19th July 2021
“Companies should invest in their people and their culture. Hire suitable candidates with adequate qualifications/experience and support them throughout so that they are competent and able to deliver adequate customer solutions.” – Chartered Insurance Institute (CII)’s 2018-19 Broking New Generation Group.
Last month, the Chartered Insurance Institute (CII)’s 2018-19 Broking New Generation Group issued a report on how the insurance sector can refocus its efforts to improve trust with its customers, particularly small and medium-sized enterprises (SMEs). Our Financial Services Coach, Natasha Hookings was one of four researchers looking into the trust climate across the insurance industry, the barriers to building trust and how insurance compares with other industries. We spoke to Natasha about the report findings and how offering apprenticeships is a great initiative to strengthen the trust that is needed within the insurance industry.
The report addresses trust in the insurance sector overall and specifically in relation to SMEs from a broking standpoint. It draws comparisons between other industries which have qualification entry requirements such as doctors, lawyers and accountants, and it found that people have less trust in the insurance sector.
A reason for why the trust climate across the insurance industry differs so much is linked to the lack of qualifications required to enter the industry. The report highlights that improving competency is key to sustain the industry’s workforce, and states: “A company’s reputation is built on its people and its professional qualifications”. Therefore, to improve the industry’s reputation and build trust, it needs more qualified people. Although enforcing such requirements in the insurance sector is costly and could limit or prolong recruitment potential, it will ensure a minimum level of knowledge in the sector. Qualifications are a measurable way of demonstrating knowledge, competence and skill which aids to build trust.
Apprenticeships is an excellent initiative to train the next generation of insurance professionals which can strengthen the workforce and help improve the reputation of the industry. They provide the necessary qualifications needed to help open doors for those entering the industry and helps skilled and experienced professionals top up their knowledge.
Apprenticeships provide valuable qualifications that build a more knowledgeable workforce on all levels. Reputation is complex but is formed in part by the people working within the sector. Qualifications gained from apprenticeships can strengthen the knowledge of individuals so they can aim to bridge the expectation gap and build trust. The insurance qualifications that apprentices receive helps to support the industry and benefit businesses as it strengthens the knowledge of the sector’s workforce and this is the first stepping stone to operating efficiently, gaining customer trust and business success.
For more information on how apprenticeships can help you develop you organisation’s talent for the future, please speak to our Director Carolyn Blunt, on Carolyn.Blunt@davies-group.com
This article was first published by You Talk Insurance Currently firms…
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