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Chartered: evolving a successful formula

In 2007 we launched three corporate Chartered titles to improve standards and develop the recognition of insurance and personal finance as a profession. Chartered standards are the key to achieving parity of esteem with existing Chartered professions, such as Chartered accountants and surveyors.

The current three existing Corporate Chartered titles are: Chartered Financial Planners; Chartered Insurance Brokers; Chartered Insurers with which we have had great success in providing a recognisable standard for the profession:

 

75% of SME business owners say they would be more likely to use a Chartered firm over a firm without Chartered status

90% of Chartered brokers believe Chartered status has enhanced the perception of their business as a professional organisation for potential staff

982 Chartered firms, of which 236 are insurance and 734 are financial planning Over 47,000 people work for a Chartered firm: 36,000 in insurance and 11,000 in financial planning

 

“…these changes will reinforce Chartered as the bastion of professional standards…”

 

In February 2018 for example, RSA Claims achieved Chartered status, with RSA’s Commercial and Global Risk Solutions businesses and UK Chief Underwriting Office also having gained Chartered status in May 2017. At the time, Karl Helgesen, RSA UK & International chief claims officer commented:

“As we continue towards our ambition to become a best-in-class claims function, with claims being a differentiator for RSA, gaining Chartered status is a major milestone in our journey. It is an achievement that we are confident will resonate well with our brokers and customers.”

We are also looking at introducing a new Chartered title for managing general agents given their increased importance in the UK and international insurance sector. We intend to launch the new ‘Chartered Insurance Underwriting Agents’ title by December 2018 dependent on Privy Council and member approval.

 

Undertaking a review

 

In the 11 years since the launch of the Corporate Chartered titles, there have been many changes in the market, from corporate structures to public expectations on what good looks like. It is more important than ever that Corporate Chartered titles represent quality, aspiration and value. We decided that the time was right to undertake a review of Chartered status to ensure the titles are fit and proper for the modern market, and that they are improving the profession and public trust in it. Our aim was to move Chartered status beyond a focus on qualifications and membership to include broader ethical criteria, and thereby truly represent best practice.

It is important to us that we are transparent in our intentions, so we will be inviting feedback from the market on how we can create a truly united profession through Corporate Chartered title developments. The discussion will run up to September 2018, with developments to be announced before the end of 2018.

Our belief is that these changes will only reinforce the importance of Chartered status as a bastion of ethical standards in the minds of the public, and thereby increase their trust in the profession.

 

Promoting and advancing

 

Chartered To that end in the year we have also set up the Chartered Body Alliance (https://charteredbodyalliance.org) with the Chartered Institute of Securities and Investments and the Chartered Bankers Institute. The logic for this was simple, if we believe that people see us as one profession of financial services then why not collaborate with other closely-related professional bodies to improve ethics, diversity and inclusion, the concept of professionalism and therefore public trust. We also have a shared interest in promoting and advancing those issues in the policy world, with government and in society in general. Currently there are a number of joint events planned around inclusivity and modern ethics but the intention is to develop deeper relationships over time.

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