The voice of your profession

THEFebruary/March 2013 JOURNAL www.cii.co.uk/journal Credit where

it’sHow due firms can tap into trade credit connectionFrench Ax m a chair an Henri de Castries on why insurers must adapt to the new world order

Protecting the

publiThe CIIc’s interest Professional Standards Board February/March 2013

Brokers have a duty of care CONTENTS to provide the best advice to their clients. But true 32 professionals don’t do things because they have to, they do things because they want to. We pursued Chartered status because it’s a clear mark of integrity and professionalism and assures clients that we’re putting their needs first. 34 40

The Chartered Insurance Institute NEWS & COMMENT FEATURES 20 Aldermanbury London, EC2V 7HY 4 President’s letter 28-30 Hot topic – Home working 22-23 Trade credit Tel: (020) 8989 8464 As the Aldermanbury Declaration With rail fares rising and job A stumbling economy has led Stuart Williams, ACII Fax: (020) 8530 3052 turns three, your president looks opportunities shrinking, it is no to a rise in businesses needing Chartered Insurance Broker back at what has been achieved wonder increasing numbers of UK trade credit insurance. Sam Barrett Chief executive: Dr Alexander Scott workers are choosing to set up their looks at how firms can tap into Director, Cowens Survival Capability 6-10 News own businesses from home this growing market Should you wish to send your views, please email: National news from the CII [email protected] 36-37 Institutes in action – 24-25 Examinations 11 International news CPD masterclass Having recently completed the The Journal is the official magazine of the Chartered A look at the CII presence across The Manchester Institute is leading new CII Level 7 Certificate in London Insurance Institute (CII). Views expressed by the world the way with its CPD masterclass Market Insurance Specialisation, contributors or advertisers are not necessarily Ben Baker explains why he would those of the CII or the editorial team. The CII will 12-13 Regional news 42 Legal casework happily do it all over again accept no responsibility for any loss occasioned News from the local institutes The High Court has surprised many by to any person acting or refraining from action as a ruling firms in receipt of an FOS award 32-33 India result of the material included in this publication. can still claim through the courts Praveen Gupta outlines the The Journal is online at www.cii.co.uk/journal REGULARS crucial difference between (members and subscribers only) 43 Study room - A-Z sales and service, and offers a 14 Editor’s inbox and comment High net worth five-point plan for creating a Editorial enquiries: better delivery proposition [email protected] 16-17 The interview – 44-45 Professional development 020 7417 4763 Henri de Castries, Axa – Product recall 34-35 Behind the scenes Hardly a day has gone by in the last Kin Ly shadows insurance surveyor For advertising opportunities contact: 18 Discover Risk few weeks without news of another Lucy Chittenden as she performs Jacob Quagliozzi on Following a successful National development in the food scandal an assessment of West End theatre, 020 7417 4793 Apprenticeship Week in March, the across Europe the Trafalgar Studios or [email protected] CII reveals what the profession is doing to get in on the act 46-48 Roll of honour 39 Life and pensions Design: Redactive Media Group CII members that have achieved Stephen Lowe discusses the results 17 Britton Street 21 Chartered profile – Ageas professional distinction in recent of the UK’s largest research study

etty London, EC1M 5TP Adam Clarke of Ageas tells us how months into consumer attitudes towards Tel: (020) 7880 6200 achieving Chartered status fits housing equity withdrawal and the with his firm’s existing learning and 49 CII blog steps needed to make it a viable ISSN 0957 4883 development programmes With an exam to study for in April and option for retirees © 2013 Chartered Insurance Institute. a new gym membership to make use Cover Image: G Cover Average total net circulation 76,000 26 Local institute of, Peter Molloy wonders if he could 40-41 Professional profile – Aberdeen combine the two… Standards Board Aberdeen Institute president Featuring the work of the CII’s Debbie Mitchell talks to the Journal 50 Study room – Q&A professional standards board cii.co.uk/chartered 3 February/March 2013 THE JOURNAL www.cii.co.uk COMMENT Amanda Blanc PRESIDENT’S LETTER As the Aldermanbury Declaration turns We’re Chartered because three, your president we believe in everything it looks back at what stands for. Our commitment has been achieved to developing the highest levels of technical skills and expertise is at the core of our business vision in an ever more competitive and commoditised market. When business partners and clients see that we are Chartered, they know that we are making that vision a practical reality.

his March sees the three-year anniversary of the launch laid out by the declaration will become the entry point for anyone hoping to of the Aldermanbury Declaration, so it is appropriate that operate in insurance and we have made a great start in achieving that. we look at what has been achieved so far and how far the To have so many businesses signed up already is very encouraging but to initiative, and the industry, have come. sign up is one thing; to actually work towards meeting those standards is It was back in May 2009 that the Professionalism Task something else entirely. Again, the statistics are very encouraging. Force held its first meeting, with the aim of looking at ways the market could adopt more professional standards and, as a result, Making the grade instil T greater confidence among our customers, with the government and, Of the 30 insurers that have signed up, 57% have confirmed in writing that Neil Clutterbuck, ACII indeed, the regulator. they already meet the standards. Of the 163 broker signatories, 61% have Chartered Insurer Out of that task force came the Aldermanbury Declaration, conceived already reached their goal, with a further 10% set to do so by December. To Director, Underwriting and Technical and designed to provide both a starting point and target to achieve that have 60% of insurers and brokers that signed the declaration meeting the Allianz Commercial greater professionalism we all wanted to see. Remember, this was not standards now and a further 10% confirming they will meet them by the long after the financial meltdown of 2008, so consumer and government end of the year is a huge success and they should be congratulated for the faith in financial services had never been lower. investment and commitment they have made. We had to act and we did. This was not a CII initiative but a market But what of the rest? What you need to remember is that many insurers one, supported and guided by the CII. This aspect was absolutely vital as, and brokers have chosen to attain Chartered status for their firms and in without market-wide support, it stood little chance of success. So what, if doing so are deemed to have met the standards of the declaration. In total anything, has been achieved and have we made any real progress towards there are 144 Chartered firms – 22 Chartered Insurers and 122 Chartered achieving our goal of improving the general image of general insurance? Insurance Brokers. Chartered firms include some of the largest and most influential insurers and brokers and between them employ 25,000 staff. Strong support The market is clearly headed towards a more professional future. The first question we need to ask is whether the declaration received When we launched the Aldermanbury Declaration three years ago, support. On the insurer side, to date there have been 30 signatories, there was really no telling how the market would react and whether it including nine of the 10 leading insurers, which is an excellent would embrace the initiative. But looking at where we have come over achievement. As for brokers, 163 have signed up so far, which, when you those three years, it is clear the market has done more than adopt the bear in mind that many of the brokers that have committed have offices declaration. Between them the Aldermanbury Declaration and Chartered across the country, is again a brilliant result. status have become the standards to which all good insurance businesses Would I have liked to see more insurers and brokers sign up? Of course aspire and there will come a time, I am convinced, when what seems like I would and everyone who cares about our market would share that a huge effort and achievement now, will be the basic expectation of those sentiment. I would love to see any business operating in insurance to operating in insurance. To all those who have met the standards – well have achieved the professional standards demanded by the declaration done, you are at the vanguard. And to all those who have yet to get there but that is not going to happen overnight. Ultimately, the standards as – the rest of us are waiting.

4 cii.co.uk/chartered February/March 2013 THE JOURNAL www.cii.co.uk NEWS NEWS ciigroup@linkedin FOR THE RECORD twitter.com/#ciigroup FOR THE RECORD youtube.com/ciimedia

BIBA aiming to meet the growth challenge CII expands international Eric Galbraith, chief executive Texts go electronic of the British Insurance Brokers' offering for 2013 The CII has launched study texts dictionary and read-aloud. The in recent years, as tablets and Association (BIBA), has committed in ebook format to allow members latter is available on the majority smartphones have taken off in the trade body to focus on The CII has expanded its international these new awards will only be available outside and students quick, convenient of devices, allowing the student to a big way. promoting growth for itself and its presence in 2013 by introducing a number of of the UK. access to revision information via listen and learn at the same time. “We took members’ members during 2013. ‘Meeting the new international-only qualifications, including The CII is also introducing the Certificate their portable electronic devices. Niall Boyd, head of product lifestyles and study habits into growth challenge’ has been chosen the Award in Investment Planning, the Award in Insurance and Financial Services, offering CII ebook study texts are marketing at the CII, said: “The consideration while developing as the theme of its conference LinkedIn in Bancassurance and the Award in Customer a dedicated study pathway for candidates compatible with the majority launch of the CII’s ebook study this format – for example, an as well as the title of its latest Service in Insurance. outside the UK that provide financial advice and of portable electronic devices, texts is a major step forward for ebook study text is handy for manifesto, which lists 16 objectives Current discussions include: These are planned to address the previous also act as insurance agents. The certificate including Android Windows the professional body in terms of someone commuting or travelling under three main headings: meeting ● 35 hours CPD – I know it’s only February... shortfall of internationally recognised entry- is awarded upon completion of certain tablets/smartphones, Kindle members’ access and needing fast access to customers’ needs; managing risks is anyone else panicking that they might level qualifications. With an increasingly international award qualifications. and iPad/iPhone. Ebooks can to study material course information. We hope and supporting jobs; and growth not complete the required 35 hours of CPD? mobile global workforce, access to More than 14% of the CII’s membership is also be viewed on desktop and and reflects that those studying for CII and promoting fairer regulation. All tips welcome. qualifications applicable on an international based outside the UK, across 150 countries. laptop computers. the growing qualifications will get a lot The annual conference and ● Anyone studying for the advance insurance level is increasingly important. International growth is a key part of the CII’s Ebook study texts give learners popularity of value out of these exhibition, which this year is broking 930? I’m looking for a revision/ The Award in Bancassurance is a banking- strategy and it continues to build a local presence access to all the benefits of of digital new ebooks.” returning to ExCeL London on the assignment partner as I haven’t started yet focused variant of the Award in Financial in India, the Middle East and the Far East. the printed CII study text, content Other benefits include 15-16 May, will feature the Financial for the April exam. Planning, targeted largely at advisers in the South Mark Greenwood, regional director – Asia and including the same enrolment over printed no postage fees and Conduct Authority’s (FCA) Martin ● R02 – Algebra. Does anyone know the East Asian banking sector, while the Award in Middle East – at the CII, said: “The CII has been period, updates and access to material. fast delivery (same day Wheatley, Nick Robinson, Hilary weighting (or the amount of questions) likely Investment Planning is designed as the next working hard to enhance its international offering RevisionMate (the CII’s online It also if purchased before Devey, David Miliband MP and Sir to be asked on chapters 4 and 9 of R02? step for anyone holding the Award in Financial to better meet these evolving needs through study tool) where available, while responds 16.00 Monday Chris Hoy MBE as keynote speakers. ● Are we seeing more people from outside the Planning or the Award in Bancassurance to the provision of relevant qualifications tailored reducing paper use. to the to Friday). Mr Wheatley, chief executive industry, at mid to senior level, considering develop and demonstrate their knowledge of specifically for local markets internationally. This There are also a number evolution in ● For more designate of the FCA, will give the a career change into insurance? investment products. The Award in Customer is particularly relevant at the entry level where of useful features, such as consumers’ information visit opening address on the first day, while Service in Insurance is aimed at those working in previously there was a dearth of internationally annotation tools, easy navigation, preferred www.cii.co.uk/ Ms Devey, multi-millionaire boss of From the CII Twitterati… customer-facing roles, helping to build the skills recognised qualifications.” quick web link access, in-built method of study ebooks Pall-Ex and star of the BBC’s Dragon’s and knowledge required. The first examination sittings for these three Den, will speak in the afternoon. @AXADavidW As with existing international qualifications, new qualifications will take place in April 2013. On the Thursday, Mr Miliband Looking forward to @AXA_Broker Tony Hutchins will open, while Mr Hoy, Britain’s lecture on flood today at @CIIGroup London Hitting a home run in retirement greatest Olympian, will close Lecture in Lloyd's Library, VERY topical subject the conference. Following the UK’s largest research problem of pension income the third sector need to work During the two days, there will be @DeloitteUK_FS Diversity challenge study into consumer attitudes shortfalls. Mr Lowe discusses the together to find ways to increase a series of eight seminar sessions Busy in The Great Hall with @CIIGroup and Last year the CII launched a recruitment The diversity champions have been chosen towards retirement and housing steps needed to make housing the understanding of people aged on a diverse range of subjects, @MarketforceIns for first #barbon13 lecture campaign to attract and appoint diversity as part of the CII’s ongoing commitment to equity withdrawal, the CII has equity withdrawal a viable option 50 and upwards of the financial including the growth of telematics, champions from the local institutes (LIs) to ethics and diversity good practice and will work published its latest Thinkpiece – for current and future generations challenges and choices facing brokers’ PI and effective SME @melissakidd work with the CII. alongside the CII’s Diversity Action Group and the Hitting a home run in retirement: of retirees. them in later life. strategies, through to leadership, Looking forward to going to Luton later to run These champions have been appointed to CII Professional Standards Board. Together these The unlocked potential for housing The study found the majority “The financial services industry online brand loyalty and creating a Networking Skills Talk for the @CIIGroup raise awareness of diversity issues, prevent groups ensure that the CII, as a whole, take a equity in later-life income planning. (79%) of respondents will draw must help empower consumers high performance cultures. #networking anti-discriminatory practices and improve holistic view of diversity and professionalism. Written by Stephen Lowe, group their income from the state to make informed decisions The CII will be supporting the inclusiveness at the CII and the LIs. Tim Allen, diversity champion for the North external affairs and customer insight pension. A further 44% also have and develop the products and BIBA conference with a stand in @AnnuityKath Erik Johnson, diversity champion for West, said: “I applied for one of the regional director at Just Retirement, the a private pension/annuity, and/ services that meet people’s needs. the exhibition hall and CII general @Chrisatengage: Enjoyed @JonEverill London and co-chair of Link – LGBT Insurance diversity champion roles as I feel that everyone report tackles the issue of paying for or 39% a final salary pension. Releasing higher percentages of insurance brokers and intermediary @CIIGroup talk on will clients pay for fee based Network, said: “I volunteered to take on the needs to have voice or be heard. Being a retirement as today’s retirees look However, 33% have neither equity, reducing upfront charges members can get free admission to financial advice - trust & value agreed. V good role of diversity champion to help make sure diversity champion allows me to take ownership forward to longer lives than ever of these additional sources of and giving people the ability to the conference.* the Insurance Institute of London gets the of this in my local area. Every single one of our before. The challenge is how to pay pension. Only 36% have savings ring-fence value in their property ● More details on BIBA’s 2013 @EC3view most out of its diverse membership and to members has their own views, opinions and for those extra years, particularly at and investments for an income in either for inheritance or long-term manifesto and on the conference Talented London Market Practitioners Selected attract the best talent to the insurance sector.” needs and I am proud to have been given the a time when state support is under retirement. Overall, 33% only have care purposes are examples of programme can be found at: for @CIIGroup New Generation Programme In the past, diversity has been an overlooked chance to ensure that no one is excluded.” pressure and pension returns are the state pension to rely on for areas for potential innovation.” www.biba.org.uk http://bit.ly/XIblzZ aspect of professionalism deemed not as ● For more information on equality and being squeezed. pension income. They do not have ● For more, see: www.cii.co.uk/ *Applies to general insurance important as technical subjects within the diversity, see the CII’s equality and diversity In a country with high levels a final salary or private pension. media/4189915/tp93_lowe_ brokers and intermediaries CII LinkedIn Group → 11,930 members insurance and financial services industry. guide: http://bit.ly/WTpQlk ock t

s #CIIGroup Twitter → 3,206 followers i of home ownership among older The report concluded: “Central equity_release_4feb2013.pdf authorised and registered by the However, diversity awareness is an intrinsic ● To find out more about the LI diversity people, housing equity withdrawal and local government, the and the article on p39 for an FSA/FCA, who sell the product(s) of part of good ethical practice, which members champions, or if you are interested in the role,

