There has been a significant increase in broker training of late; Tenet's CII accreditation and Partnership's sell-out, long-term care roadshows. And, it was only January when Amii launched a healthcare exam with the CII. Is the industry seeing a ramp up in healthcare and protection professionalism?
Steve Jenkins, CII
There is a clear and growing appetite for private medical insurance (PMI) sector qualifications, as health insurance intermediaries demonstrate enthusiasm for professionalism by embracing industry-recognised examinations.
Since the CII introduced the healthcare insurance products unit IF7 in 2010 – devised with the Association of Medical Insurance Intermediaries (AMII) – more than 500 candidates have passed the exam and a further 200 are currently studying towards it.
In a crowded marketplace – and especially one where they are not obligatory –qualifications effectively differentiate and provide additional reassurance to customers buying relatively complex cover.
The response to the PMI qualification has been hugely encouraging but IF7 is really only the starting point. We are continuing to work closely with the Association of Medical Insurance Intermediaries (AMII) to meet PMI brokers’ personal development needs.
It is a joint goal of both organisations to raise industry standards and bolster consumer confidence. This summer we are planning to launch a healthcare membership designation – Cert CII (Health and Protection) – which will cover basic principles in insurance and develop understanding of health and protection products. This will allow PMI brokers to demonstrate specialist knowledge, technical expertise and a financial advice offering that goes beyond regulatory requirement, and we anticipate very strong demand for this.
Mike O’Brien, Exeter Family Friendly
It does not matter what intermediaries are selling or advising upon, confidence is key. They need to understand every aspect of a product and believe in what they are saying to truly engage a client. In other walks of life, most of us have had the experience of a salesman lacking in confidence, it usually ends in disappointment on their part.
It can only be positive news that there seems to be a real and current focus on adviser training and development within the healthcare and protection industry. It is good news to see developments such as the healthcare exam from AMII.
This type of accreditation gives consumers confidence in their adviser; backing their status as an expert. It is equally encouraging however to see programmes such as the Protection Review roadshows, building much needed awareness and reinforcing skills and confidence in protection.
Insurers need to be at the forefront of training and development. It is pretty widely accepted that healthcare and protection products are sold rather than purchased, so the role of the intermediary is crucial. It is important insurers help intermediaries gain these skills; whether it is sales ideas and concepts to generate leads, or how to effectively handle objections.
It is vital insurers ask intermediaries what they need and then build effective support; not just based around products but a more holistic and market-centred approach. One which should help grow our markets, not just gain share from competitors.
