CII launches Chartered title for managing general agents

The professional body today (2 March) launched the Chartered Insurance Underwriting Agent title as part of the CII’s Royal Charter requirement to secure and justify the confidence of the public.

The new title gives MGAs a professional pathway to Chartered status. Chartered status is a public commitment to standards of professionalism and an ethical approach.

To ensure the Chartered titles remain modern and relevant, the CII decided to launch the new title in recognition of managing general agents’ growing market presence, which according to the MGAA represents more than 10 per cent of the general insurance market’s premium. 

To hold the new Chartered title individuals must hold the Advanced Diploma in Insurance, be a member of the Chartered Insurance Institute and have at least five years’ sector experience.

Chartered membership currently costs £230 a year for individuals.

There is no cost to an individual to convert an existing Chartered title to the new title.

Sian Fisher, CEO of the Chartered Insurance Institute, said: “We must ensure our professional standards pathways are modern and relevant for as wide a range of individuals and firms working in the insurance and personal finance profession today as possible.

“Managing general agents have quickly grown to be a significant and important part of the profession. MGAs are taking responsibility to deliver an outcome for the consumer. MGAs need the same knowledge, expertise and to demonstrate the same commitment to professional standards as other segments of the insurance profession.

“We worked with the Managing General Agents' Association to develop a learning pathway that provides those working within that sector to gain and maintain the expertise needed to best serve consumers.”

Achieving this Chartered title for MGAs has been an important strategic objective for the Managing General Agents’ Association, reflecting its drive and commitment to promoting high levels of professional standards within the sector.

The association has worked closely with the CII throughout the process to ensure that this new designation is directly relevant to today’s MGA businesses.

Charles Manchester, Chair of the MGAA, said: “The development of the MGA sector highlights the increasingly important role that it plays in the insurance market. But with this growth comes the need to ensure the highest levels of professionalism and technical competence delivered to carriers and brokers.

“We are delighted to support the launch of this new Chartered title. The Chartered Insurance Underwriting Agent designation is an important step forward in the long-term success of MGAs and continuing relevance in the market. We call on all our members to consider investing in achieving the Chartered title to demonstrate that their businesses are at the forefront of the profession.”

ENDS