Rebuilding industry confidence, importance
May 11, 2004 | 12:00am
Better capture of industry data. While specific research is being undertaken in particular aspects of the industry by a number of organizations, there is generally a lack of data in relation to education and training, with much information in this area veing anecdotal or incomplete. There is also a lack of solid data in general about activities within the industry. While, in many cases, this is understandable as companies seek to protect their "competitive advantage", it is also difficult in some cases for the industry to present a coordinated and compelling case to rebuff some of the more egregious "myths" about insurance that permeate the community.
It is from this position that the institute has taken a leading role in the gathering of data relevant to the industry across a range of spectrums and also to scope a research project to gather data on matters such as industry staffing numbers, job roles and education and training investment across the sector. Our experience tells is that the industry is a strong investor in education and training and has a track record to be proud of. It is our aim to validate this through the research project.
It also provides a welcomed opportunity for the industry to send a coordinated and united statement to the public about the industry’s commitment to the growing professionalism of its employees, and to the high level of service that they provide to consumers.
Improving language and terminology used in describing insurance. Anecdotal feedback from insurance consumers as a result of the result of the recent changes in industry practice with the introduction of the Financial Services Reform Act (FSRA) indicates that many customers feel bombarded with large volumes of information even before they get to purchase or renew policies and that the regulatory requirements for clear statements of advice and product disclosure which are aimed at protecting the retail client are having a condusing effect for some consumers. The willingness of companies to offer clients any advice at all about products or choices is also becoming severely limited as companies seek to protect themselves from any claim of "wrong or inadequate advice." It remains to be seen if the overaching goal of better retail client protection is actually achieved.
Miles to go. Rebuilding confidence in the industry is a complex and long-term issue. The institute is in a strong position to continually improve the professional standards of insurance professionals and workers, directly impacting on the general community by ensuring that insurance practitioners have access to the highest-quality education and training programs and are highly skilled and competent professionals in their chosen field. It has 11,000 fully qualified and active members with the majority working as insurance professionals in Australia, New Zealand and Southeast Asia.
With some 6,500 students, the institute is the largest multi-disciplinary insurance education provider in the region. The institute also requires individual members to abide by a Code of Ethics and advocates ethical practice by members in conducting their business.
From this basis, the institute has an important contribution to make, working cooperatively with the industry to demonstrate to the community what the industry is doing. We need to better communicate the importance and sustainability of our industry to the public and we need to continue to invest in building the professionalism of our people who are at the coalface of interaction with the public. The institute believes that professional associations make a vital contribution to the industry leaders and regulators, to play our part in developing educational tools so consumers have greater understanding of insurance and other financial products and how these can provide an essential contribution to their daily lives.
(Fitzpatrick is the chief executive officer of the Australian and New Zealand Institute of Insurance and Finance. This piece was reprinted from the Asia Insurance Review magazine.)
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