Image: is one potential solution to the financial services industry and extract of the full report. one or more insurance companies. Join the debate today! of a professional body should promote. please contact: [email protected] 6 7 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk NEWS FOR THE RECORD It’s time for Insight

DISCIPLINARY Crucial role for MATTERS insurance profession Breach of the CII The public requires a much likelihood and relative impact. “Getting risk perception code of ethics greater understanding of the The survey results highlight a right is an important part of Kulothungan Sivarajah ACII, world’s emerging risks – while possible divergence in how the ensuring appropriate action by CertCII(MP), Chartered insurance insurance professionals need public and insurance professionals governments and policymakers practitioner, of London, UK to constantly update their perceive risks. For example, CII to prioritise certain kinds of knowledge and expertise to members in the UK perceive risks at a local, national and Mr Sivarajah was convicted of respond to future threats. These terrorism and cyber attack as international level. Given that the criminal offence of driving while under the influence of are the key findings of the CII’s relatively high impact, high public risk perceptions can alcohol in 2012, a breach of the final Centenary Future Risk report. likelihood events, while the public fundamentally guide policy, these CII code of ethics. Among its conclusions, the fears overpopulation, an energy two international surveys are a As the member made full report – Future Risk: Insuring for crisis and income inequality. useful way of shedding light on and voluntary disclosure, the a Stronger World – recommends Report six also sets out one the views of the public as well as CII preliminary screener made a educating consumers so their risk last scenario on the future, based risk experts. determination that the sanction be limited to a reprimand. perceptions align more closely on previous reports in the series, “According to the report, the This was endorsed by the with that of risk experts. This presented as a utopian vision from profession – as specialists in disciplinary committee under shared awareness would minimise a fictional international affairs the field and actively engaged in disciplinary rule nine. the impact of potential hazards magazine in the year 2030. assessing risk every day – must while empowering the public to David Thomson, director of help shape the risk perceptions of Where the disciplinary panel has decided to publish details of a influence government policy. policy and public affairs at the CII, consumers and provide guidance on disciplinary case ascribed (ie where The report – the sixth and last said: “This final report in the CII’s which risks are the most urgent.” an individual has been named), in the series – contains findings Future Risk series is the culmination every care has been taken to identify ONLINE /// members correctly. Please contact from two major international of a year’s worth of research, the CII if there is any doubt about surveys into the risk perceptions debate and intellectual argument The full report is available at: the identity of a member who may of the public and risk experts. spanning many different disciplines www.cii.co.uk/knowledge/policy- have been the subject of disciplinary and-public-affairs/articles/ Respondents were asked to rank and considering a large number of proceedings and in relation to whom future-risk-insuring-for-a-stronger- a report has been published. a list of risks in terms of relative diverse and complex risks. world/23489

Broker Insurer Ian Goff Mark Potts Eileen Tucker H Thomas Hanley Adam Pursey V Bhaskar Vedula B Richard Boddy A Joshua Abiero Paul Harris R Papia Rahman W Gregory Walker Gary Brotherton Felix Afrifa Deborah Hayward Rayner Simon Richards Mark Wilding C C Andrew Chapman B Thomas Bailey Ian Humphries Carly Richards H D Practitioner A R E D Ross Dessent Amy Bates Alexander Hyett Victoria Rollo Take your career to the next level .... R T E G Nicholas Gowdridge Jennifer Bebli J Patricia Jameson Ravishwanath Rookmoneea A Abdulhalim Ajarmeh H Dean Henson Alan Bint J Jayasekera S Michael Saroglou Nasser Alboussayes Congratulations J Shaun Jackson Mark Boucher K Natalie Kabban Samuel Sarpong B Liew Boon Tat to the following L Brian Lochhead James Brady Takondwa Kadama Mark Scholfield Stephen Bolster Sarah Lyons Louise Brown Charley Kamundi Benjamin Shannon Michael Bullock call 020 3178 6095 CII members who M Christopher Martin C Joshua Cheong KMS Karunanayake Paul Simpson D Peter Dennis became Chartered Thomas Mathieson Stephen Convery Sumith Karunaratne Thomas Simpson G Karen Gooch Ruhel Miah D Oliver Delvos Wayne Kennedy Avinash Singaraju Brian Greaves or visit www.insightrec.co.uk Insurers, Chartered Tichafa Muromo Patrick Denning Kodwo Koomson Chitraj Singh Ian Griffin Insurance Brokers and N Christopher Newberry Udayakumar Devaraju L Annette Lee Praveen Sinha H Michael Hallam Chartered Insurance P Duncan Paterson Alan Dobie Wee Lim Antoinette Staudt M Joseph Manning Stuart Pearson Apputhantri Don Surath Chandima Brendan Little David Steele Jeremy Mullen Practitioners during Marcello Pietrocola Helen Donegan Helen Longland Gamkanda Sudath Sriyananda N Bernie Niland 1 December 2012 – Katie Pusey Hugh Drummond M Innocent Matsikidze Ali Sulley Rosina Nkansah S Nirushan Samarasinghe E Rory Egan N Mihail Nikolov Kapu Sumanathunga R Cannane Ramalingam 30 January 2013 Andrew Shiner Michael Ehioze-Ediae O David O’Flynn Chinama Sumbwe S Pauline Shanley T Stuart Taylor Mohamad El Daqaq Natasha Oldknow Dilan Sumithraarachchi Sunder Singh Michael Taylor-West F Jeremy Fall Diane O’Neill T Sylvia Tetteh Richard Stockley Richard Toogood Manannaidelage Fonseka P Michael Parker Shaikh Thaika W Andrew Whitman Mark Fozzard Mirihanakankanamalage Perera Omarkhan Tleugabilov Clive Wicks G Anne Gardiner Mark Philpott Azura Toop

8 The trusted source for the Insurance market workforce February/March 2013 THE JOURNAL www.cii.co.uk

Insight FP.indd 1 17/12/2012 10:49 NEWS International NEWS ► The Journal is always looking for international news from across the ‘CII World’. If you have any stories you think might be relevant please send them to FOR THE RECORD FOR THE RECORD the editor, Michelle Worvell, at: [email protected]

Top of the class Business interruption Nichola Howard has been named the 2012 UK Venturing into the winner of the Crawford & Company-sponsored prize, awarded annually to the best UK student completing Vietnamese market study proving popular the CII’s Advanced Diploma examinations. The Vietnam insurance market has grown Demand for a new report on business interruption The objective of the report has remained Ms Howard works for William Russell as an significantly in the past five years, both in terms (BI) has suggested there was a gap in the market, unaltered throughout – to avoid similar claims international claims manager and recorded of the number of insurers and total premium according to the Institute of London (IIL). giving rise to different outcomes depending on an outstanding exam performance, achieving written. However, the profession is facing some Together with the Chartered Institute of Loss a particular interpretation of a policy wording. 10 distinctions. She completed her Advanced challenges in attracting the right calibre of staff Adjusters (CILA), the IIL launched Business “Clarity and contract certainty, where Diploma with no fails or exemptions and was to cope with this growing market. Interruption policy wordings – challenges consistency in the claims response can be elected to Associateship in April 2011. In response, First Vietnam was set up highlighted by claims experience late last year. seen, is what we have tried to achieve,” The award was presented by Clive Nicholls, Second annual Arabic ACII in 2011 by a group of professionals that The report follows the BI wording review initial continued Mr Glynn. client services director at Crawford & Company understand the market. The group’s top report in May 2010 and is part of an ongoing “This report is not a finite undertaking,” he UK. Ms Howard said: “I was delighted to receive priority is to provide technical training for review of business interruption wordings. said. “New circumstances and the changing the Crawford Rose Bowl. The support of William graduation ceremony held in Dubai insurers and to improve market expertise. Damian Glynn, chairman of the CILA face of the economy, both locally and globally, Russell and in particular the support from The Bahrain Institute of Banking & Finance applications skills, we have worked very At the same time, the CII was also looking business interruption special interest group, will demand an ongoing review process. New my mentor Tim Coyne was a key factor in me (BIBF), in collaboration with the Royal Center, closely with Royal Center to meet this industry for opportunities to broaden its services in explained: “This report addresses topics risks, which existing wordings may struggle to achieving this award.” UAE, an insurance training and consultancy requirement in the UAE and Saudi Arabia.” Vietnam. Hence, the two organisations, have identified by the BI community and the CILA. easily accommodate, will undoubtedly present The presentation was also attended by: Tim firm, hosted an awards ceremony in Dubai in Mohaideb Al Mohaideb, chairman of Royal come to an agreement to co-operate on an We do not propose prescriptive new wording, themselves. This is something that has been clear Coyne, William Russell; Tim Briault FCII, senior December to honour the second group of ACII Center, commented: “From 19 inaugural insurance training service, in which First nor do we want to throw the baby out with the for the last few years and it is likely to continue.” & examinations assessor; Julie Robson ACII, graduates in the Arabic language. graduates in 2011 to an improved number of Vietnam is the sole representative of the CII bathwater. We believe that most of the existing ● The book can either be bought in hard chairman of the qualifications, examinations The event, held at the Towers Rotana Hotel, 29 in 2012 is very encouraging. It gives me in Vietnam. BI wording works, most of the time. But we do copy from: www.store.iilondon.co.uk or and assessments committee; and Paul Turner, was hosted in the presence of: Fareed Lutfi, great pride to lead the enthusiastic team that Feedback from the market has been want to highlight those areas where we think downloaded for free from CII director of educational standards; along with secretary general of the Emirates Insurance has now produced 48 ACII graduates in Arabic extremely positive, allowing the two some clarification would help.” www.cila.co.uk/publication/ebooks members of the CII’s examinations department. Association, UAE; Nader Saeed Al Mandeel, during the past two years.” organisations to launch the first face-to-face director of the insurance supervision directorate The efforts towards developing the Arabic class for certificate modules this May, in time at the Central Bank of Bahrain; the BIBF ACII programme in association with the CII to prepare for the first exam in June. The insurance team; and Royal Center executives. commenced at the BIBF in the year 1995, course modules include: the Award in General Mr Al Ajmi, assistant director and head of the primarily to help non-English language Insurance; the Award in Bancassurance; and centre for insurance at the BIBF, said: “The ACII speakers attain this globally-acclaimed the Award in Customer Service in Insurance. designation qualification provides a superior designation qualification. Royal Center has One of the strengths of the co-operation is understanding of insurance practice for today’s been the focal point for this programme in the that, while CII has the international standard industry professionals. This qualification is a UAE since 2005. Since then, BIBF has offered and reputation, First Vietnam has strong local comprehensive evaluation of an individual’s more than 140 insurance courses at Royal knowledge. First Vietnam has just completed market knowledge and understanding. While Center to nearly 425 candidates. In excess of a translation of the CII Award in General for the start-up broker, the regional industry continuously demands 100 of these have completed the CII’s Diploma Insurance course book and is in the process of professionals with strong technical and overall in Insurance (Dip CII). completing the necessary registration. there is only one really cool network option... POLICY and PU BLIC affai rs update

EOIPA programme 2012-2014 ● Stress-testing of the insurance mis-selling. The guidance applies to going through a period of significant The European Insurance and and occupations pension sectors. all firms that deal with consumers change, which will see an expected Occupational Pensions Authority https://eiopa.europa.eu/ and have sales staff or advisers who rise in the value of annual (EIOPA) has published its multi- fileadmin/tx_dam/files/work- are part of an incentive scheme. contributions of around £11bn by annual work programme for 2012- programme/MAWP/EIOPA_ www.fsa.gov.uk/library/policy/ 2018. The OFT has decided to take 2014. The programme outlines MAWP.pdf final_guides/2013/fg1301 a forward look now to see whether EIOPA’s activities during 2012 and competition will work in the best its plans for 2013-2014, including: FSA publishes guidance to help OFT launches workplace interests of these savers to deliver ● Continuing work on Solvency II firms avoid poorly managed pensions market study low cost, high quality pension (regulatory and supervisory); incentive schemes that drive The UK’s Office of Fair Trading schemes. The market study will ● Consumer protection and mis-selling (OFT) has launched a market focus on value for money and the financial innovation; The UK’s Financial Services study to examine whether defined size of pension pot savers end up ● Establishing and conducting Authority (FSA) has published final contribution workplace pension with at retirement. sectoral training programmes guidance that will help financial schemes are set up to deliver the www.oft.gov.uk/news-and- for European insurance and firms avoid creating and operating best value for money for savers. updates/press/2013/06-13#. www.teninsurance.co.uk occupational pensions; incentives schemes that drive The market for these pensions is UQe-1qzcCN9

