Chartered Insurance Broker Status
What does Chartered status mean for insurance brokers?
The Chartered Institute of Insurance (CII) is the world’s largest professional body for people working in insurance and financial services.
With over 100 years of service and 120,000 members in over 140 countries the CII are widely regarded as the standard bearer for ethical business within the insurance field.
Their goal? To secure and justify the confidence of the public in our sector.
As Brokers, having achieved Chartered status means you have reached the high standards that the CII’s vetting process requires you to pass. This ensures that there are sufficient and high enough professional qualifications within the business as well as satisfying the high ethical standard requirements.
why does Chartered Status matter for clients?
Most clients use brokers because they need expert advice on their insurances as they do not feel they are armed with all the technical knowledge or market practice experience they need to make informed decisions.
Using a Chartered broker means you have the knowledge that the brokers you are using have a high level of expertise.
Do ethics matter?
Yes, they do!
If you believe that information is power then you will understand that when the other party has most of it, you will need to rely on good faith, honesty and trust.
By using a Chartered broker, you will have the knowledge that the CII has given their seal of approval on the firm’s ethical practices.
Why are only 3% of Insurance Brokers Chartered?
In short, our best guess is because it’s hard to become one. Not every broker has an ACII qualified member of staff or is able to say that 90% of their advising staff have the required Level 3 Ofqual qualification in insurance (Cert CII).
We are proud to be holders of the prestigious
title of ‘Chartered Insurance Brokers’
The Cambridge dictionary describes
being chartered as
(People who do particular jobs) having successfully finished the necessary training and exams
As a client, you will rely on the advices of your broker, and unless you are of an insurance background, it is unlikely that you will be able to challenge your adviser’s suggestions. It is, therefore, important to know that you are dealing with experts. This is why we require all Movo staff to achieve qualifications in their professional exams, and maintain personal development whilst working in at company.
The Chartered Insurance Institute
publishes the following on their website
Across the professional landscape, from accountants to civil engineers, and of course through to insurance brokers, insurers, insurance practitioners and financial planners, Chartered status stands proud as an indicator of the highest standards of learning and ethical behaviour.
Increasingly, consumers – who have grown weary and sceptical following years of financial scandal and falling standards in commercial and retail life – are actively looking for Chartered practitioners.
As a Chartered body of more than a century’s standing the CII grants Chartered titles to individuals and organisations which meet strict qualifying criteria.