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Charting a sure course for brokers

At a glance

  • As a Chartered company, there are many benefits for our broker partners.

As a business, ‘Chartered status’ is something to be very proud of. However, more importantly, it is something that will help Zurich work better and closer with its brokers, its customers and its business partners.

Attaining Chartered status sets a clear benchmark for the depth and breadth of the qualifications that Zurich holds across its workforce, while demanding that its staff continue to be professionally developed and comply with the Chartered Insurance Institute’s (CII) Code of Ethics.

But what does this mean for brokers, and what impact will it have on the daily relationships you enjoy with Zurich? There are probably three main strings to the bow of benefits that Zurich’s Chartered status creates for you.

First, there is the fact that 90% of market-facing staff are CII members and are signed up to its Code of Ethics. This represents a deep commitment to operate in a certain way and to deliver a certain level of service and technical expertise, which will ultimately be of significant benefit to you.

Second, there is a commitment to professional training that is demanded as part of being Chartered. This means that you can take confidence from the fact you are dealing with an organisation that sets its store in continual improvement and is seeking to improve and expand its overall skill sets.

Whether this is in technical, strategic, commercial or administrative areas, ongoing professional development will mean that the people you deal with on a face-to-face level, as well as those who process your business behind the scenes, are continually getting better at what they do.

Chartered status – what’s required?

Obligatory criteria:

  • A minimum of one of the insurance company’s board (or highest management team) must personally hold the CII Chartered Insurer title.
  • The entire board or highest management team, together with a minimum of 90% of customer-facing staff, must be members of the CII.
  • The insurance company must have an appropriate professional development programme in place.
  • The insurance company must have in place core values and business practices that align with the CII Code of Ethics.
  • Access to a Chartered Insurer must be available to customers.
  • One of the insurance company’s board or highest management team (who must personally hold the Chartered Insurer title) must take on the role of Responsible Member. This person is principal point of contact on Chartered status with responsibility for the application and renewal, and for any related issues in the intervening period.

Zurich believes this will create consistency and increased professionalism throughout the organisation and deliver a better outcome for you on a daily basis.

Finally, being Chartered will help you cater for clients who have strict guidelines over the sorts of companies they can place business with and who require assurances that business partners are of a certain standard.

Consistency and professionalism are very important factors when it comes to aligning closely with third parties and in being Chartered, Zurich is operating to a well respected, well known and proven standard of competency and integrity.

There is more to being Chartered than simply the title, and attaining the status demonstrates a commitment to expertise, professional development and ethical practice that will deliver benefits to you and your clients throughout the course of your relationship with Zurich. This is where the real value lies and why being Chartered is so important.

Discretionary criteria

Having met the obligatory criteria, insurance companies may choose from a range of discretionary criteria. Each element has an associated value in the form of points, with a minimum of 50 points overall required.

These criteria cover a range of practices and behaviours recognised as evidence of a commitment to professionalism.

The full points total can be attained if 50% of the board or highest management team are themselves holders of the Chartered Insurer title or equivalent.

The range of alternative criteria that would be considered includes:

  • Percentage of board or highest management team individually holding the Chartered Insurer title (25-50 points)
  • Percentage of board or highest management team individually holding the Diploma in Insurance (10-15 points)
  • Percentage of customer-facing staff individually holding the Chartered Insurer title (10-30 points)
  • Percentage of customer-facing staff individually holding the Diploma in Insurance (10-30 points)
  • Percentage of customer-facing staff individually holding the Certificate in Insurance (5-15 points)
  • Potential recognition of additional rationale to support the Chartered application detailing relevant processes which are not already included in the criteria above (5 points)
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