11 February/March 2013 THE JOURNAL www.cii.co.uk REGIONAL NEWS REGIONAL NEWS FOR THE RECORD FOR THE RECORD

music provided by a Jersey members get string quartet. Bristol members update their knowledge Former TV presenter Arti the lowdown on new Halai introduced the awards, CPD scheme on the Financial Ombudsman Service which were then presented by The Insurance Institute of Bristol’s the most common pitfalls that attendance at this evening’s representatives of each of the The New Year saw the formal (IIB) first educational event of organisations face when dealing first educational event of the award sponsors. introduction of the CII’s new 2013 saw more than 75 members with this independent public year demonstrates there is continuing professional development attend an evening lecture hosted body. The presenters also clarified a huge appetite from Bristol ● The Training and Development (CPD) scheme, with qualified by legal firm CMS Cameron the jurisdictional power held by members to develop their award went to Allianz Insurance members now required to record any McKenna at the start of February. the FOS, highlighting the firm’s professional knowledge and ● The Claims Initiative award was professional development activity Several members of the firm’s own experiences of handling undertake CPD activity. With won by Zurich Insurance in hours rather than the previously insurance and financial services cases for their clients. members needing to be fully ● The Commercial Broker of used credits system. This change team presented an insightful look Following the formal aware of the legal and corporate West Midlands the Year was awarded to was one of a handful of alterations at the way in which the Financial presentations, members enjoyed responsibilities involved with Heartland (Midlands) Manchester designed to make the process of Ombudsman Service (FOS) drinks and canapés during a relaxed their own roles, I am delighted ● Fresh Insurance scooped the Institute gets undertaking and recording CPD deals with complaints against networking session with fellow the IIB has joined forces with Insurance Institute Personal Lines Broker of the activity easier for members, in financial services companies members and representatives of CMS Cameron McKenna to run Year award snap happy! addition to bringing the CII’s scheme which have not been able to be CMS Cameron McKenna. This is the what promises to be a series of hands out awards ● The Service Provider of the Year in line with other professions such as resolved through an organisation’s first of four planned seminars the interesting seminars over the award was presented to Nice 1 The Manchester Insurance law and accountancy. standard procedures. IIB will host in conjunction with the coming months.” The sold out inaugural West More than 180 guests attended ● The Presidents’ Award went Institute’s events committee As part of the launch of the The session allowed members legal firm this year. ● Details of forthcoming IIB Midlands Insurance Institutes from within the region (which to Peter Maskell (CEO of BHSF will be running a photography revamped scheme, CII staff members to gain a first-hand understanding Paul Timmins, IIB president, events can be seen at: Awards lunch, sponsored by Ace encompasses the local insurance Group) for his leadership, competition throughout 2013 have been travelling across the UK of the FOS’s procedures and commented: “The excellent www.cii.co.uk/bristol European Group, took place in institutes of Birmingham, Coventry, dedication and service and was asking members to submit, on to deliver presentations that explain November 2012 at the exclusive Shropshire and Mid Wales, Stoke- accepted in his absence by his a monthly basis, their iconic the changes to members and outline Marco Pierre White’s restaurant in on-Trent and Stratford-upon-Avon) wife, Julia Maskell. Mr Maskell is images of Manchester. how the new CPD requirements can The Cube, Birmingham. and further afield. affectionately known locally as Each month, a winning be met through a mix of structured Local Institute The aim of the event was to A high calibre of entries was ‘The Godfather’ of the Birmingham photograph of iconic and unstructured activity. Sam AGM notices – emphasise professionalism, received, with a shortlist of finalists Insurance Institute (BII) and has Manchester will be chosen to Roberts, area marketing manager, reputation and ethical practice being selected by a panel of judges. spent many years supporting the appear in the institute’s 2014 CII, presented one of these sessions have your say within the region as well as to raise A champagne reception was BII, the West Midlands as a region charity calendar, along with to members of the Insurance funds for The Insurance Charities. hosted prior to the meal with and the CII. the name of the person who Institute of Jersey in January and All local institutes across the UK took the photo and their place reported that he had been delighted hold their annual general meeting of work. with the response of members to the (AGM) in March, April or May. The competition started new scheme. Numerous decisions are beech underwriting agencies ltd Insurance Institute of Cardiff to run first last year, with two iconic “Having presented to the taken at the AGMs, including images already being chosen members in Jersey and at a the election of a president and MARKET LEADERS IN TERRORISM INSURANCE Career Academies event in Wales for the next year’s calendar. number of other local institute deputy president for the following Are your clients covered against terrorism? Congratulations to Bill Rigby events in recent months, it has presidential year. Following the success of Christmas. The Career Academies said: “One of my main objectives and Peter Taylor, both from been particularly encouraging Voting is by you, the member, • Cover available for UK and International risks. Policies can be issued in GBP, events hosted by the Insurance event will see young professionals during my presidential term was to Willis, for the winning entries to see members embrace the and you are entitled to be Euro’s or US Dollars. Institutes of Bristol and talk to students about their help promote the profession and for November and December. new scheme,” he commented. present to have your say, giving • Premiums start at £30 + ipt and all policies are placed 100% at Lloyd’s Manchester, the Insurance own career experiences, in the range of interesting careers The deadline for entries is the “Feedback has been very positive, you a voice and helping shape We can cover Property, Contents, Loss of Rent and/or Alternative Accommodation & Institute of Cardiff will become addition to providing students available within it. I, like so many last day of each corresponding with many members reporting that the way your local institute is Business Interruption on the following: the first Welsh host of a joint with the chance to compete of my colleagues and peers, fell month, the final month being the new hours-based system is far run. Please ensure you check event with Career Academies with their classmates in the into the industry without any October 2013. Calendars will go easier to understand than the old your local institute website for • Property – Offi ces, Commercial, Shopping Malls, Retail Shops in March. The half-day event CII’s Discover Risk and Discover real understanding of the job on sale in November of 2013, credits-based scheme. The online notice of its AGM. • Property – Blocks of Flats, High Net Worth clients, Residential Houses, will see members and industry Fortunes sessions. The interactive satisfaction and variation it offers on with all profits going to charity. CPD tool, which members can use If you are interested in being Local Authorities Property Portfolio’s professionals engage with around games have proved a huge a day-to-day basis. Events such as If you are a budding free of charge to log their learning involved with your local institute • Property – In course of Construction 60 students from across Wales to success since their launch two this will hopefully raise awareness photographer and would like activities, has also sparked a lot council then please do not promote the virtues of a career in years ago and offer students a of the profession with young to enter, please send your of interest, given that it provides a hesitate to get in touch with your • Concerts, International Concert Tours, Film Shoots, Overseas locations insurance and financial services. chance to use their analytical students and encourage them to photograph to quick and simple way of monitoring local institute president – local • Computers, Stock Throughput Promoting career opportunities and communications skills to seriously consider insurance or [email protected]. how much CPD activity they have institutes are always on the ock • Manufacturing in the UK or Overseas t s

within the profession is high determine a series of risk and financial services as a career when There is no cost to enter and r undertaken across the year.” lookout for individuals who want e on the agenda for the Cardiff finance based scenarios. they finish their studies.” the winner from each month ● For more information on the new to get involved and help give Visit www.beechunderwriting.co.uk to fi nd out more

Institute, which has already Commenting on the forthcoming ● To learn more about Career will receive a copy of the Shutt scheme and the CPD requirements something back to our profession. tel: 01622 755218 fax: 01622 764735 attended a careers fair hosted event, Rhodri Cooper, president of Academies, visit: calendar along with the status of qualified members, visit: www.cii.co.uk/membership/ [email protected] 12 -13 Starnes Court, Union Street, Maidstone, Kent, ME14 1EB FSA No 304391 by Cardiff University prior to the Insurance Institute of Cardiff, www.careeracademies.org.uk of having their name in print. Image: www.cii.co.uk/cpd local-and-global

12 13 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk Our business has many years of specialist recruitment experience in the General Insurance and MICHELLE WORVELL WANT TO STAY Financial Services sectors: which we’ve been sharing in our blog. We’ve been offering insight into topics like learning new skills, the latest legislation, issues affecting AHEAD IN THE the sector globally and interview techniques. So if you’re serious about developing your career or MARKET? fi nding new talent, come on over and join the debate, we welcome your input. Editor’s inbox www.idexconsulting.com/it IDEX Consulting specialise in the recruitment and selection of experienced insurance personnel across the UK. A selection of our current vacancies are as follows:

LETTERS Broker Development Manager Construction Account Executive Home based covering Northern Home Counties/Essex Salary dependent on experience London £50,000 The CII’s LinkedIn Group appropriate level in the CII degrees have changed in A new MGA is looking to recruit an experienced BDM to their successful team in the UK. Due to expansion this A developing Global broker is looking to increase their footprint in London within their existing Construction established business is looking for an additional recruit to assist in the development of their UK book of business. business. You will have vast knowledge of the local market and a good understanding of the business in the region with the ability to manage, lead and develop business opportunities in this vibrant sector. An excellent has more than 11,900 exams. If I am to be accepted recent years? The CII is a good Excellent opportunity for someone who ideally lives in the northern Home Counties to join a entrepreneurial package is on offer for the appropriate individual coupled with a high bonus and benefi t system. Excellent organisation in the UK insurance market. You will already have strong broker relationships, signifi cant client relationships and market knowledge is required for this role as well as a thorough understanding of the members. Last month, at the next grade I need to educational body and has development experience and looking for an opportunity to progress. Construction Insurance market. they responded to the have completed, or be working fantastic resources of people [email protected] J6719 [email protected] J5787 MICHELLE WORVELL question: “I am interested towards completion of, the and material, but I doubt the in where the ACII sits in ACII – so I wish I had started ACII is degree-equivalent. EDITOR’S INBOX comparison with other it earlier. I would definitely qualifications, eg degree recommend the ACII and to I agree with the other replies, Corporate Account Handler Corporate Account Executive For this edition of the magazine, Ben Baker, head level, or other professional start it as early on in your in respects to an insurance Birmingham to £40,000, plus bonus Birmingham to £75,000 plus car & bonus A Corporate Account Handler required for an expanding brand name broker. Proven experience of managing An accomplished Corporate Account Executive is required to look after a book of blue chip clients. There is a of professional standards at the London qualifications such as career as you can. qualification equating to national / international client accounts paying commissions of £15,000+ is required to be considered for this excellent support network of senior handlers and brokers to assist in retaining the business. Excellent career Market Association (LMA) spoke to us about accountancy or law. Can I a degree level in other sought after career opportunity. prospects and bonuses on offer. completing the new Certificate in London have some views please?” For grads and those at the start subjects and would add that Market Insurance Specialisation. of their career then a degree a professional qualification in [email protected] [email protected] The certificate was developed in I have a degree and ACII so is a degree, a pre-requisite insurance is less versatile than partnership with the LMA as an advanced have some insight into this. that shows you have a proven a professional qualification level qualification, specifically designed for From my experience in the ability to manage academic in law or accountancy. A those working in the London Market. It is 1990s, I would say that the rigour and is effectively a door- specific insurance qualification Claims Team Leader Business Analyst Leicestershire to £30,000 Birmingham to £35,000 achieved by passing one unit – (991) London level of academic rigour is opener that you are unlikely to other than aspects of risk Our client is looking for an experienced Team Leader to join their expanding team. You will be leading a small Our client is seeking an experienced Business Analyst to join their team based in Birmingham. Ideally you roughly equivalent to an garner an interview without. team, managing work fl ow processes and ensuring that an excellent level of service is provided to policy holders. will have experience from working within the insurance industry and have a good understanding of IT project Market insurance specialisation – which is management is useful mostly Previous claims / insurance experience is essential. management disciplines and the end to end project lifestyle. assessed by dissertation. Candidates submit A-level. The further you progress your – but not exclusively of course a 10,000-11,000 word dissertation, on a career within the life/general – only within the insurance [email protected] J6698 [email protected] J6727 topic of their choosing that is relevant to the Any degree you earn from the insurance arena then the more business itself and that’s fine London Market, with 18 months to complete CII is much more useful if you important and relevant the if you know for sure now that this from the time of enrolment. are seeking employment in CII qualification becomes. It insurance is going to be your Ben has shown a huge amount of the insurance industry. I have becomes almost a necessity life’s work – whereas law is Commercial Account Handlers Development Underwriter dedication and commitment in completing a Master’s in Health Insurance at the more senior end of the appropriate within many other Birmingham / Midlands £20,000 - £30,000 Birmingham £50,000 plus car allowance & generous bonus the new certificate and I am sure that many from UGA and a Bachelor’s in market. The ability to pick the business spheres as indeed We are currently working with several high profi le brokers who are looking for Commercial Account Handlers. A brand name niche insurer is seeking a commercial insurance development underwriter with a solid property The fi rst is at SME level, dealing with cases paying up c£7,000 GWP while the other is dealing with larger risks and liability background. A proven track record in new business underwriting and managing broker relationships is of you who are in the midst of studying, International Finance from the areas of focus that ally with is accountancy. upwards of £10,000 GWP. You should have a solid track record dealing with a broad range of commercial risks required, and in return an excellent bonus structure, as well as the possibility of progressing into an underwriting will be able to empathise with him when it same school. Neither degree your role makes it far more and ben keen to progress your career. management role is on offer for the right individual. comes to juggling your every day working was as useful as the knowledge relevant than a degree. For Broadly speaking an ACII [email protected] [email protected] J6090 life and your CII exams. I have gathered so far by trying senior positions I prefer to is equal to a degree. Given The Journal is a great believer in advocacy to obtain my Cert CII. I believe work with a candidate that has this you can expect it to – in hearing from the members about their that, although ACII is tough to achieved their ACII alongside be relatively taxing though own experiences. This is why we run a regular get, it is worth the money and their day job over a candidate the CII has made significant Corporate Account Executive/Director Development Underwriter blog at the back of the magazine where you the time. I have been broking with a great degree from 10+ improvements in recent Manchester/North West £40k-£60k + Bonus + Package. Manchester/North West £35k-£55k + Bonus + Package. An award winning international insurance broker is looking for an Account Executive/Director with experience A specialist insurer with a strong regional presence is looking to appoint an experienced underwriter in can hear all about the experiences of HSB for the past 15 years and I sadly years ago. years to ensure that the of corporate business, to service and grow a book of existing clients in Manchester. Experience of cases worth Manchester to help drive commerciality and market share. Focussing on mid-market/corporate cases you will c£20k fee/commission income and above, as well as clients from retail, manufacturing, property, construction, require strong technical and development skills as well as the aptitude to play a big part in team strategy, training Engineering Insurance’s Peter Molloy, as he find out every day that I should subjects and how they are food or sciences will be benefi cial as will exposure to Risk Management programs. and mentoring. studies hard for an exam in April. have gone for the CII degrees I would be interested to know tested are more relevant to We have also been getting a large amount earlier in my career. Maybe I how many contributors hold you job than ever before. It [email protected] J6728 [email protected] J6619 of traffic on our social media channels shouldn’t have gone even for honours degrees. I comment is worth pointing out that relating to studying. On our Twitter group a Master’s degree and should from my own experience all CII exams are written, (@CIIGroup) we actively encourage members have shot for ACII instead. and that of some of my marked and moderated to tweet about their own successes or fellow degree intake to the by practitioners – your HNW Insurance Executive Wholesale Development Manager London to £35,000 + car allowance London to £50,000 of those within their company. While on Working for a large insurer, I industry at the time. We found peers. We are lucky to have A well-known broker is seeking a Sales Executive to generate new business in the High Net Worth arena; working An innovative and forward thinking insurance broker is looking to develop their broker network across the UK. LinkedIn, we have a huge community of know the CII exams at all levels obtaining ACII to be less taxing the support of over 500 from a home-base and reporting into the London offi ce. Applicants must have Private Clients’ sales experience, They are keen to appoint a sales driven individual, ideally from a wholesale background and with exposure to ideally across Household and Motor. Motor Fleet to maximise business from existing accounts and bring new brokers on board. nearly 11,000, who are often looking for have become more important than our degrees. Certainly, subject matter experts. advice tips on their latest area of study. than any other qualifications. at the time I qualified, each These individuals also help [email protected] J6726 [email protected] J6674 If you can help your fellow members For example, to apply for a ACII subject seemed to be create the study materials in any way – and many of you already do role at a higher grade, the somewhere between O-Level and learning aids that – I would encourage you to join The CII employee needs to be at the and A-Level. Maybe this or candidates use. LinkedIn group and share your expertise.

