Statement of personal achievement

Example 8 – Francis Franks, Pin No: 0010110100Z

Overview

Having worked in the Insurance industry for some time and on completion of my ACII, I was offered a managerial position at EST Insurance Brokers. As I had come from CBS Insurance, I was used to handling vast corporate accounts with all of their subsidiary companies. It proved to be an enormous challenge to grow a brokerage with a tiny client base and no corporate clients. Fortunately, having handled corporate clients my professional approach was very successful and a high growth percentage per annum was achieved. Prior to my departure from the company, the gross premium income was £4 million per annum and as the company had begun with a gross premium income of under £175,000, this was a sizeable growth. My responsibilities increased with the expansion of the business and my managerial skills were really put to the test and honed in this period.

Fellowship Plan

In order to further and strengthen my managerial knowledge, I needed to complete my FIISA as soon as possible. As we were required to specialise back then, I elected to take the Liability route as I felt that this was where I needed the most education. All except one subject were completed under the auspices of the CII. The CII learning programme in South Africa was then taken over by the IISA. I obtained a number of distinctions during my FCII and FIISA studies.

There were no changes to my Fellowship plan as I was fascinated by the Liability field and still remain intrigued by the facets of Liability Insurance. I completed my FIISA by means of this route.

Key Learning Points

Business Ethics which was written to convert my FIISA to a FCII cemented that which I had always believed and allowed me to make good judgemental calls. The company I had worked for was sold in 2000. In a small brokerage there are no peers and only education assists. I was offered a directorship of the new company which had numerous other brokerages, which I declined as I did not feel comfortable with their philosophies.

In 2001 I resigned to start my own brokerage with a colleague we had worked together since 1994.

The completion of all aspects of my Fellowship and in particular Business Ethics stood me in excellent stead in the foundation of my own company and we have striven at all times to uphold a very high standard of ethics and business practice. In the maintenance of this approach, I am continually drawing on the knowledge gleaned in my FIISA/FCII.

Another of the key philosophies of my company is ongoing training and I continually run training workshops, thus ensuring that not only are our staff trained to a high standard, but I am obliged to ensure that my own insurance knowledge is kept updated at all times.

Key skills and knowledge acquired

With the advent of FAIS, the Financial Services Act in 2004, pure skills without the relevant qualifications are no longer recognised or accepted. The requirements of FAIS are stringent and even the smallest insurance brokerage must be compliant. The “fit and proper” standard with regard to qualifications has now been implemented. As a result of my FIISA training, our brokerage was immediately declared “fit and proper” by the Financial Services Board.

As a result of many smaller brokerages not complying with the new FAIS regulations, we have been approached to take over several smaller brokerages and have taken over the running of those with the same business ethics and philosophies as ourselves.

I am confident in the knowledge and skills I have obtained with my FIISA and lecture regularly at the local insurance institute.

I have also recently acted as an “Expert Witness” for a broker who was accused of not having acted professionally. I have received a copy of the judgement handed down in this matter, it was favourable towards the abovementioned broker and the judge offered the plaintiff to pay all costs incurred.

I am called upon, on a regular basis, by insurers to check changes made to policy wordings and to provide critiques on these wordings.

Intentions for the future

Our brokerage has grown from strength to strength and we have managed to increase our turnover by 25% per annum since our inception. My FIISA status has been key to professional status and the management skills learned in the FIISA/FCII courses have been invaluable in the founding of my own brokerage and I continue to draw on these skills constantly.

The key elements of our brokerage and our business philosophy remain the constant training and encouragement of education in all our staff, and the implementation and maintenance of professional business ethics at all times.

As I believe in the basic tenets of the sharing of knowledge, I will continue to be involved with lecturing at our local insurance institute.

It is essential to guard against complacency with regards to one’s achievements and to this end, I intend to continue honing my skills by working in the industry and remaining involved in it, both for my personal and business development.

As insurance is such a vast and ever-changing field, there is always scope for acquiring additional knowledge. It is this market which I view as a personal challenge and shall continue to remain a part of this very exciting industry in the future.

Affirmative Action is a key aspect of International business at present and we strive to ensure that we maintain the correct demographics within our company in order to remain compliant at all times.

I perceive the time spent on lecturing, both to my own staff and the insurance institutes, my critiques on new policy wordings and the opinions which I am called on to give by my peers as part of my continuing professional development. The diversity of requests for assistance also ensures the maintenance of a diversity of insurance knowledge.