Title: The Insurance Institute of Galway
1- The Insurance Institute of Galway
- Welcomes you to its
- Annual Inaugural Lecture
- Minimum Competency Requirements Interfacing
with our Customers - At the Clayton Hotel, Galway, Wednesday 17
October 2007 - Thank you for your continued support.
- John Forde, President, The Insurance Institute of
Galway
2Minimum Competency - Interfacing with our
customers
- Aidan Cassells
- President, Insurance Institute of Ireland
- 17 October 2007
3Trust and Respect
- The backbone of any good customer relationship
needs to be built on two things.. Trust and
Respect -
- Customers must be able to place their Trust in a
company before they choose to purchase and - Companies must Respect their Customers needs and
wants for that trust to be clear to the Customer,
and to grow stronger over time -
4Trust Respect contd
- Trust can be gained by.
- delivering consistently on what we promise
- being qualified and competent to advise our
customer - operating to the highest professional and ethical
standard - Respect can be gained by
- listening to customers,
- understanding their needs,
- delivering on these needs and exceeding
expectations
5Listening to customers How do we do it?
- Customer led companies are constantly seeking
feedback from customers on their products and
services - This is done through a variety of methods across
companies including - Satisfaction surveys
- Complaint and Compliment recording
- Focus Groups
- Suggestion cards
6Listening to customers What do we really mean?
- When we say we listen to our customers, what do
we really mean? Research shows that in general
- 95 of organisations seek customer feedback
- 30 make action plans based on the results
- 10 actually put plans in place
- 5 tell customers what they have done with their
issues - Thus as an industry we are probably listening to
our customers but not acting on what they say in
a structured way - Remember if you are not listening to your
customer and acting on what they say someone
else will !!!!!
7Listening to customers What do they say?
- Customers tell us that they want
- To trust the company that they are dealing with
- To be treated fairly
- To have confidence in that companys ability to
do the best for them - To be given care and support during times of need
- To be respected as an individual, not just a
number - To deal with qualified advisors
- Unfortunately most comments about our products
tend to focused on price and no comparisons are
made about features, benefits or service -
8Has the Industrys listened to its customers?
- Many companies have simplified language and
documentation by using plain English - There is a much greater focus on customer service
in most companies - Various Codes of conduct have been introduced
over the years e.g. - Insurance Ombudsman Scheme (1992)
- IIF Code of Practice on Non-Life Insurance(1990)
- IIF Code of Practice on Life Assurance(1990)
- IIF Code of Practice on Intermediary
Incentives(2001) - IIF Customer Service Standards(2004)
- All these codes provide customers with peace of
mind, but do we want our customers to have to
rely on regulation to feel at ease with the
Insurance Industry? - Some progress has been made but we need to build
stronger and more trusting relationships with our
customers and not just depend on regulation
9How Important is Minimum Competency
- Customers expect our people to be experts
- Confidence in our industry and products is
enhanced by having objective independent
standards that our employees must achieve - We need to promote new qualifications to
reinforce consumer confidence - New competency requirements are a minimum
standard we encourage all students to achieve
our highest standards of ACII/FCII - Career opportunities are greatly increased for
those who achieve ACII?FCII
10Building a more customer centric culture
- Many companies in the financial services industry
have moved towards a customer centric culture - The benefits of having such a culture are
evident both for the customer and the business - Customers are treated fairly, are more trusting
of the organisation, and are generally more
satisfied - From a business perspective, a customer centric
culture can lead to greater competitive
advantage, reduced operating costs, and increased
revenue. - More importantly, it means we are doing the right
thing for the customer
11Moving to a customer centric industry How?
- Best practice examples from other countries show
that the most customer focused organisations
employ some of the following initiatives - Create frameworks to put the customer at the
centre of operations - Reinforce the culture through strong leadership
- Actively encourage communication from customers
and staff and respond proactively to feedback - Empower employees to make a difference by using
initiative when dealing with customers - Remove customer frustrations with the industry
getting the basics right first time - Respect customers as individuals
- These initiatives combine together to form an
overall customer strategy
12Code of Ethics and Good Conduct
- Qualifications on their own are not enough
- We must encourage highest professional and
ethical standards - Our own reputation, that our Institute and our
industry must matter - The key standards we must adhere to are
- Behave rsponsibly and with integrity at all times
- Comply with all relevant legislation and rules
- Demonstrate professional competence and act with
due care - Uphold professional standards in all our dealings
- Apply objectivity in making professional
judgements
13Code of Ethics and Good Conduct
- We must seek to earn and maintain trust of our
customers by - Giving fair and proper consideration and
appropriate priority to interests of customers - Avoid conflicts of interest which could
detrimental to the interests of cusithin limits
of tomers - Act at all times with due skill, care and
diligence - Act only within limits of personal competence
- Act in a financially honest and prudent manner
- Act openly, fairly and respectfully at all times
- Provide suitable and objective advice to
customers
14Are we doing enough to meet customers
expectations?