As always I am very happy to hear your EMAIL /// comments, or any article ideas for the Do you want to keep up-to-date with the very latest industry news and information? Please sign up for our weekly Newsletter by e-mailing your details to magazine so please contact me on: ► The Journal is delighted to recieve letters on any topic please email the editor at: [email protected] [email protected]. [email protected]. Please visit www.idexconsulting.com/jobs to see a full list of all of our current opportunities. 14 Contact one of our specialist consultants for general career advice or any recruitment needs on the following numbers: February/March 2013 THE JOURNAL London: 08435 235250 | Birmingham: 08453 701007 | Bristol: 08453 701015 | Manchester: 08432 897279 www.cii.co.uk

IDEX FP.indd 1 21/02/2013 16:41 HENRI DE CASTRIES | The INTERVIEW

How do you see the current and also through our investments in asset classes state of the economy? such as corporate bonds and equities, as well as Global economic conditions are improving; we supporting states through government bonds. hear encouraging signals from a large spectrum BIOGRAPHY of companies, confirming that the soft patch Are you worried that Solvency II that had engulfed the global economy at the end is still not agreed? Henri de Castries starts his career in the of last year is coming to an end. US companies No one denies the importance of regulation. French Finance Ministry Inspection Office, have, to a large extent, repaired their balance Regulation is the best way to ensure that auditing government agencies from 1980 sheets, the fiscal cliff has been avoided, so insurers serve their mission: being able to to 1984. far, and growth in China is robust, stable and protect and serve their clients in the long term. In 1984, he joins the French Treasury incrementally fuelled by domestic demand. Solvency II, in its principles, is aiming at Department, where, in 1986, he plays an active regulating the sector through an economic role in several privatisations before being How do you view the state of approach of risks, which the industry fully appointed to oversee foreign exchange markets the eurozone in particular? supports. What is less comforting, however, and balance of payments for the Treasury. One year ago, the eurozone was under is the way Solvency II is being designed and In 1989, Mr de Castries joins Axa’s significant threat. Since then, a lot of progress implemented: a one-year horizon and stringent corporate finance division. In 1991 he is has been made and the commitment of the ECB capital requirements, notwithstanding the named corporate secretary, in charge of has convinced the market that the euro is here postponement of the implementation for another the legal aspects of the reorganisation and to stay. Southern European countries have made couple of years, are all factors that cast a shadow merger of Compagnie du Midi with, and into, impressive efforts to restore competitiveness on the sector, increasing the risk of divergence the Axa Group. and fiscal sustainability. However, it is key that between states in the implementation phase, and In 1996, he plays an active role both in these commitments are sustained and that damaging the level playing field betweenE urope preparing the UAP merger and in managing countries that have not undertaken structural and the US. This will certainly not contribute to the subsequent integration of the two groups. reforms do so, to avoid dangerous economic the sector re-rating. In 1997, he is appointed chairman of The and fiscal divergences within the eurozone. Equitable Companies (which later became Can the industry be doing Axa Financial). Where does the insurance anything about this? Mr de Castries is chairman of the Axa industry fit in this? Let me be clear: the European insurance industry management board from May 2000 to Welfare states are faced with high pressure to is unanimously willing to implement Solvency II April 2010. Since April 2010, following a reduce their deficits and the priority should on an acceptable basis for all players. We are at modification of the corporate governance be to cut public spending, whereas growth the disposal of the other stakeholders, be it the structure, he is chairman and chief executive in Europe must be supported by long-term supervisors, national authorities or European officer of Axa. investment. In this respect, insurers have a key bodies, to find the most satisfactory outcome to He sits on the board of the Association pour role to play: as we are managing the assets of the Solvency II negotiations, as we have always l’aide aux jeunes infirmes, an organisation our clients over a long period of time, we must been. The recent long-term guarantee impact dedicated to helping disabled youth, and match those assets with long-term liabilities, assessment is a unique opportunity to bring is chairman of Axa Hearts in Action, Axa’s which makes us the structural long-term concrete elements into the debate. volunteer community outreach program. investing agent in our economies. Are there new threats/challenges How important is it for that insurers must deal with? Are you optimistic for the future? insurers to adapt? Changes in clients’ needs and behaviours We are living in extraordinary times, when Our environment has changed deeply in recent are, in my opinion, the biggest long-term millions of human beings are moving years. We have seen the emergence of higher challenges for insurers. As bookshops and from poverty to prosperity thanks to their market volatility, new types of risks in both P&C travel agencies have adapted to survive the participations in the global market economy and (linked to climate change) and L&S (linked to e-economy revolution, insurers must redefine when scientific and technological innovations longevity, the need for more protection), as well their business model and culture towards are progressing faster than ever. Although as opportunities offered by new markets and digital and multi-access. This is a long journey challenges such as climate change and ageing A life less geographies. Insurers have to adapt their offering but I believe Axa is well positioned to benefit societies in the Western world are daunting, it From the French Treasury and risk appetite to this changing environment in from this great opportunity. would not be reasonable to be pessimistic. Department to current order to grasp new growth levers. Moreover, the fundamentals of our At the same time, it is all the more important business have never been more relevant: the chairman of Axa, Henri that our supervisors look at us through this new “...the fundamentals emergence of a middle-class in some areas de Castries has seen lens as well: the way insurers are regulated of the world, the increasing pension gap, most things. Here, he tells must reflect the reality of our economic and of our business have the need for protection and guarantees, the financial environment. profound changes in customers’ needs are all Michelle Worvell why the never been more creating tremendous growth opportunities

extraordinary times we are y How can insurers help other sectors? for the insurance sector as a whole, while

tt relevant...” living in offer extraordinary Ge As I said, insurers are structural long-term the increased volatility of the world will also opportunities investors: we support the economies in general, benefit diversified players such as Axa. So, yes, Image: through our partnerships with corporate clients I am positive for the future.

16 17 ordinaryFebruary/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk Discover Risk | Apprenticeships

broker ASSESS is so easy to use that no-one need Apprenticeships worry about compliance. Nobody really likes being assessed, but you reach ing new heights can at least make the experience relevant and worthwhile. Devised by brokers, reviewed and regularly Following a successful National Apprenticeship Week in March, updated, broker ASSESS is the complete online The Journal reveals what our profession is doing to get in on the act broker learning and assessment tool.

ational that will be starting to offer Rebecca Hill and James Bowyer, Being web-based, it’s as easily accessible Apprenticeship apprenticeships this year – watch Chaucer apprentices as it is reliably accurate. Week (NAW) the press for further details. featured heavily in the UK media Insight day in the middle of Chaucer, which started its March. It ran across the country, apprenticeship programme in N and companies from all areas of the second half of 2012, plans AD the market joined in the fun with to hold an insight day in March case studies, open days and good at its City of London office to news stories for those outside encourage more students to the sector. consider apprenticeships as a Apprenticeship statistics good alternative to university. run a year in arrears, so we The firm also actively supports know there were more than the CII’s own Discover Risk 500,000 apprenticeship starts events at schools in London and in 2011/2012, a 12% increase over the South East. Jo Herrington, No need to hide the previous year. Chaucer’s learning and While starts containing CII development manager, explained qualifications played a very the value of reaching out through second-best option. It does Other companies that built on small part in this, we are moving face-to-face events. take longer in schools that are their apprenticeship numbers in rapidly in the right direction. In “We know that more students geared towards league tables 2012 include: Ageas, Aon, Bluefin, fact, the growth on last year’s are interested in alternatives and universities. Many students RIAS and Swinton. starts with CII qualifications to university, but may not be and teachers didn’t know that In all, there were more than 150 in them was more than 30%. aware of the opportunities that an apprenticeship can lead to a companies that developed their There are several major brands insurance offers. We can tell degree – at a much lower cost staff through apprenticeships, students about real jobs on than three or four years of full- and the majority of these staff › offer in the City after they have time university study.” members are new starters, which completed their A-levels, as University applications fell is also great news for the sector. well as helping to promote the for the second year running in If you are new to such Register your business by calling “Slowly but insurance industry.” England, as more people thought schemes, you can request our Caspar Bartington, the twice about the value of a degree, guide to apprenticeships, which 0844 77 00 266 for a free trial or visit surely schools CII’s relationship manager for given the cost of around £50,000 explains how the programmes education, recently gave a for a three-year programme. work. The Discover team can www.noneedtohide.co.uk and students keynote speech at an independent also explain how they can help are aware that school in the Midlands where Government incentives you make links with your local students and parents alike There is more good news schools and colleges, to build apprenticeships are keen to understand the for SMEs looking to recruit your own talent pipeline. opportunities in the profession for apprentices for the first time, as In partnership with: are not a A-Level school leavers. the government committed to ONLINE /// “Slowly but surely schools extend its incentive payment of second-best All you need to do is and students are aware that £1,500 for companies employing email: [email protected] option” Apprenticeships are not a an apprentice for the first time. 18 February/March 2013 THE JOURNAL www.cii.co.uk chartered profile | AGEAS Building for the future The Journal spoke to Adam Clarke of Ageas about how achieving Chartered status fits with his firm’s existing learning and development programmes

Why did you decide to go for support our journey to becoming a Chartered Chartered status? insurer and to provide a platform for continued As a leading insurer in the UK, and one that professional development. had already committed to the Aldermanbury The project was approved at all levels and Declaration, Ageas was keen to demonstrate a project manager was responsible for making its professionalism in the industry. sure we met the required milestones in the We already had an excellent graduate planned period. The project manager worked training scheme and a strong learning and with our senior management team and the development framework in our underwriting learning and development team to collate the academy, so going for Chartered status was evidence that would demonstrate our ability to the logical next step to further enhance our meet the obligatory and discretionary criteria reputation, not only as an insurer, but as an needed to achieve Chartered insurer status. Adam Clarke employer too. Our locations can sometimes make What was the most challenging still underway and is being constantly updated recruitment of senior professionals difficult, aspect about becoming Chartered? and extended. For example, our focus now so it is important to grow our own talent and As a business, we had agreed that we wanted is on educating the underwriting teams in nurture the capabilities of people already in 100% of our customer-facing staff to acquire how to use the CII continuous professional our business. I am a firm believer that good Chartered status, rather than the 90% that development log. By having a formal people plus good processes equals superior is officially required. The sheer number of communication structure in place, we have Members only performance. And in recent years, this has employees involved in the process presented its been able to cascade communication very been evidenced by greater internal progression own complications. The administration logistics effectively, in partnership, with the learning Branded products now available and promotions into management or senior were probably the most labour intensive. and development team. technical roles, than external appointments. We started by assessing which current Although a separate initiative, the members of staff were Chartered members underwriting academy helps to reinforce the Explain the process you in their own right and transferring their Chartered message, as a bespoke, tailored, went through membership over to the company membership development tool that concentrates on our Our underwriting forum, a staff representative – which all sounds quite straightforward core technical and behavioural competencies body formed two years to govern the until you realise that everyone’s membership and culture as well as helping to promote underwriting academy, discussed the value expires at different times. professionalism within the business. To celebrate our centenary the CII has launched a new range and opportunities that being Chartered would of branded products, exclusively available for members. provide to our employees and the business. How did you educate your staff and Will you offer any additional benefits Once the forum had agreed to progress the clients about the importance of or services to Chartered brokers? Browse or order online at initiative, we sought buy-in from our senior gaining Chartered status? We are currently looking into this and management committee. There was obviously The underwriting forum was the ideal group to investigating how we can differentiate www.cii.co.uk/centenarymerchandise a significant financial investment to consider control three-way communications between ourselves in the market and add value to our as well as additional time and resource, so the senior management team, underwriting network of brokers. we set about making sure our long-term employees and the rest of the business. We development plan complemented our used various platforms such as online systems What advice would you give to any Chartered requirements. (to upload professional development logs), other broker or insurer that was We developed a new learning and employee briefings and specialised forums. considering Chartered status? development framework back in 2009, with a We also developed a communications This is not a quick win – it is all about building view to enhancing the skills, qualifications and plan, which included articles in our in-house for future capability. Make sure you have a knowledge of our people. The underwriting newsletter and on the intranet, and we issued suitable long-term strategy and objective so academy, as it became known, was a brief to our broker account executives that you can build the right structure to develop consequently built into the overall blueprint to are out meeting clients everyday. This plan is your people and your business.

