This could be an opportunity for an insurtech software specialist;
The Chartered Insurance Institute (‘Institute’) has published its new, 5-year Strategic Plan (‘Plan’). The Plan contains six strategic themes that place a renewed emphasis on professional standards and the value of CII and PFS membership supported by world-class learning and qualifications.
The Plan supports the group of companies that make up the Institute, including its two professional membership bodies, the CII and PFS, and their unique member proposition that encompasses ‘Credibility, Community and Career’.
Launching the Plan, Institute Chief Executive, Alan Vallance, said: “I am delighted to announce this new Plan and the detailed set of actions we will be taking over the next 5 years to achieve the Institute’s mission – ‘to educate and support our members to deliver services to the highest professional standards and to advocate for the public good’. We are an international organisation, with members living and working in more than 150 countries around the world, and our vision is to ensure we help them in every way possible to build a world which delivers ever greater financial resilience for individuals and societies more broadly.”
The Plan is organised into two distinct phases. The first year of the Plan – 2023 – focuses on addressing legacy systems issues, returning the CII to a surplus position after the pandemic and building strong foundations for the future. Examples of the actions being taken by the Institute this year include:
- Establishing a new arrangement with the 55 Local Insurance Institutes across the UK to refresh our relationship with our volunteer networks, creating vibrant local, regional and national connections amongst our member communities.
- Undertaking a major review of the role professional standards plays in the context of Chartered status for individuals and corporate members.
- Better promoting the rich data we already collect in respect of the public perceptions of trust in our professions and the value of Chartered status.
- Engaging with stakeholders to develop a new, simpler qualifications pathway, with the Professional Map at its heart.
- Resolving legacy IT issues.
The subsequent phase, from 2024-2027, will see the Institute develop products and services intended to provide an excellent member experience for every individual member and corporate customer around the world, as well as stimulating interest among others to join the insurance, financial planning and mortgage advice professions.
Actions the Institute will take include:
- Simplifying recognition of prior learning and introducing digitally badged CPD.
- Evolving our digital Shop to provide personalised recommendations for courses, support materials and other information.
- Implementing a new virtual member engagement platform to support our international community.
- Expanding our physical presence beyond our two current staffed offices in Dubai and Hong Kong where there is a case to do so.
- Trialling a competition for Key Stage 5 or university students to engage students and spread interest in joining our professions.
Further, we recognise the desire for the PFS to be more autonomous within the wider Institute group, so we will refresh and renew our governance and identity to ensure both the CII and PFS can flourish as professional membership bodies.
Dr Helen Phillips, Independent Chair of the Institute, said: “This Plan lays out a bold vision that will see the Institute’s position as a global professional membership body cemented, financial reserves restored following the challenges of the pandemic, and the latest IT systems and services delivered to support our more than 120,000 members wherever they work and whenever they need them.”