The CII has a significant international presence with 11% of revenue coming from non-UK operations currently, and around 12,000 international members. It has achieved this through building strong links with local regulators and affiliated institutes, leveraging the respect that the CII and the UK market has internationally.
Notable amongst these achievements is our partnership with the United Arab Emirates Insurance Authority, which has resulted in both UAE nationals and expatriates attaining CII qualifications since its inception in 2016.
Building a united international profession is only possible when organisations such as affiliated institutes, regulators, employers and educational establishments work in close partnership with one another, and with the CII, around the world. Their efforts deserve active celebration and a high profile. In 2019, the CII published a major report entitled ‘A World Of Risk: Building A Trusted International Insurance Profession’, to showcase activity from across the continents. This was the first time the work of our affiliated institute network had been brought together in one place, and the result is a testament to their growing significance in delivering a public interest benefit. The 2020 edition will introduce the ‘Circle of Trust’ concept – reflecting the eight themes that are vital if trust is to be secured.
A World of Risk
In the strategic manifesto, the CII acknowledged the need to reach out to new markets to build public trust internationally. The strategy to achieve this will be agreed later in 2020, with further information in our next report. However, we wanted to provide an update on the current status internationally, through highlighting our work with our affiliated institutes; hearing first-hand from the heads of each of our international offices; and understanding the potential from our new International Director, David Thompson. In this section, we talk to some of our affiliated institutes to understand how the CII is working with them to provide quality learning and qualifications while sharing our experience of good practice internationally.
FCII Chartered Insurer, Director of Education and Development, The Insurance Institute Ireland (III)
“The Insurance Institute of Ireland (III) was formed in 1885. As Ireland was part of the Union of Great Britain & Ireland up to 1921, the III was no different from any of the other local institutes of the CII up to 1912. The III then gradually became affiliated to the CII to reflect the growth of a domestic Irish insurance profession and the gradual lessening of ties between jurisdictions, especially as Irish laws and regulations evolved independently.
Traditionally, the III was an Irish clearing house for individuals in Ireland pursuing CII qualifications, but this changed due to Ofqual stipulations meaning these individuals now pursue the ACII directly with the CII.
Many UK insurance organisations had offices in Ireland, and it was these close business links that encouraged Irish insurance professionals to pursue qualifications offered by the CII in Ireland up until the Central Bank of Ireland issued the minimum competency code in 2007.
The code requires all insurance professionals providing advice to insurance customers to hold minimum qualifications that are on the Irish national framework of qualifications.
The III has always valued its relationship with the CII and as the III has grown more independent, particularly since the 1970s, this relationship has continued to grow.
Holders of the CII’s ACII and FCII are afforded dual membership of the CII & III and by and large, they avail the bulk of their membership services from the III as a result of the Central Bank of Ireland Minimum Competency Code.
Very strong relations exist between the CII and III on every level. The III licences several products from the CII for use towards III programmes that must adhere to the regulatory regime in Ireland, which differs from the UK’s requirements. The III’s access to, and use of, CII services ensures III products continue to be mapped towards them in terms of entitlements to CII Recognition of Prior Learning (RPLs) and credits, meaning the III continues to promote CII qualifications in Ireland. This recognises the CII’s ACII and FCII as being the gold standard in insurance technical knowledge over and above the mandatory Irish regulatory requirements which III members must comply with.”
President, Singapore Insurance Institute (SII)
The link with the CII has been ongoing for more than 13 years, during which time we have gained significant learning and sharing opportunities, as a result of our shared focus to build and improve the professionalism in the insurance and financial services profession.
We have regular interactions and discussions with the CII and in recent years, we have started collaborations where the SII and CII work jointly to organise events and activities for the sector, bringing together like-minded professionals with opportunities of development and networking. In the last year, there have been increased interactions with the CII including meetings with Kenny Siu, Regional Director Asia Pacific, in Singapore to plan the way forward and discuss how we can collaborate to bring our profession to the next level.
As a result of the partnership, we have seen an increased exposure of the SII branding across the profession in Singapore and beyond. And with these cross-border interactions, many of our members and friends are able to stay connected with us, regardless of their location in the world.
In 2020, we plan to launch our SII/CII series to our members and friends where we invite experienced speakers to share their area of expertise with a diversified range of topics from digital impacts, underwriting and claims trends with regards to specialised product classes.”