CII_Merch_Ads_HP_AW.indd 1 15/02/2012 09:47 21 February/March 2013 THE JOURNAL www.cii.co.uk Insurance | Trade credit

A stumbling economy has led to a rise in businesses needing trade credit insurance. Sam Barrett looks at how Credit where it’s due firms can tap into this growing market

ith January seeing a number of high street names, including HMV, Blockbuster and Trade credit insurance – what’s available? Jessops, going into administration, there With no two businesses the same, the trade monitor the risk across the customer base, can be little doubt that the UK economy is credit insurance market has developed providing insight into the risk they present. far fromW recovery. But, while this uncertainty to provide cover for every trading pattern presents challenges for businesses, it creates and appetite for risk. Among the products ● Excess of loss cover – enables a company real opportunities for the trade credit available are: to cover itself against catastrophic risk. insurance market. This means it is often suited to larger The product, which enables a company to ● Whole turnover – the company insures organisations that have their own credit protect itself from non-payment by customers, all or the vast majority of its customer control procedures in house and are happy also provides a number of benefits that are base. This protects the company but, as all to take on some of the risk themselves. particularly relevant in uncertain times. Trevor customers are covered rather than those Byrne, senior marketing manager at Coface, where there is a higher risk of default, it Policies can also be structured to cover explains: “Companies may be looking for new also benefits the insurer, allowing them specific customers, for example, the largest markets, either in the UK or for export, to to offer competitive premiums and cover or the top 10, or to cover trade with a support business growth. A credit insurer can higher risk customers. The insurer will also particular country or region. provide information on the credit worthiness of potential customers, helping them avoid the poor risks.” New products have also been launched. Opportunity knocks As well as offering this insight, trade credit Although the market has been dominated by With businesses looking to expand into new insurance can also help businesses when they the whole turnover cover providers – Coface, markets or secure financing to enable growth, are looking for finance. With banks cautious Euler Hermes and Atradius, who between there are plenty of opportunities for brokers in about lending, trade credit can give them the them have a market share of around 80% – this market. But trade credit can be complex, so security that, should a customer default, the the latest products have focused on more forming a partnership with a specialist broker insurer will pay out instead. “If a company offers flexible solutions. is often recommended. Mr Holley says all the 60-day credit terms, as much as one sixth of These launches include a top up commercial large brokers have trade credit divisions in house their annual income could be owed at any one credit insurance facility, CreditFlex, from QBE, that will support sales, or a broker could link up time,” explains Mike Holley, chief executive which is designed to supplement the whole with one of the trade credit insurance brokers officer atE quinox Global. “This can make a development for Aon Trade Credit UK, says: Mr Michael says this fall indicates that Ewa Rose, divisional managing director, turnover cover provided by a primary insurer. specialising in this area. “It is getting easier for significant difference to their chances of survival “Risk management is much more on the pricing is becoming increasingly attractive trade credit at Markel International, sums up In addition, Euler Hermes responded to the brokers as the multi-line insurers come into the and the banks are well aware of this.” board agenda these days. Finance directors for companies looking to protect their books. the market sentiment. “There’s never been growing popularity of excess of loss products, market and make it a more mainstream product Being able to provide this security is are becoming increasingly aware of trade Although rates hardened following 2008 and as much capacity for writing trade credit bringing out a plan in 2012 through a new but it still requires specialist knowledge,” he adds. particularly important in the UK where so credit insurance.” stayed that way for at least 12 months, they business. There are up to 40 markets writing specialist underwriting team based in London. “If a broker does want to move into this area I’d many businesses are in the service sector. His view is supported by the latest figures started to fall back again in 2010. “Rates are some form of cover,” she says. “A more Will Clark, head of UK trade credit at AIG, recommend hiring a specialist.” Often this can mean they have no material from the Association of British Insurers. These similar to the pre-crisis level,” he explains. buoyant economy would be helpful but it’s says the emergence of more flexible offerings Insurers are keen to support this growth too and assets that can be used as security so they show that at the end of 2011, there were 10,202 “Underwriters are still nervous about providing looking very positive.” reflects the variety of businesses looking for can provide assistance to those looking to enter struggle to arrange competitive lending. policies in place and the insured turnover cover in some sectors, for instance retail and There’s certainly been plenty of activity in the cover. “Some businesses will look for whole the market. Stuart James, global head of trade Being able to demonstrate they have reduced had increased to £313bn, up from £240bn the construction, although even here cover is market, with a number of new players helping turnover cover while others might have a solid credit at Ace Group, says: “We’ve seen several the risk of bad debt can give banks the previous year. Of this business, 54% is domestic available. It’s a very competitive market and to drive competition. Among those that have credit department in-house and simply want niche brokers with fantastic opportunities in this confidence to lend to them. – with the other 46% export and non-UK. there is a lot more interest and appetite to entered the market since the credit crunch to use an excess of loss policy to protect them market. Where this is the case we can help them But, while the level of sales supported by provide solutions.” are Markel International, which launched in from a catastrophic risk. We’ve also seen develop this area, attending meetings with them y Market data the product may have increased, there has April 2010; Equinox Global, which entered the increased interest in non-cancellable limits and helping with presentations.” tt

Ge As a result of these benefits, trade been a fall in the gross written premium. This T rade credit developments market in November 2010; and Nexus Group, as these give a higher degree of security,” he With this support, although the UK economy may credit insurance is becoming much more has fallen steadily since 2009, when it peaked The market is ready for the demand, with which launched its new Lloyd’s managing explains. “Policies can be structured to fit the still have a bumpy ride to recovery, prospects are

Image: commonplace. Rob Michael, head of business at £358m, and was £315m at the end of 2011. insurers keen to court the renewed interest. general agency, Nexus CIFS, this January. requirements of every business.” looking good for the trade credit insurance market.

22 23 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk Examinations | London Market

my map, I would not have been able to achieve a worthwhile piece of work, which would, hopefully, be of benefit to the market as a whole. The next thing I needed to do was find a Certifi cate in London Market Insurance Specialisation – the facts mentor. I was fortunate that Terry Hayday, then head of professional standards at the Developed in partnership with the LMA, benefits for their employer; Labour of LMA, agreed to fill this role. He gave me this is an advanced level qualification, ● Indicate to their employer, clients every encouragement and provided valuable specifically designed for those working in and peer group their commitment to support in guiding me through the exercise. the London Market. professional development, helping Professor Derek Atkins of the Cass Business The certificate is achieved by passing members achieve their career ambitions. School was appointed as my guide, and one unit – (991) London Market insurance provided further support. specialisation – which is assessed by Upon completion, individuals will also I had begun with the idea that writing this dissertation. Candidates submit a 10,000- be awarded 50 Advanced Diploma level dissertation would be a lonely business as I had 11,000 word dissertation, on a topic of their credits, which can be used to count studied for my MBA across four years with the choosing that is relevant to the London towards completion of other CII insurance Open University and came from a background Market, with 18 months to complete this qualifications, such as the Diploma and of distance learning. I was completely wrong. from the time of enrolment. Advanced Diploma in Insurance. The Once immersed in the research, I seemed credits awarded are placed at Level 7 in the Having recently completed the new CII Level 7 to be speaking to everybody about anything The Certificate in London Market Insurance Qualification and Credit Framework (QCF). Certificate in London Market Insurance Specialisation, to do with wordings and soon realised that I Specialisation allows members to: Entry onto the London Market dissertation love was in danger of becoming a wordings bore. ● Create learning matched precisely to their is limited because of the amount of work Ben Baker explains why, rather than being put off his I also discovered how easy it is to stray from job role, responsibilities and aspirations; involved in assessing and accepting proposals studies, he would happily do it all over again the subject in hand and become distracted by ● Develop their knowledge of issues and marking and moderating completed something that might look more interesting but particularly relevant to London Market dissertations, all of which will be undertaken is unrelated. Luckily my support team kept me practitioners; by educational experts and experienced focused and I returned to the path. ● Gain real understanding of a key chosen London Market practitioners. Prospective topic through in-depth research and candidates can register their interest via the Planning the research analysis, with potential to add business online form on the CII website. I decided that right from the start I had to focus my research on conducting interviews with key people in the London insurance market. I realised and biased opinions. I selected my interviewees the last minute. I am so glad that I heeded this I had to obtain a balanced and realistic view about from a wide spectrum of disciplines as I wanted advice. You have to beware that by the time you the subject and try to be aware of prejudices to establish what was really thought about the have completed your interview transcripts (not importance of getting insurance contract wordings included in the word count – and mine came to right and how reputations could be damaged. nearly 8,000 words alone) and you have added I structured my interviews around 30 minutes the appendices (all 19 of them in my case) you are and five key questions, which I used as the talking about a large piece of work. I measured it basis of the research. I soon found that, after I and it came to nearly five inches thick. “I would thoroughly had met the first cohort on my list, I was being I made myself write the interview notes as soon recommend anyone referred to people I had not met before but, after the discussion as possible and I mapped hen I was asked to educational programme for wordings. I chose Getting started who, at the end of the day, were vital in giving out the research paper early on and filled in the write a 10,000 word this area of research as I had already been Before I could even begin my research I had who is studying for me a deep insight into the issues at stake. What sections as I went. This also gave me the flexibility exemplar dissertation asked to look at how training and guidance to prepare a formal proposal paper for the CII really surprised me was the depth of feeling to adapt where necessary and delete the areas for the new CII Level 7 could be given to young practitioners in respect moderation panel, explaining the subject and the AC II to embark about contract wordings and this confirmed the where I had lost my way entirely. Certificate in London of insurance contract wordings. Tom Bolt, its benefits to both me and the LMA. Getting professionalism alive in the London insurance Market Insurance director of performance management at Lloyd’s, the title of the research project absolutely right upon Level 7” marketplace. By the time I had finished, I had The result Specialisation, on a subject of my choice and had run a series of presentations entitled: If only was essential and it took me longer to refine the interviewed 34 insurance experts including I lived through the experience and passed with directly W relevant to my work at the Lloyd’s I’d known… wordings pitfalls. It was attended proposal than I expected. The overall proposal Ben Baker underwriters, brokers, lawyers, wordings a distinction and 50 credits towards the ACII. I Market Association (LMA) and the Lloyd’s by more than 300 people and had to be run exercise was thought-provoking and I quickly professionals and senior market executives. found the whole exercise to be fascinating and insurance market, I felt somewhat daunted, three times so, clearly, here was a subject in realised that if the CII moderation panel was to This highlighted another aspect of how a rewarding. I met new people in the process, particularly as I was given 18 weeks to complete which there was no lack of interest. accept my research, it was not simply a case research project can widen your network and refined my writing skills and experienced a real it in addition to my day job! (Candidates will It is widely agreed that getting the of listing topics to discuss but a true working confirmed that if you are prepared to ask the sense of achievement. The dissertation will be have 18 months to complete the task in total.) insurance contract wording right is document clearly setting out the goals and right questions of the right people, they will published in due course, so you will be able to Little did I know, however, that I was on the fundamental to the reputation of Lloyd’s and objectives of the research was needed. do their utmost to help you. They all know who judge the result yourself. brink of a valuable and enriching experience all those who operate in the London Market. This exercise was vital. It allowed me to get they are and I am very grateful to all of them I would thoroughly recommend anyone who that would open up my chosen research subject Many had already voiced their concerns to grips with the subject, determine what the for their enthusiasm, support and time. is studying for the ACII to embark upon Level 7. in ways that I could not have imagined. about the mixed levels of understanding and research should be really about, why it was I would quite happily do it again.

Getty The title of my dissertation was – Fit for expertise and it was generally agreed that a necessary and, most importantly, it helped me Writing the dissertation purpose at Lloyd’s: enhancing reputation structured approach to understanding the decide how I would conduct my work. Without a It was suggested, early in my work, that I should Ben Baker is head of professional standards

Image: through the design and delivery of an fundamentals was urgently needed. clear, well-argued proposal, which was effectively not leave the writing of the 10,000 words to at the LMA

24 25 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk LOCAL INSTITUTE PROFILE | ABERDEEN Open up the world of risk to Local Inst ituteS: Institute: Insurance Institute of Aberdeen the professionals of tomorrow. Formation date: 1911 Areas covered: Aberdeen and the north east of Scotland President: Debbie Mitchell Number of members: 507 Help us promote our Members on the council: 10 Special groups on council: None Institutionalised world to today’s learners.

success Aberdeen Town Hall What are the characteristics of a good institute? Aberdeen Institute president Debbie A committed council, enthusiastic membership and an excellent CII Mitchell tells The Journal why the ‘best area marketing manager are vital, but most importantly one that seeks annual dinner on the circuit’ is just one of and listens to the views of its membership.

many events her region has to be proud of How do you encourage members to interact with your institute? The easy answer is, by giving them what they want, but it is also giving What is your main focus or theme for 2013? them an institute they can be proud of, and one that is relevant to Education is the driver this year. The maintenance of relevant and their needs. However, we have found a sternly worded email from the worthwhile continuous professional development (CPD) is at the top president does the trick just as well. of the list of what our members need from us and it is our intention to provide this as far as possible. We intend to continue to consult with What has been your best initiative? members to ensure we provide the level of education they want in the Probably turning the annual dinner from an “I’ll go if I have to” event to area where there is a demand. a must-attend. Our members are proud of the fact we have “the best dinner on the circuit” (modesty forbids me giving the appropriate credit Tell us about your major initiatives for this year for this quote) and the fact we can attract more than 300 guests given Our main initiative is to encourage membership involvement with the the size of our Institute demonstrates this fact. local institute, whether that is attending events or becoming involved with the local council. We aim to achieve this by providing events that will be What does professionalism mean to you? supported by members, thus increasing a desire for further interaction. It’s taking pride in the work you do, and the profession you work in – and ensuring that you do everything in your power to promote the good What events do you have planned this year for your members? that is done in your profession. We have run successful quiz nights and ten pin bowling events for many years and as if it “ain’t broke, we shan’t fix it”, so these will continue. Explain the positive ways in which the CII and your institute However, it has been suggested that we may wish to cater for the more work together mature members of our Institute and therefore plan to run a wine tasting We are blessed with our area marketing manager, David Irvine, who event. This has been surprisingly well received – there seems to be has worked tirelessly to ensure that we work together to both our something about wine and insurance types that makes a perfect match! advantages. The networking conference, and other initiatives to bring In addition, we intend to provide a varied programme of CPD events, the local institutes together, have been invaluable in allowing us to

my focusing on the broker community, where the majority of our members share good practices and ultimately improve the offering for the local a

Al work. Again, after listening to our membership we will be exploring the membership. As an institute, we are committed to making good on the role of the expert witness, as well as looking at soft skills, which have benefits membership of the CII offers and as such it is essential that we Image: been largely ignored in recent years. continue to work together to ensure our continued success. Email [email protected] to play your part. 26 February/March 2013 THE JOURNAL www.cii.co.uk HOT TOPIC | HOME WORKING

