You don’t have to be chartered to work here, but …

Knowledge: survey

The importance of industry qualifications received a mixed response from insurance brokers. Just 16% of respondents think it is essential for individuals to have chartered status, while 37% say qualifications are quite important. Nearly a third, 31%, claim it makes no difference, and 16% believe it depends on the area of business.

Brokers say HR staff, when seeking new recruits, and commercial lines insurers value professional qualifications the most, while 75% of respondents say that consumers are largely unaware of whether or not a firm has chartered status.

Hastings Direct HR manager Nick Quant says: “I regard the industry qualifications as good to have, but not essential. I wouldn’t hire or not hire someone based purely on an industry qualification. They’re great as a career development method for staff who are keen to improve and become a professional in the industry, but when I’m looking to hire somebody it’s not always the one with the qualification that nails the interview. It’s great on paper, but you need to see that applied practically.

“The part of the business where everyone is professionally qualified is in our insurer liaison department. We want the heavy-hitters to be dealing with our panel of insurers, so not only are they professionals, but they have experience and industry knowledge as well. If we don’t get that right, then that’s a serious risk to our business.”

Brokers also demonstrated their dissatisfaction with pay levels as a force for bringing in fresh blood, with 72% saying that salaries are not competitive enough to bring in and retain top talent. Quant adds: “You have to recognise talented individuals through remuneration, but also sitting down with them, mapping their career and making sure you know where they want to be so you can help make that happen.”

Views from the brokers

What is the biggest challenge for brokers in staying up-to-date with training and obtaining qualifications?

‘Allowing enough time for study. Our jobs are highly pressurised, so it’s difficult to study on top of the day job’

‘Not having a mandatory industry standard. Many larger brokers have training structures, but it’s a drain on resources for smaller brokers’

‘The cost of study, if not met by employers, can be a barrier, and so can regulatory confusion and time commitment’

‘Unnecessary regulation imposed by politicians that do not understand the industry - regulation should be made simple and assessment more consistent and specific’

‘Finding time and reliable training suppliers’

‘It does require a commitment of time and money, but it’s an investment that will be worthwhile for the long-term future of the broker’

‘The cost of implementing new training systems and loss of experienced trainers’