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Educating Ireland
A constantly changing landscape means that more than ever, organisations need to take a proactive attitude to training and professionalism. Denis Hevey states his case.
The Insurance Institute of Ireland is dedicated to the development of professional people through education and training for the insurance and related financial services sector.
Since its inception, the Institute has been the leading professional and educational body for the insurance industry and its current membership stands at over 8,000. It is also supported by and receives financial contributions from insurance organisations in Ireland.
The Institute aims to provide, exclusively or in partnership, relevant programmes of quality insurance education and training. It integrates and progressively mediates with other established professional and academic bodies in the promotion of insurance education. It is the Institute’s objective to anticipate and meet the training and development needs of the members and the industry and to ensure a superior level of service to members, students and the industry. We, as an Institute, set and maintain high standards of professionalism.
Our focus at all times is to strengthen the skills and competency of a rapidly changing market and to work proactively towards meeting the requirements of those operating in this increasingly demanding environment. The essential nature and central role of education and training in the insurance and financial services sector cannot be underestimated.
The current environment, which includes the Mandatory Competency Statement to be delivered by IFSRA, the continuous scrutiny under which the industry finds itself from the media and consumers, and the discerning research and activity of industry bodies (for example, MIAB, PIAB), requires a definite response in the form of continuous education and training of the industry’s employees, thus ensuring that minimum competency levels are achieved and maintained at all times.
Ireland’s reputation as a leading location for international financial services was initially based on the successful development of Dublin’s IFSC. Today, Dublin is a leading location for international insurance and financial services activities and is, for example, home to more than half the world’s top 20 insurance companies.
The attraction of Ireland as a base for international insurance activities is based on a unique combination of many factors including the corporate tax rate, efficient and responsive pro-business regulatory environment, and the availability of highly qualified staff. Many of the world’s major international insurance, assurance and reinsurance companies have established offices in Dublin. The city has proven to be an exceptionally profitable location from which to conduct their international activities. Against a background of increased competitiveness from other international insurance and financial centres, Dublin’s expertise and experience could well set it in good stead, as many commentators believe that Dublin’s ‘can do’, forward thinking attitude bodes fair for the future of the city. Clearly, Dublin is an attractive city, which favours competition and business.
A European city of knowledge, diversity and culture, its strength is built on developing relationships between businesses and its people. Just as the industry must remain responsive to the ever changing business environment, so too must those servicing this dynamic market in terms of training and education. It is essential that the various education and training services are constantly refined to facilitate the industry’s, the employers’, the employees’, the customers’ and the regulator’s needs. For this reason, member services for the financial services arena include a comprehensive package of education, training and professional development tools.
The Institute’s members are engaged in a variety of areas in the insurance and financial services sector, reflective of the wide range of disciplines within the industry. Membership types are categorised in order to facilitate these diversified interests and offer maximum benefit through customised programmes. Members are also fortunate to enjoy joint associations with our UK equivalent, The Chartered Insurance Institute (CII). Together, we provide globally recognised programmes of examinations and qualifications.
The Institute offers education programmes that are integrated and progressive, including qualifications at foundation, competence, practitioner specialist level and at professional level, Bachelor of Financial Services, Associateship and Fellowship. Examinations are held twice yearly in October and April in Dublin, Cork, Galway, Sligo, Limerick and Cavan.
Professional qualifications are recognised throughout the sector by the designator letters FCII, ACII, BFS, Dip, Dip FS. Ins, QFA and CIP. Associateship and Fellowship holders can apply for the titles of Chartered Insurer, Chartered Insurance Practitioner and Chartered Insurance Broker.
Introducing students to the world of insurance studies, the Institute continues to forge strong links and progress relationships with other professional and academic institutions for the purpose of developing and widening the range of insurance study programmes available.
The Institute launched its Education Roadmap in November 2003 to help facilitate the structure and direction of the industry and allow it to respond to the challenges that lay ahead. This addressed the knowledge and ability required to deal competently with the general public across various functions within the insurance sector. The award of Certified Insurance Practitioner (CIP) as a minimum competence benchmark qualification for the retail, general, health and life administration insurance sectors is mirrored by the now well-established QFA qualification in the retail financial services sector.
We offer high quality training and professional development programmes (CPD) for individuals that complement and support their organisation’s training initiatives. Most professions now recognise that the achievement of professional qualifications is not the end of learning at work; rather it marks a new stage of professional development, which continues throughout working life and ensures maintenance of competence.
These are based on four broad areas:
• Face to face competence training
• Professional briefing updates
• Corporate solutions
• International training
Working in partnership with the Dublin International Insurance & Management Association’s training and education committee, the Institute has incorporated DIMA’s annual training portfolio into its training framework, allowing DIMA members to use their own programme to maintain their professional qualifications via face to face competence training and a series of early morning professional briefings.
The insurance and financial services sectors are seeing many changes in the business environment, particularly in the field of regulation. Such a constantly changing business landscape means that more than ever, organisations need to take a proactive attitude to training and professionalism.
A CPD programme is being put in place which provides qualified members with the opportunity to retain their standards of professional competence, thus ensuring that they remain at the forefront of the profession throughout their careers.
The Institute aims to deliver professional training that is practical, relevant and value for money. With this in mind, it exclusively offers a range of corporate season tickets to the DIMA membership to facilitate cost effective training.
Over recent years, the Institute’s activities have changed and it has met these challenges by delivering a new Education Roadmap which underpins the competency requirements of the regulator, ensures consumer protection going forward and supports market education and training needs. This framework also endeavours to ensure exact standards and uniformity within the industry. It is the responsibility of our Institute to promote this unity and provide this leadership.
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