ew UK government figures show the number of “More than half self-employed people is rising. Between July the employees and September last year, the numbers rose to 4.2 surveyed said they million, up 2.8% year- Out of work on days off to on-year. Enterprise Nation claims 5.4 million Brits meet deadlines” are now working from home, while a survey N from Microsoft suggests British workers perform the equivalent of 33 days’ overtime small from home every year. More than half the employees surveyed said they work on days “A lot of these services are being dealt off to meet deadlines. with by home workers,” says Mr Corbould- Meanwhile, the government is pushing for Warren, “however this creates new risks for the all employees to have the right to flexible business. If someone is working on a shift basis working – either in terms of hours worked or acorns… from home, there is nothing to stop them from in location. It plans to legislate on this during With rail fares rising and job opportunities shrinking, having two or three jobs at the same time. The 2013, with a view to implementing new rules employers may know nothing about each other. next year. All of which adds up to a picture of it is no wonder increasing numbers of UK workers are “It raises real concerns around fidelity increasing numbers of us working from home – choosing to set up their own businesses from home. and theft. There is a lot less rapport and less at least for part of the time. However, many are operating without insurance, loyalty. Businesses need to think carefully about the risks of, say, having someone What’s behind this shift? as Liz Booth reports, presenting some good handling their cash while at home, or holding Technology is driving a lot of this change. With opportunities for the profession credit card details. At a call centre there may superfast broadband being promised by 2015 well be a ban on pencils and paper to prevent for 90% of the country, workers will be able credit card numbers being copied – but can to work comfortably from home. Companies, anyone enforce that on a home worker?” for example, will no longer have to rely on Mr Corbould-Warren warns working from large call centres but instead will be able use work carried out at home is going to be low- example, works on intranets inaccessible on home on a self-employed basis is not without workers based in their homes, all answering risk, office-type work. Of the work equipment mobile phones. risk either. Both employed and self-employed calls from a central system. used at home, you are only responsible for the However, whatever the systems, they are exposed to cyber risks, for example. Both The state of the economy is also equipment you supply. are unlikely to be 100% watertight. Russell groups run the risk of being victims of a cyber contributing to the growth. The Institute of “If your staff work at home doing activities Corbould-Warren, head of SME underwriting attack and, without an IT team on hand, it may Consulting claims the market for freelancers such as working with adhesives or soldering, at Zurich, says: “We are seeing many more take longer to resolve any issues. grew 12% in 2012 – a sign that companies you will need to consider the particular risks people choosing to work from home. After An Association of Risk and Insurance remain reluctant to take on expensive full-time involved in these activities. For example, you all, if technology allows it, why wouldn’t you Managers survey showed 65% of SMEs do staff in uncertain economic times. will need to check that any equipment you work from home rather than slog through the not safeguard their data, while Datamonitor Those made redundant may also be finding supply to your staff is in good condition and crowds into the city and your office?” research claims 40% of all targeted attacks it tough to find a new job and instead choose that they have the correct personal protective When it comes to insuring these home- are against SMEs, says Mr Corbould-Warren. to quit the rat race and do it for themselves, equipment (PPE) if needed.” workers, there are often issues, he warns. It is not all gloom and doom though. The starting their own business at home. The “Too often employees working from home get use of home workers may actually reduce a Federation of Small Businesses claims some Insurance issues wrapped up by default in the overall insurance firm’s exposure to business interruption risks. 85,000 additional people are becoming self- The repercussions for employers and their package but they need separate consideration. Spreading staff locations is likely to reduce employed each year. insurances are only just beginning to surface “For example, how does the employer take on the risk of a flood or fire devastating premises The TUC has found the pattern varies by as people recognise the new risks such work the responsibility of managing health & safety and bringing the whole business to a halt. location and even by age. It says around one poses. For example, are the premises safe, risks? How do they handle the sense of isolation Some businesses may be able to do away with in five workers over the age of 55 regularly both from a health & safety perspective and home workers often suffer from?H ow do they large premises altogether, with corresponding works from home, while only 8.6% of those also from a general security view? What about engage these employees to motivate them? savings on property insurance. Saving on such under 35 will work from home. In terms of data security? What about public liability Firms may need to reconsider how they look after insurances may help offset the spend in other location, around one in six workers in the issues? What about fidelity? staff, being more aware of new sources of stress.” areas – such as fidelity guarantee insurance. South West (16.4%) regularly works from There are various risk reduction measures He says problems have stemmed from i

l home, compared to just one in 10 workers in being used. For example, some companies the growing trend of BYOD (bring your own “What happens when the vital computer manufacturing to service industries, a Playing catch up the North West (10.2%). block email after hours and tell customers that devices) too. “It seems a good idea – let breaks down? It is rarely covered under the new pattern has been emerging – the 24/7 For the insurance profession though, this ggie

Ma Home workers are split into two categories staff will be unable to respond until they are employees use their own devices and you don’t business policy because it is not an owned economy. Consumers want answers and is the moment to wake up to the existence

on: – those working for themselves and those back at their desks. This works for office-based need to buy expensive phones or computers. asset. Many businesses are crossing a line that availability on their terms. Combine that of all these businesses – and their risks. Mr i working for others. The Health & Safety staff but not for those who need to work from But what happens when that employee they have no idea about.” with the trend towards globalisation and it Corbould-Warren explains: “As a profession Executive has published guidelines for home. Many government sites require staff to leaves and takes their equipment (with all the While shiftwork generally has been is no wonder firms need more staff to cover we are behind the curve on this trend. There

Illustrat employers of home workers. It says: “A lot of log on in specific ways, while the judiciary, for sensitive data on board)? falling back in the UK as it moves from 24/7 issues. has been a tendency to treat home workers as ↘

28 29 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk HOT TOPIC | HOME WORKING TESCO BANK | Case study

small businesses – we have often considered of home workers surveyed say they have them in the same light as a small high street business car insurance yet 66% (more than shop of office, just with a different badge on 3.5m) use their cars for business purposes. the product, but they present complex risks Axa is also warning people to inform their Key numbers with bespoke needs. home contents provider if they are working “There is a huge opportunity for both from home or they could risk invalidating their ● 4.2 million self-employed insurers and brokers to serve this growing policy, while for the 10% of home workers ● 5.4 million working from home market. It is not a market that can be easily who meet clients in their home, or the 30% ● Freelance market growing 12% per year commoditised. Too often, there has been a who visit clients’ premises, Axa advises public ● Just 3% of home workers have temptation to look at this market, see the liability insurance should be considered. employers liability insurance Ev ery little helps premium levels are low and therefore decide Meanwhile, only 8% have professional ● Just 14% of home workers have As part of a commitment to have the most it should be commoditised and not brokered. indemnity insurance to cover themselves business motor cover. qualified workforce in the industry, Tesco Bank However, it should be brokered, whether face- for legal liability in the event of providing has partnered with the CII to provide its motor and to-face or online. There are commonalties that customers with poor advice. Insurances to discuss: help make this worthwhile.” David Williams, managing director, ● Employers’ liability home insurance staff with recognised training. Research from Axa has flagged up a underwriting, at Axa, acknowledges: “There ● Motor insurance The Journal looks at how it was done… number of issues – including that of under- is a lot to consider when starting your own ● Contents insurance insurance. The survey found 16% (more business and insurance is probably pretty ● Buildings insurance than 850,000) of home workers employ low down the list. But there is a huge concern ● Public liability one or more people yet only 3% (around about the consequences. ● Professional indemnity hen Tesco Bank took award ceremonies to present employees with either IF5 Motor Products or IF6 Household 150,000) have employer’s liability insurance. “If you are just starting out and take someone ● Product liability the decision to bring their completion certificates. Products. Phase two of the certificate Meanwhile, just 14% (approx 750,000) on, they slip on the doorstep and sue you. If you ● Goods in transit the sales and service programme is now underway and phase three are not insured, it may well put the business area of its motor 2012 certificate programme allows candidates to select their preferred under before it has really even started. These and home insurance The success of the FIT programme raised certificate unit from the CII framework. All small start-ups can become the big businesses And it is not just about tax, warns Mr business in-house, it the appetite for learning and development phases of the programme will be complete in of the future and they need protecting.” Williams, who says that if firms have control recognised that all its new employees would within the workforce. By November 2011, the second quarter of 2013. over what the person is doing, then they also need W to develop their specialist knowledge employees who had passed their FIT exams Waking up have a health and safety responsibility. and skillset to help deliver what matters most were encouraged to continue with their Outcome Mr Williams is adamant that the insurance However, there is a positive message for to its customers. studies and go on to achieve the CII’s ● More than 340 employees have achieved the profession has a real role to play in brokers, who have a huge opportunity to A number of people employed for the new Certificate in Insurance. Award in Foundation Insurance Test; supporting these micro-businesses and service this sector, says Mr Williams. Like Mr contact centres in Glasgow and Newcastle At the same time, Tesco Bank’s insurance ● Exam success in certificate programme to encouraging development. “Some of these Corbould-Warren, he believes it is not easy were put through their paces in Tesco Bank’s operations director, Bill Raynal, delighted date exceeds national average for 2011; businesses are so small they have slipped to commoditise this market because of the in-house training programme to develop by the success of the FIT programme, asked ● Staff retention and motivation benefits; under the radar but increasingly they are variety of people and circumstances. their customer service skills and product the CII to create a suitable programme for ● Enhanced career opportunities for employees; subject to the same rules and regulations and “It is a case of simple and complex,” he knowledge. But Tesco was also committed to Tesco Bank’s employees to secure Cert CII ● Employees are equipped with the the need for insurance is just as great as for a says. “The insurances are straightforward supporting its workforce in studying for an qualifications within a 12-month period. knowledge, skills and confidence to deliver larger operation.” so brokers will need to handle this business insurance qualification. The structure of the certificate programme what matters most to customers; He recognises that some of the fault lies efficiently to make it profitable, but they are In 2010, Tesco Bank invested in the CII’s gives employees 12 weeks to complete each ● Cost-effective training programme providing with insurers. “When these businesses are also complex because no two risks are entirely Award for Foundation Insurance Test (FIT) as it unit and allows a month’s break between a roadmap to becoming CII qualified; so very small, we almost don’t know they identical, which gives brokers an opportunity recognised that this programme would provide units. Half-day face-to-face technical training ● Programme underpins improved technical exist,” he says. “But I think we have woken to add value.” its employees with a good understanding of sessions are provided in weeks one, three, six competence standards; up to a degree and are beginning to react. The other key message is, he says, taking key insurance topics in a single course. and nine, with a revision day in week 11 and an ● Creates a pool of engaged, talented and More people are forming these super-micro the long term view. “It is a bit like the banks examination in week 12. qualified people further equipping them for operations and they are building into a body of being eager to win students over while they Action Criteria for joining the certificate programme future leadership roles. people we cannot ignore – 5.4 million people are at university. They know that if they can To fast track employees to gain their FIT included passing the CII’s FIT examination and working from home equates to 10% of the capture them young, the students are likely qualifications with the ultimate goal of having employees themselves contributing a small Tesco Bank has an ambition to have the population. It is time awareness was raised.” to stay with the bank for a long time because the most qualified workforce within the sum towards the cost of each phase of the most qualified workforce in the insurance Like Mr Corbould-Warren, Mr Williams fears of inertia. insurance industry. programme. This ‘deposit’ is refunded when industry – it has embarked on this journey. companies are not considering all the risks of “In the same way, brokers can win the loyalty the employee passes the examination. The framework to develop foundation and employing home-based staff. “They may think of these small businesses too – and remember Process The certificate programme was launched core knowledge CII qualifications within they have got completely independent people these businesses may not all stay so small. Tesco Bank supported its employees by in April 2012. In the first phase, employees its workforce is in place and delivering on board,” he says, “however, if they work Some of the country’s largest businesses providing each person with: a copy of the complete subjects in their core discipline – outstanding results. “There is a huge mainly for one company then that company emerged out of the last recession and there is FIT study text, access to RevisionMate, CII becomes responsible for tax and national no reason why some of these tiny acorns may membership and the FIT exam. It also invested company fact box opportunity for insurance issues. not grow into oaks in the coming years.” in an in-house test centre so that employees “This was a particular concern in the could take their examinations in the comfort of Subject Number of Number of Tesco pass rate exams taken exams passed both insurers and construction market a few years ago when ONLINE /// nk familiar surroundings. Ba IF5 Motor 126 108 85.7% there was debate about contractors and sub- For more on these issues visit: co The first FIT exams were taken at the end s

brokers to serve contractors. It is the same for other sectors http://newsroom.axa.co.uk/media- Te of March 2011. Within 18 months 40% of staff IF6 Household 24 24 100% and companies need to be sure about whether releases/2013/over-3mstar-homeworkers- had successfully passed their FIT exam. To this growing potentially-operating-illegally,-warns-axa- Tesco employees’ success rate in phase one with the national average pass rate for 2011. the home worker will be considered their business-insurance Image: recognise their achievements, Tesco Bank held market." employee or not.” 30 31 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk Thinkpiece | India Back to service Praveen Gupta outlines the rather than as the sum total of its parts. This crucial difference between will eliminate issues such as channel conflict sales and service, and offers “Before this risk becomes perilous and inter-departmental disconnect. a five-point plan for creating Following this strategy will perhaps bring in self- enough to threaten our raison regulation and minimise the amount of formal a better delivery proposition regulatory intervention and micro-management. d’etre, let us bring back the In addition, at the very evolutionary level where financial inclusion is all, the seller will also be indispensability of service that we delivering, and be more responsible. The insurance business needs to think hard istribution and delivery tend all seem to be missing in the world” about where it is heading. It cannot afford to be to be used as synonyms, not naïve in interchanging distribution for delivery. only in our profession but notoriously prone to staffing churn, and insurance business is configured as a It must not allow itself to be conditioned as across the financial services diverse in unacceptable ways. The customer sales organisation where behaviour and a sales industry. The point of sale mindset sector. As a matter of fact, is a king or queen of no consequence. This personality mutate into something inherently needs to be reconfigured since, in choosing distribution dominates can never lead to a true fulfilment.B e it contradictory. To remain viable in terms of the current way, we have already invited upon in terms of usage and retail, commercial, or corporate in nature, costs, sales and service should go hand in ourselves the risk of unintended consequences. application. However innocuous it may seem, disillusionment has been most pronounced in hand. In emerging economies, this embeds Before this risk becomes perilous enough to there D are some serious implications we ought the areas of health insurance and unit-linked a bad DNA into the evolutionary cycle of the threaten our raison d’être, let us bring back the not to ignore. Many of the woes in financial insurance plans. financial services architecture. indispensability of service that we all seem to be services emanate from an over-emphasis on Almost all of us in this market have received missing in the world of financial supermarkets or distribution. Developing markets in the earlier calls from bank call centres pitching the Any solutions in sight? one-stop-shops. stages of evolving their financial markets, but products and services of their bancassurance It may sound simplistic, but we quickly need The consequences for developing markets are in a hurry to embrace financial inclusion, need partners. In India these days, the most to find ways to merge distribution into a variety far more serious, as they are still in development. to tread cautiously. aggressively sold is the unit-linked insurance of delivery models. One approach may be to Moreover, each segment of society depending on When health insurance was in a nascent plan (ULIP). You are urged to invest in this evolve a better delivery proposition embracing the maturity level of the financial evolution ought stage in India, there was no cashless product, despite all of its proven flaws. It turns this five-point strategy: to follow a deserving treatment. If the course settlement and no third-party administrator. out to be one of the most mis-sold products correction is made early enough, they need This was indeed a service with a golden touch: in the market. If you challenged the caller, he 1. Move away from the point-of-sale obsession not embed the blunders in their products and the common thread in whatever was done was for both health and motor insurance. Opening the channels but disregard the readiness and or she would talk about their sales targets and by developing longer-term strategies; processes. In turn, this will insulate their financial service rather than pure transaction. Long up the Indian insurance market to private suitability of local conditions. Unfortunately, the associated financial incentive. So the goal 2. Make servicing client needs an essential services from the systemic vulnerabilities that are before the broker arrived and other forms of insurers only fuelled competition and quick owing to growth opportunities, sales become was to sell more and more ULIPs, regardless of part of your KPIs and base incentives on triggered by the incentivisation of the distribution professional intermediation evolved, it was growth, bringing price competition. However, a dominant mode, leading to the spurt in whether it had any utility for the buyer. customer satisfaction rather than system. Distribution is a necessary evil, but it this quiet agent or salesperson who could service remained a low priority and was not distribution. Delivery tends to suffer. While It is not just the sales arms fighting to the customer acquisition; must be kept reigned in to allow the larger cause get almost anything done. In other words, an a differentiator. best practice is hard to find, poor practice is finish. The rest of the organisation tends to 3. Segment each socio-economic class of delivery to take the lead. almost indispensable part of your financial risk Here is a lesson for developing markets, not. There is also very little sensitivity to the be anarchic too. It is underwriting versus separately, instead of taking a one-size- management value chain because of the power particularly those on a growth trajectory varying needs of various segments at different claims versus marketing versus operations fits-all approach – the product needs and This article is based on a longer essay of the value proposition: ‘always there for you’. with their financial services evolving without levels of economic evolution. versus geographic entities. If you are not being solutions for varying classes are bound to published as a Chartered Insurance Institute many checks and balances. Their regulatory treated as a company’s customer, the brand is be different; Thinkpiece in November 2012. To view the full Distribution is not equal to delivery environment is raw, with scant attention to The great divide already diluted or contaminated in your eyes. 4. Ensure that what has been promised is article go to: http://bitly/UT2Mm2 The rapid growth of the retail segment in India, policyholder protection. ‘Treating Customers Having sold you a policy – or any financial Delivery on the other hand is service- delivered (eg contract certainty, price,

shutterstock which coincided with the disintegration of the Fairly’ is still off the radar and there is product for that matter – the focus of a driven. It is about sustaining relationships fair treatment); and Praveen Gupta, FCII, Chartered Insurer, family, the erosion of primary healthcare and a tendency to ignore the experiences of financial services entity is to move on to and it comes down to the bottom line. 5. Ensure that your entire organisation works managing director and CEO, Raheja QBE