- Many steps have been taken by the industry to
listen to customers and give them what they want - We need to reduce reliance on regulation by
employing a much more customer centric culture
in all our organisations - We need to educate customers on the full breadth
of the value proposition we offer price should
not be the sole criterion for judging
competitiveness - We need to keep our qualifications up to date and
ensure that if we qualified in the past we are as
knowledgeable as those qualifying today - A lot done more to do
15- Continuous Professional Development
- Gillian Doherty
- Director of Training
- The Insurance Institute of Ireland
16- Overview
- The Historical backdrop to CPD
- 2 Who needs CPD?
- 3. CPD Definition
- 4. CPD Requirements
- 5. Formal versus Informal?
- 6. Access to CPD Services
- 7. Online developments
- 8. Corporate Support
17 Historical Back drop
Financial Regulator Insurance Mediation Directive
transposed into Irish Law 2005 Limited
Consultation CP14 Jan 2006 Minimum Competency
Requirements 25 July 2006 Recognised
Qualification for those providing advise on
General Insurance Policies (CIP) CPD attached to
recognised qualifications Grandfathering
arrangements
The Insurance Institute of Ireland New
Educational Roadmap 2003 New Suite of Irish
Qualifications Commitment to Maintaining
Qualifications Steering Committee to research
policy CPD Committee appointed by National
Council 1st CPD Scheme launched November 2005 CIP
CPD Board 1 Jan 2008
18Grandfathering Arrangements Before 1 Jan 2008
regulated firm must certify who falls under
grandfathering arrangements Who does
grandfathering apply to? Individuals who avail of
grandfathering arrangements have been carrying
out the same activity for a period of at least 4
years in the eight year period 1 Jan 1999 1 Jan
2007
19Who Needs CPD?
- All accredited and specified accredited
individuals whether grandfathered or obtaining a
recognised qualification, are obliged to complete
a number of hours CPD each year. MCR July 2006 - CIP Diploma Holder (CIP)
- Must satisfy the IIIs annual CPD requirements
- Advanced Diploma Holder (ACII) Fellowship
(FCII) - Must satisfy the CIIs annual CPD requirements
- Grandfathered Individuals
- Arrange own CPD or participate in professional
body CPD scheme - Other Qualifications Dip (CII)
- Must satisfy the CIIs annual CPD requirements
20What is CPD?
In the context of Minimum Competency
Requirements CPD hours must be directly relevant
to the activities undertaken by an accredited
individual The overriding objective of CPD
requirement is to keep qualifications up to date
and ensure that those qualified in the past are
as knowledgeable as those qualifying today
Appendix 1 Minimum Competency Requirements
10 Knowledge points CPD for CIP Designation
(General Insurance Policies)
21 CPD Requirements Formal V Informal
- Total Hours over 3 year cycle 60 Hours
- Formal Formal/Informal
- 40 20
- Minimum of 15 Hours in each year, with 10 to be
formal - Content must be relevant to individuals job
CIP syllabus - Formal Institute of Galway CPD lectures in
house accredited programmes CPD online
E-sessions, examinations - Informal includes reading research
22Access to CPD Services
CIP Member
- Annual CPD Syllabus The Insurance Institute of
Galway - E Learning CPD Online Manager
- Plan Record CPD Online Manager
- Membership online
- Annual Returns online
23CPD Member (Grandfathered)
- Fee for New members waived until 1 March 2008!
- Annual CPD Syllabus Insurance Institute of
Galway - E Learning CPD Online Manager
- Plan Record CPD Online Manager
- Membership online
- Annual Returns online
- How to get started?
- 3 Easy Steps
- Contact
- Confirm
- Logon
-
- CPD Helpline (01) 6456699 Email
cpd_at_iii.ie -
24ACII/FCII Dip (CII) Member
- Annual CPD Syllabus The Insurance Institute of
Galway -
- E Learning Access to CPD Online Manager
- Plan Record through CII Website
- Membership online III
- Annual Returns through CII website
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26 Online Services
Current CPD Online Sessions Business
Interruption Consumer Protection Code
Employers Liability Insurances Managing an
Underwriting Account Minimum Competency
Requirements Property Insurance Public/Products
Liability Insurances Underwriting Individual
Risks E-Session Development Oct 2007 Private
Motor Insurance Private Medical
Insurance Household Insurance Personal Legal
Expenses Insurance
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28Corporate Support Getting You Started
- Temp Logon available to view online services
- Access to CPD membership (grandfathered) for your
organisation - "Live" CPD Compliance reporting services at a
touch of a button - Instant access to statistical information
concerning your in-house training - Ongoing support via dedicated Corporate CPD
email and Helpline - Facilitation of changes to regulated register
of employees - "Tracking" facility to support your staff meet
their CPD requirements
29Contact Us
- By Email cpd_at_iii.ie
- CPD Helpline (01) 6456699
- By Email corporatecpd_at_iii.ie
- Corporate Helpline 01 6456688