The Society of Insurance Broking (SIB) has revealed the opportunities and challenges facing the profession in the next 12 months – and what it can do now for the long-term.
Kevin Hancock, chair of SIB and managing director of Yutree Insurance, said the primary concern for the profession will be ensuring that client cover and sums insured are under regular review amid increasing labour and material costs.
“Alongside helping our clients cope with the ongoing impact of the pandemic and Brexit, we will need to review and refresh our product offerings so we meet the regulators [standards] around fair pricing and product governance,” Hancock said
SIB will also continue to provide a series of webinars and articles to help its brokers navigate the current economic and political landscape.
Moreover, Hancock believes in the importance of investing in the future. As part of its efforts to bring fresh talent to the profession, SIB will take more significant steps to ensure that available opportunities such as apprenticeships are taken advantage of.
“We must do more to make insurance a more accessible degree-course, and to increase the availability and awareness of insurance apprenticeships, which are both excellent routes into our profession,” Hancock said. “There are many impressive apprenticeship training providers, and in my firm, we’ve benefitted firsthand with two of our valued team following this path into broking.”
Among these programs is the Aspire apprenticeship, launched by the Chartered Insurance Institute (CII) in 2017. CII has trained over 500 firms with the skills needed to be a fully qualified financial adviser or insurance professional.
Gill White, chief customer officer of CII, shared Hancock’s sentiments, saying a more proactive approach is necessary to elevate the broker scene in the years to come.
“It is vital we all help young people understand the breadth and diversity of careers available to them in our profession, and where talent is at a premium, we must reach out proactively,” White said. “Enabling younger people to gain both a standard qualification, like a degree alongside professional qualifications, increases their capabilities and sets them up for more immediate workplace success.”