Image: arrival of the middle class, boosted demand developed economies. At best, we imitate the next sale. The back office is faceless, Unfortunately, and increasingly, the as a single entity with a common purpose, General Insurance Company, Mumbai

32 33 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk Behind the Scenes | Insurance surveyor

“I basically come to a From top left: The use of a traditional wooden ruler to place to be measure the dimensions of the building Checking all the details are correct is essential A space used for storage, currently housing the eyes and sound and lighting equipment could pose a risk The survey begins from the top – the roof ears of an It is essential to thoroughly assess the make up underwriter” of any decorative areas

Eyes, ears… whether it is painted, and so on – this also forms part of the overall valuation.” Beneath the stage we find a narrow space used for storage, currently housing sound and lighting equipment along with other props. “Are portable heaters used here?” and “How many people access and use this area?” are among a number of questions asked to assess the fire hazard of an area typically deemed as vulnerable to fire, as well as health and safety problems. and a long rulonto the set, as well as the einnocuousr rooftops Kin Ly shadows insurance surveyor Lucy Chittenden of the pre-Second World War building. The zapper as she performs an assessment of West End theatre, The survey begins from the top – the roof. The The most revealing part of the job, however, the Trafalgar Studios procedure is to identify its construction and, as is the use of a traditional wooden ruler to Ms Chittenden examines the area, she says it is measure the dimensions of the building. really important to note every detail to ensure Armed with the 50-metre long ruler and the underwriter can provide the right insurance a laser ruler known in the industry as ‘the cover: “I’ll pass all the technical information zapper’, Ms Chittenden spends the next two to t is easy to piece together an insurance heads back stage at some of the country’s top back to the underwriter and construction is three hours measuring the width, length and team. You have your insurer, your venues. In an hour shadowing her on a job really important with regards to that,” she depth of the Trafalgar Studios. underwriter and your broker – in basic at one of London’s many West End theatres, explains, noting down the fibreglass on the roof. “At the end of the day, you can be presented terms. But we rarely hear mention of the Trafalgar Studios, it was clear insurance When we reach the auditorium, the line of with a report from the client but if you haven’t insurance surveyors, the missing piece of surveyors provide added value. questioning shifts to a detailed account of seen the building or met the people, you don’t the jigsaw performing a role described by The survey included a valuation of the the decorative panels that run right down the know how it is being managed. That’s the key some as the “eyes and ears of an underwriter”. building and a full assessment of the fire, theft building – remnants from the Whitehall Theatre, thing – how well is it risk managed? Unless TheI reason some might view surveying as and water damage risks potentially facing the as the building was known until 2004. you’ve met the people then you don’t really mundane may be because few acknowledge theatre, assisted by the theatre manager and It is essential to thoroughly assess the make know – all you have are pieces of paper. their impact, says Lucy Chittenden, risk accompanied by Ecclesiastical’s broker Steve up of any decorative areas, Ms Chittenden “I basically come to a place to be the ewman

N services surveyor at Ecclesiastical. Her role Moore, of Bluefin. The survey included access explains: “Because if there was a problem here, eyes and ears of an underwriter,” says Ms differs slightly from the average surveyor. She to the hidden, behind-the-scenes areas – then all of this would have to be rebuilt so that it Chittenden. And after shadowing her around

Barney has access to some of England’s centuries- beneath the stage of the award-winning Yes, looks exactly the same. We use modern methods the theatre, it was quite obvious how and why old heritage buildings, climbs the heights of Prime Minster play for instance, and the ceiling and techniques to do this. I need to know what a surveyor’s report helps underwriters write

Image: churches built in Elizabethan England; and void from which pieces of scenery are flown the decorative area is made of, how large it is, business more effectively.

34 35 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk Institutes in Action | CPD MASTERCLASS

What is continuing professional development (CPD)? CPD is any activity that is relevant outcome, but which may not have been to a qualified member’s ongoing specifically designed to meet their Pass masters of professional development. This may be development needs. This might include an activity that develops your career, reading a trade publication that is part helps to keep your knowledge up to of your normal day-to-day activities, date or simply supports your role as rather than specifically reading it to a professional. meet a specific learning need. In July 2012, the CII launched a new CPD Details of the new scheme, scheme, which switches from a credit-based including transitional arrangements ManchesterAs CII members get used to the new hours-based CPD format to hours-based. Qualified members for those members who have are now required to complete 35 hours commenced CPD on the existing system, Michelle Worvell reveals how the Manchester The venue for Insurance Institute has been leading the way with its the masterclass of CPD, including a minimum 21 hours of credit-based scheme, can be viewed structured CPD, in a 12-month period. in the guidance documents online at: The event was fully booked highly successful CPD masterclass Structured CPD is the undertaking of www.cii.co.uk/cpd. with 200 attendees any formal learning activity designed to meet a specific learning outcome (this is Feedback from the what an individual is expected to know, CPD masterclass: on the bottom of CPD emails and hand out understand or do as a result of his or her ● “Barry was excellent at linking all the speakers” freebies. We do limit what they can do but here is no denying continuing points-based to hours-based recording that learning). An example would be attending ● “A great event, well done!” their exposure is still huge. professional development, or took place in the summer of 2012. one of our local institute technical ● “Martin Robert-Hall was excellent” “We started the annual programme with CPD as it is more commonly “Dave thought it would be really good if lectures or training courses. ● “Impressive event” four breakfast briefings and eight lunchtime known, is hugely important as we could start the year with a masterclass Unstructured CPD is any activity an ● “Amanda Blanc and deputy president events but it may increase. We have an event it ensures you continue to be of some sort,” explains Ms Cartridge. “We individual considers has met a learning were FAB” coming up on the Disclosure Act and, as of competent in your profession. already hold numerous lunchtime lectures last week, we were fully booked – a total of While the ultimate outcome of and breakfast seminars but thought it would 150 bookings in just 48 hours. As a result of its well-planned CPD is that it can help safeguard be good if we could start with something a come along. But this may change in the future.” potential’ from motivational speaker Martin popularity we are sourcing a new venue in the T both the public and the professional. little bit different in the NewY ear. The first CPD masterclass was held on Robert-Hall. hope of increasing the capacity to 250 people.” With this in mind, the Manchester Insurance “We came up the idea of having a CPD 31 January at the Museum of Science and The entire programme lasted two hours and Other institutes looking to mirror Institute (MII) has always had CPD high on Masterclass that would last a couple of Industry in central Manchester. The free concluded with a networking session in a local Manchester’s success need enthusiastic its agenda, and for a number of years has hours, to explain the new CPD structure event provided members and non-members public house, for those who wanted to continue. committee members who are able to focus had a specific committee dedicated to such but also to make it quite light and with two hours’ structured CPD if relevant to Feedback from the event has been very on the need in the marketplace, according to development to ensure members are kept up entertaining and motivational as well.” their professional development needs. The positive so far so at this early stage Ms Ms Cartridge. to date with changing developments. masterclass was so successful that it was fully Cartridge hopes that the masterclass will “I would also try and provide the events Past president Karen Cartridge, who became Down to business booked with a maximum of 200 attendees. become an annual occurrence. for free and see if they could be sponsored chair of a revamped CPD committee in May last The CPD committee, which has 15 members, Ms Cartridge believes its success was down “I do like the idea of starting the year with – whether it was just the masterclass or year, liaised with current MII president David went straight to work on the concept. In the on the Jackson Reform became two sessions to a number of factors, such as the fact it was everyone getting into gear with CPD as it helps the whole CPD programme. I would sell Gillan to set out the vision the institute had for past, the committee had focused on ensuring because members were complaining that they free to attend and gave members two hours of members plan their CPD for the year ahead,” the sponsorship on the fact it helps the a 2013 CPD programme. Top of the agenda was it had lunchtime lectures on technical subjects couldn’t get in to the first session. In addition, structured CPD. The timing, at the start of the she says. “We are also looking at other events organisation as well as individuals and is a a new type of CPD event – a CPD masterclass – and soft skills. Events had not always gone we also have two separate CPD sessions New Year, also gave attendees an opportunity and whether we do a joint conference with the cost effective way to complement their own which would help to highlight the change from according to plan and Ms Cartridge running next week, on two different topics, in to kick start their CPD for 2013. Personal Finance Society. We also have a BIBA training and development. admits the breakfast seminars were two different areas of Manchester. That was a The CPD masterclass was opened and event that we are involved in later in the year.” “If anyone wants to speak to not as popular as they would have first for us.” hosted by MII deputy president Barry Manchester about how they went about Members are welcomed liked, due to lack of promotion on the Thompson, who introduced the first speaker, Busy year ahead their CPD masterclass or CPD programme to the event by Karen part of the institute. CII president Amanda Blanc, who spoke about The masterclass is just the start of a packed we are happy to meet with them to help Cartridge (left) Good value “Now there has been a huge All MII’s CPD events are open to members the importance of professional development. programme, which the institute has managed their members.” turnaround and we are actually and non-members and aim to help attendees Mr Gillan then explained the background to to get sponsored for the year by Legal Cost struggling to accommodate everyone complete the 35 hours of CPD required by the the launch of the event and the importance of Negotiators. This has allowed the institute into the CPD events. At the moment, CII. Ms Cartridge believes the events are really CPD before CII area marketing manager, David to upscale its programme and employ media we are in the middle of switching good value and hugely beneficial to members. Irvine, hosted a session on how the new CPD companies to make the events even more some of the CPD venues as we just “It’s a big way in which we can support them hours system works. attractive to members. can’t get places that are big enough in obtaining their 35 hours,” says Ms Cartridge. The event continued with a 10-minute Ms Cartridge says it was not difficult to gain to cope with demand. “Non-members don’t pay to attend either. It is session from Ms Cartridge on how the MII a sponsor, and that they thought it was great “The masterclass was sold out not something we have had to think about in could help members with their CPD before a value for money: “They are allowed to put their straight away. A breakfast seminar the past as we could afford to let non-members coffee break and a session on A‘ chieving your banners up at the CPD events, put their logos

36 37 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk www.aspectsrecruit.co.uk LIFE AND PENSIONS | Equity release 0845 257 5544

