PIB’s Steve Redgwell considers the need for mandatory broker qualifications

Research from Consumer Intelligence recently pointed out that 88.5% of insurance buyers put knowledge as ‘somewhat’ or ‘highly’ important to them when selecting a broker. I’m surprised that this figure wasn’t higher.

Knowledge and expertise are crucial to getting the best result for a client, and these results are being used to further the argument for compulsory qualifications within our sector.”

Knowledge and expertise are crucial to getting the best result for a client, and these results are being used to further the argument for compulsory qualifications within our sector.

I’m not opposed to this approach. It would certainly help to boost the credibility of our industry, and I’m proud that our specialty division holds Chartered status. However, it made me consider what these buyers meant by knowledge, and how important qualifications are in that mix?

I’m a big advocate of our teams becoming professionally qualified if it is a route that they wish to pursue, but equally I have seen many examples where colleagues who have worked wonders for our clients using a wealth of knowledge, well-developed industry networks and experience. How do you put a value on that?

This seems to be a view that is shared within the industry. The CII has been looking at ways to recognise experience as part of its membership criteria alongside the existing focus it has on qualifications.

The PIB growth strategy

A cornerstone of the growth strategy within PIB has been to bring in businesses, teams and people who are famous for something. In other words; people who have true expertise in a specialist area. We see the advantage that this knowledge and experience brings to our clients everyday, and even more so as these experts collaborate with one another to create insurance programmes that are well beyond what they could have done individually.

Mandatory qualifications would be a big positive for our industry, but we need to retain a focus on what makes our industry great already. The best people in insurance build relationships and networks with their clients, their colleagues and with insurers.

Obviously, they absolutely do need to understand insurance, which can, of course, be supported with qualifications. However, with an industry that is as complex as ours, and with every client being unique, it is difficult to give people the knowledge that clients expect just though qualifications alone.

Mandatory qualifications would be a big positive for our industry, but we need to retain a focus on what makes our industry great already. The best people in insurance build relationships and networks with their clients, their colleagues and with insurers.”

Perhaps the learning opportunities that mandatory qualifications would bring to our industry could help it to raise its professional profile and enable us to attract and retain talent. The ‘boring’ reputation our industry has contributes to this. It’s up to us to change those perceptions, but that certainly isn’t how I’d describe our industry or the career I’ve experienced within it.

The industry is a fast-paced, entrepreneurial environment, which makes for a life and world that is exhilarating and exciting, and – I truly believe – can compete with most businesses in terms of a career destination.

However, let’s not get too deep right now about the attractiveness of our industry. That’s a debate for another day. For now, let’s keep an eye out, perhaps for more letters appearing after people’s names to endorse their technical know-how, while still remembering the power of personal experience, which is often is the differentiator to providing a relevant and bespoke solution that meets the clients’ risks and exposures.