As the first broker has sat, and passed, the new Association of Medical Insurance (AMII)/Chartered Insurance Institute (CII) IF7 examination, AMII has announced plans for an advanced version.
Speaking at the AMII annual conference, Michael Payne, general secretary of AMII, said: "It is impossible not to notice the real momentum within the financial sector to drive up standards. This is just as applicable to the PMI sector as any other area of financial advice. If we want insurance to be a profession and not a job then we need to be able to show expertise and skills in a more formal manner.
Noting that Brian Walters from Regency Health, was currently sitting the new examination, introduced from 1 July, Payne added:"In time if this new exam is successful we would like to introduce an advanced level for those wanting to demonstrate detailed technical knowledge.
He said that AMII would be lobbying with the new Consumer Protection and Markets Authority for clear and sensible rules, that sensibly reflect risk.
"To do that, we need to demonstrate that voluntary regulation works, to show that as a sector we are already committed to robust training and continuing professional development. We need to demonstrate that our advice can be trusted," he said.
The examination consists of 100 multiple choice questions and covers seven key areas:
1. The structure of the UK healthcare insurance market
2. Key features of healthcare provision in the UK and overseas
3. Healthcare product types
4. Different roles and responsibilities of intermediaries and providers
5. Applying risk assessment, rating and underwriting considerations
6. Applying the claims function
7. Applying legal and regulatory considerations.
Brian Walters commented, "I'm fully behind AMII's drive to professionalise our sector and I wanted to demonstrate that by taking the exam on the day it launched. This is a positive development for our industry that can only help to promote consumer confidence and bolster our message that private medical insurance is best purchased with specialist advice".
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