CII launched chartered MGA title to ‘change perceptions’
The Chartered Insurance Institute (CII) has launched the ‘chartered insurance underwriting agent’ title, a new chartered title for managing general agents (MGA), at Lloyd’s of London yesterday (March 2 February).
The status will enable employers to display their ethical commitments more clearly as well as publicly highlighting that they value professionalism, CII said.
Steve Jenkins, development director at CII, also said the title represented an important move in attracting fresh, young talent into the sector.
Peter Staddon, managing director at the Managing General Agents' Association (MGAA) said: “[By gaining the title] a chartered firm is making a public statement about what it believes is the right thing to do. And the more organisations that do this, the more chance we have of changing perceptions [of the industry].”
To gain the chartered title, individuals must hold the advanced diploma in insurance, be a member of the CII and have at least five years sector experience.
Staddon said this change in perception will resonate across the globe in both developed and emerging markets. “I’m a believer that now Brexit is done, in three or four years we’re going to see a lot of European insurers set up MGAs here in the UK.”
Jenkins added that CII figures showed that 90 percent of chartered firms have seen an enhanced perception of the sector from prospective staff.
“Historically the sector has struggled with the issue of how it attracts new talent into the insurance industry. But, if the sector is able to paint a better picture about what it stands for in terms of its ethics, then I feel it will have better results in attracting young people. It’s all about how firms present themselves to younger talent,” Jenkins told Intelligent Insurer.
Jenkins also spoke about the accessibility of the chartered title. “You should not make it too accessible nor should you make it inaccessible. Making it inaccessible would create a very small elite and that is not in the public interest,” he said.
Sian Fisher, CEO of CII, said: “MGAs 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.”
Jenkins concluded: “Slowly but surely we will move from being an industry to being a profession and in an uncertain world I think people will respond positively to that.”
