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CII relaunches Corporate Chartered proposition

News

Publication date:

01 May 2019

Last updated:

15 May 2019

Author(s):

Chartered Insurance Institute

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.

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.

  1. 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 insurance 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.

  1. 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 digitalise the whole application and renewal process.

  1. 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.

  1. 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.

For more details about the Corporate Chartered proposition and the consultation responses, please visit: www.cii.co.uk/membership/join-us/chartered/corporate-chartered/

This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.

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