted first-hand with two of our valued team following this path into broking.”

Gill White, Chief Customer Officer of the Chartered Insurance Institute, said: “We are proud of the work we do with our partner universities and are committed to continuing this in 2022. Yet we must do more to attract the next generation.

“It is vital we all help young people understand the breadth and diversity of careers available to them in our profession, and where talent is at a premium we must reach out proactively. Enabling younger people to gain both a standard qualification, like a degree alongside professional qualifications increases their capabilities and sets them up for more immediate workplace success.

“The Chartered Insurance Institute launched the Aspire apprenticeship scheme in 2017 and to date has more than 500 registered firms on board offering structured training to apprentices to achieve the necessary qualifications and skills required to become a fully qualified financial adviser or insurance professional.

“We also look forward to the findings of our Shaping the future together consultation this year, which will help inform the CII’s learning, assessment and qualification member journeys in the future.”

Authored by The Chartered Insurance Institute

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About CII

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.

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