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Insurance professionals identify skills and knowledge gap

Publication date:

24 January 2022

Last updated:

24 January 2022

Author(s):

Chartered Insurance Institute

Three out of 10 insurance professionals feel gaining the right skills and knowledge to best serve customers is the biggest challenge they face in the year ahead.

A total of 280 insurance professionals told the Chartered Insurance Institute getting to grips with emerging risks, such as cyber, climate change causing more frequent weather catastrophes, plus Covid and Brexit causing business interruption, is the greatest hurdle they face at work in 2022.

A social media poll of 975 Chartered Insurance Institute members conducted in December found one in five feel regulation, such as changes to product pricing practices, will be the most significant obstacle they need to overcome in the next 12 months.

Roughly a quarter of those polled identified getting used to hybrid working as the greatest challenge they face in their careers this year.

Gill White, Chief Customer Officer of the Chartered Insurance Institute, said: “We are aware of the swift pace of change in the insurance profession and have already worked with partners to produce qualifications and learning material for data science, climate risk and product simplification in the last 12 months based on what our members have identified as a knowledge gap.

“We are committed to making it easier for insurance professionals to identify the learning pathway best suited for them and sought their feedback on our plans to make our qualifications, CPD and support tools more relevant and effective via our Shaping the future together consultation.

“We have proposed a combination of educational best practice, learner feedback and application of the Professional Map; which details the knowledge skills and behaviours needed for different roles at different experience levels.

“I look forward to sharing more information about how we will assist professionals to target their sector-specific skills and develop the behaviours they need to best serve customers as well as apply technical knowledge in the months ahead.”

The Chartered Insurance Institute’s Shaping the future together consultation encouraged members to share their views on proposals for how the CII will work.

The CII will share the findings of the consultation and how it will help shape the group’s strategy this year.

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.