“Partnering for

about where the balance of responsibility will Success” Stephen Lowe discusses the results of the UK’s lie between the individual and government largest research study into consumer attitudes when it comes to meeting the costs of later life. towards housing equity withdrawal and the steps Government leadership and guidance are needed on what options may be safely considered. needed to make it a viable option for retirees The financial services industry must help empower consumers to make informed decisions and develop services that meet people’s needs. Releasing higher percentages of equity, reducing upfront charges and giving people the ability to ring-fence value in their property either for inheritance or long-term care purposes are examples of areas for potential innovation. The importance of high quality financial advice Customers wishing to use equity release Midlands South East and South West solutions from Equity Release Council members Allison Marshall and Sam Winrow 0121 227 1225 & 0116 216 8501 Simon McGill 01452 615205 are supported by a strong triple lock regime: high standards of regulation by the Financial Corporate Account Executive EPL Claims Handler Leicester NEGO plus benefi ts Croydon to £42,000 Services Authority – a mandatory requirement We currently have an exciting opportunity for a Servicing Account Executive to work for a brokers based in Hitting a home We are seeking an Employers Practices Liability Claims Adjuster, controlling from fi rst notice to ultimate resolution to use professionally qualified advisers – and a Leicester. The position is to work within a senior executive team handling corporate insurance accounts. The main of a challenging workload of employment liability claims. The role will include coverage, legal liability and quantum objective of the role is to maintain high retention ratios and drive continued growth through offering additional requirement to obtain independent legal advice. analysis in addition to regular contact with clients, brokers and lawyers. The role will incorporate collaboration with services. Full support will be given from an experienced internal broking team and claims assistance. We are the UK, European and Global claims team. The successful candidate will have proven claims handling experience The multivariate nature of financial planning seeking candidates that have the following: ACII/FCII or equivalent. Experience in the insurance industry with (EPL claims experience essential) and will also have strong communication skills, both written and verbal and be proven experience in servicing within a broker. Commercial understanding of business. Ref AM504 within the retirement years amplifies the need, articulate and confi dent in a meeting. Ref SEM277 role and benefits of the professional adviser. Commercial Account Handler Commercial Underwriting Market Talent run in retirement Intermediaries are aware of the opportunities Nottingham to £28,000 plus benefi ts Bristol £30 - £55k We are looking for an experienced insurance candidate with exposures to commercial insurance risks, must include – in a recent insurance company poll – nearly Aspects are continuing to recruit for Bristol based commercial underwriters in a number of businesses across Property and Casualty. This can be within an insurer or broker. Our client is a broker and your responsibilities will technical, trading and account management roles. We are looking for technical and broker development nine in 10 (88%) said equity release is relevant be to handle renewal business for client portfolios with a fee income of 10K and above. This will include the underwriters with a strong trading history in the South West and South Wales market across a variety of classes to presentation of the renewal, mid-term adjustments and handling client queries effectively. We would like to hear to their clients’ retirement planning. But include SME, Property, Commercial, Corporate and Fleet. We are working with prominent insurers with ambitious from candidates that have a positive attitude, fi rst class customer service and a team player. ACII or progression plans for the UK market and providing strong market salaries, excellent benefi ts and further career opportunities. he post-War ‘baby boom’ equity in their property valued at around £750bn. significant numbers are not prepared to meet towards would be advantageous. In return you will be working within a forward thinking company, excellent Ref SEM477 generation is heading into To get a far deeper understanding of the that need with fewer than 40% having the working conditions and will be part of a recognised regional broker. Ref AM475 New Business Producers retirement in record numbers thinking of homeowners aged from 55 upwards, relevant qualifications – of which fewer than one Senior Underwriter South West/UK £40 - £60k (Year One) but not all can expect a some already retired and across a range of in four regularly provide guidance – and a further Northampton to £50,000 plus benefi ts We are working with multi-site regional brokers to assist them with their growth with additional account We are working with insurance specialists who are seeking a senior underwriter to join their established team. They comfortable retirement as an wealth bands, we commissioned independent 19% having a referral relationship in place. executives. This represents a real opportunity for a talented individual to develop and drive the commercial pride themselves on the expertise of underwriting knowledge, relationships with key insurers as well as Lloyd’s. business forward, whilst receiving marketing and broking support. Business focus is across the SME and corporate estimated 6.25 million people, research in 2012 to produce a report: The role of Professional financial planners have a crucial You will have at least 10 years underwriting experience gained within a commercial insurer and have exposures being £2k-£20k fee income depending upon your own market space and connections. This is a hybrid position and aged over 50, have no pension housing equity in retirement planning. role in helping consumers make the most of to property and liability classes. You will handle all business with the main carriers and hold the highest authority once business has been won you will maintain for renewal the following year. We need a proven track record within along with the senior underwriting team. The team also consists of assistant underwriters and administration plan in place and may end up relying solely on the housing equity withdrawal opportunities. general insurance and business production, excellent communication and presentation skills and negotiation and support. Parking available at offi ce location so would suit candidates that live within the Leicestershire and infl uencing skills. Ref SEM275 the state pension. The role of housing equity Advisers need to ensure that the value tied up Warwickshire regions also. Ref AM468 T The majority (79%) will draw their income In the run-up to retirement, expectations of in the home is at the heart of the retirement Motor Claims Controller Claims Service Team Leader Gloucester £40,000 from this pension. A further 44% also have a future income levels are far too optimistic. planning process from an early stage, whether Leicester £25-£30,000 plus benefi ts Great new opening with this UK insurer to manage, lead, control and administer a key operation within the Claims A progressive insurance service provider based in Leicester is seeking a dynamic customer service team leader. private pension/annuity, and/or 39% a final Those with more than a year to retirement for income, inheritance or care purposes. Department in accordance with company philosophy, providing an effi cient and quality service to internal and This company have seen excellent results within their fi rst 3 years and have positive plans for the future. We salary pension. However, 33% have neither expected an annual income of £17k but those at Not everybody will need or want to downsize external customers and to be responsible for recruitment, discipline and training of all staff in the department. This would like to invite candidates who have a customer focused background, this must be from within the insurance will include identifying training needs. Candidates need to show proven leadership skills within an environment of these additional sources of pension and retirement were achieving just £10k. or use an equity release plan. Of the 7.5 million industry (claims would be ideal). You will manage a service process for the policyholder and liaise with brokers, of 50+FTE. Experience of Team Management, including performance management, training and development, insurers and loss adjusters. You will form part of the management team and as such be expected to report on only 36% have savings and investments for an Although half of those approaching retirement pensioners living in homes they own, our problem solving and decision making within either an insurance claims or insurance call/contact centre is required the service progress and manage the customer advisers within the branch. Softer skills must include excellent along with effective communication skills with both internal and external customers and staff and a degree or income in retirement. expected to be financially ‘comfortable’ initially, research revealed 8% might be quite/very attention to detail, amazing telephone manner and attitude to customer service and delivery. In return you will be equivalent insurance qualifi cation. Ref SEM261 Financing a comfortable retirement is only one-third thought they would still be interested in using equity release – equal to part of a growing organisation that will further enhance your career and opportunities. Ref AM507 becoming increasingly difficult for government comfortable in 10 years’ time. 600,000 potential clients. The reality is that Commercial Account Handler and individuals and longevity gains means that Many people are willing to explore how they longer lives mean people will have to think more West Midlands to £30,000 My client is an established insurance broker based in West Midlands and they are seeking experienced commercial any savings have to last longer than ever before. could top-up their retirement income to an carefully than ever about how to deploy their account handlers to manage and build relationships with a portfolio of clients for both their renewal and on-going Those at retirement now are also facing tough acceptable level by accessing the value in their finite assets in the years ahead. insurance needs. You will be responsible for the day to day servicing of clients, working with the Account Executive choices about whether to keep on working or to homes but equity release was poorly understood on existing clients and development of new business. In addition support junior staff by being a technical refer point on larger/complex risks. Candidates must have a commercial insurance background, ability to negotiate with give up knowing they face an income shortfall and subject to many misconceptions. Stephen Lowe, group external affairs and insurers and be able to work within a busy and friendly team environment. Ref AM436 that is only likely to get worse in time. customer insight director, Just Retirement

Account Handler rstock Yet during their working lives many of these Improving consumer outcomes Birmingham to £25,000 e baby boomers have enjoyed strong returns from The report also reinforces the urgent need to ONLINE /// A local provincial broker seeks an experienced Commercial Account Handler to join their expanding commercial team. You will work closely with your own Account Executive as well as playing a key part within the team of Check out our new look website for all our current shutt one asset class – property. It is estimated that find ways to help the growing numbers facing a The full report including the data, handlers. This position involves handling both new business and renewals. The book has a varied client portfolio vacancies. Visit www.aspectsrecruit.co.uk or 79% of people aged over 55 own their own homes financial struggle in retirement. related news and links is available at: across all trades, but with a slight bias towards construction. Main Tasks include MTA’s, inputting of new business Image: and that homeowners aged 65 and over hold Policymakers need to provide certainty www.ERresearchcentre.org and handling new business quotations, working with the Account Executive on renewals strategy, insurer meetings alternatively if you have a QR code scanner on your and accounts management. Ref AM502 smart phone scan this barcode to view our website. 39

Aspects Insurance Recruitment Specialists work with people on an individual basis providing unique formulas that meet both our clients and candidates needs. February/March 2013 THE JOURNAL www.cii.co.uk

Aspects FP.indd 1 22/02/2013 11:08 PROFESSIONAL STANDARDS BOARD | Protecting the public interest

Composition of the PSB Role of the professional standards board The role of the professional industry, with government, with regulators standards board (PSB) is to: and, most importantly, to consumers. ● Develop policy and standards for CII members, including professional The PSB is always chaired by an conduct and trust, discipline, ethics and independent figure and that role is competence; currently held by eminent lawyer David ● Develop appropriate policy and McIntosh QC (Hons), himself a previous standards for the CII’s governance including president of the Law Society. It also accountability, diversity, consumer comprises a mix of senior practitioners representation and transparency; and lay representatives. It has a majority ● Monitor and review these standards; of lay representation and membership is ● David McIntosh QC (Hon) ● Communicate the standards to the chosen in line with the Nolan principles. Independent non-exec chair members and committees; and The current representation is set out in box ● Teresa Hunter ● Promote professionalism and the two. The PSB also has a diversity sub-group Lay representative adoption of high standards within the chaired by Liz Coyle, a Chartered insurer. ● Sue Lewis Lay representative ● James Morris cherished, and the highest standards of Lay representative ethical behaviour are pursued. ● Nicola Mullany Modern professional bodies need to Lay representative demonstrate to the wider public that ● Professor Charles Munn “The PSB has there is good governance in place to Lay representative guide this work and ensure it meets the ● Jackie Wells evolved to be at famous challenge of George Bernard Shaw Lay representative that “all professions are conspiracies ● Jonathan Bush ACII, Chartered the leading edge against the laity”. Protecting the insurance broker for professional The CII’s commitment to higher Practitioner representative standards is achieved through a ● Edward Grant FPFS, Chartered standards broad spread of services, including financial planner membership, qualifications, continuing Practitioner representative oversight of professional development and a code of ● Tom McGrath CBE, FCII, Chartered ethics guiding professional behaviour. But insurance broker the financial all of these must be governed by a robust Practitioner representative set of processes that are seen to be, and services sector. are, acting in the public interest. We have public interest The PSB plays a vital role in acting as independent disciplinary machinery in Something that In the first of a series of articles about the structures that underpin the the the voice of the public overseeing place to oversee the policing of the code the development of the profession. It is should be prized of ethics – a disciplinary and an appeals insurance sector’s journey to maintain and improve the profession, a key cog to reinforce and enhance the committee are in place to see this we feature the work of the CII’s Professional Standards Board purpose of the Royal Charter, to promote and celebrated happens. Both are independently chaired the public interest and to provide public by practising lawyers. trust and confidence in the profession. by the insurance The CII ensured there was a further lock in place when it established a professional sector” standards board more than a decade ago he creation of the Parliamentary The link between these and other the CII has developed its Code of Ethics, the progress made but must continue to oversee our professional standards y Banking Commission to look challenges in public trust is the call for disciplinary processes, mandatory CPD and to evolve to meet future public interest David McIntosh framework. The first independent at standards in banking in the independent and transparent oversight of Awarding Body standards overseen by an challenges. Protecting the public interest is chairman of the PSB was the eminent Lord

win murra wake of the LIBOR scandal; professions. Insurance is already well placed independently led Professional Standards central to the CII’s purpose, as the Charter Hunt, a veteran champion of robust self- d QC (Hon) the Leveson inquiry into media for this challenge. The insurance profession’s Board (PSB). states, and maintaining and improving regulation of the professions. The role of ale e

D standards; and the recent governance has evolved over the years This has ensured that the insurance sector public confidence and trust in the financial the PSB is set out in the box above.

on: parliamentary expenses and, unlike banking for example, has well remains at the “leading edge of professional services market will be achieved only by i scandals are but a few of the most recent issues established and robust self-regulation with standards” according to David McIntosh, the creating a genuinely global profession In the next edition we will cover the code that raiseT the importance of standards in public proper oversight and disciplinary process PSB’s current independent chairman. where the best interests of the public are to of ethics and the disciplinary and appeals Illustrat and business life. with appropriate sanctions. Over the years The insurance sector can be proud of the fore, ongoing learning and expertise are process that underpins the code.

40 41 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk LEGAL CASE WORK | Financial Ombudsman Service The A-Z of | High net worth

n a decision that will surprise many insurers and other financial institutions, STUDY ZONE the English High Court ruled in ▼ December 2012 that parties which had accepted a Financial Ombudsman Why this matters Service (FOS) award for the statutory maximum amount (set at £150,000 If Clark is upheld by the Court of Appeal since January 2012) can also bring a claim → Higher value claims more likely to use FOS in first instance Ithrough the courts to recover the remainder → Claimants may seek to adduce successful FOS of their alleged loss. The firm in question is determinations in support of court claim The ABC OF… seeking permission to appeal the decision to → Potential for conflicting decisions Justin Gott, insurance specialist the Court of Appeal (this application is to be → FOS decides complaint by fair and reasonable yardstick heard in March 2013). → Courts apply relevant legal principles and precedent with Hiscox, explores the world If the decision is upheld on appeal, → FOS and courts may quantify loss differently of the high net worth area the FOS and the courts would be seen as → FOS may dismiss complaints that are, or may be, for sums HIGH NET WORTH sequential, not alternative, processes. over its statutory maximum award Due to the frequent issues associated → Increased costs for insurers as higher likelihood of some with quantifying loss in financial disputes, pay-out in larger value claims; and duplication of defence costs. the FOS may adopt a cautious stance and In the high net worth understanding of an Very few of these people are great challenge to deliver, dismiss potentially high value claims without (HNW) arena, people look individual’s lifestyle, benefiting from the service and and the profession must raise If Clark is overruled by the Court of Appeal considering their merits (on the basis that for more than a one-size-fits- experience of the risks expertise of a broker, and fewer its game to meet changing → Claimants have to choose between accepting a FOS they are better dealt with by the courts). all insurance product and associated with a specific still are with a specialist high net consumer demands. award or bringing a court claim However, if the FOS opts to accept such service. We are providing portfolio and the skills to worth insurer. Banks, composite → Claims worth less than £150,000 likely to go to FOS complaints, this could result in a duplication insurance solutions for soundly assess risk generally, all insurers, consumer brands Drive more business through → Claims worth around £150,000 or more likely to of cases being heard in both forums. customers with very specific and direct writers all offer high bring a court claim enable us to provide the right the broker channel However, until the legal uncertainty of the → Legal certainty for insurers. requirements but who insurance product at the right net worth customers standard To grow the numbers buying decision is resolved on appeal, it would be AD lead busy, time-poor lives. price to the right client. FleXible insurance policies, which often insurance through specialist very risky for eligible complainants with claims Understanding their needs and underwriting, close ties with fail to recognise their specialist HNW brokers means brand well in excess of £150,000 to accept a FOS expectations is key to providing your brokers and an ability to needs and may not deliver when building and investing in high award in the expectation that they can claim bespoke insurance solutions empathise with your customers they make a claim. It is here quality marketing and consumer the balance in court, given that the Court of and the associated service are all essential skills for the we can add most value and insight. Using this to then develop Appeal may well overturn this decision. the complainants that they may not be the subject matter of a FOS complaint was that is a prerequisite of this HNW underwriter. really help customers to protect products our customers want able to enforce any amount above the the same as that of the court claim, the specialist area. themselves better. to buy and delivering them in Test case statutory maximum through the courts. complainants’ claims had merged and so As a target for the the way they want to buy them In Clark vs In Focus Asset Management & The complainants accepted the award and could only be brought in one forum (the so- What is a HNW individual? insurance industry Excellence in ensures we will tap into the Tax Solutions, the complainants complained the firm paid only the statutory maximum called doctrine of merger). Having accepted Being a HNW client is as much The good news for specialist customer service current and next generation to the FOS that inappropriate financial but not the recommended element of the an award from the FOS, the complainants about lifestyle as it is about brokers and insurers is that this Along with providing of HNW clients and offer them advice given to them by an IFA had caused compensation. The complainants accepted in Andrews could not therefore bring a affluence. In broad terms market is largely untapped. sophisticated insurances insurances and services that them loss. The FOS found in favour of the payment of the award, but then brought claim through the courts. This had been though, this type of customer There are probably half a million comes a need for impeccable mean we will be looking after complainants and awarded them the statutory court proceedings for the remainder of the the established position and had given will have anything upwards of high net worth individuals in service. Customers rightly them long into the future. maximum award (then £100,000; now recommended compensation. much needed legal certainty to insurers and £100,000 of contents, which the UK, with many younger demand simplicity, flexibility increased to £150,000). The FOS also made At first instance, the claim was struck financial firms. could include items of fine art professionals pushing into this and certainty, and this must be Giving more through a non-binding recommendation that the out, following the decision in an earlier However, the High Court in Clark decided and collectables. This figure space and looking for bespoke delivered at all times during additional services firm pay the remainder of the compensation High Court case (Andrews vs SBJ Benefit that the subject matter of the complaint and stretches to the ultra high net products and a high level of their relationship with their Specialist insurance is also derived from its formula, but informed Consultants), which had decided that where the claim were not the same because the FOS worth client, whose assets customer service to reflect their broker and insurer. This is an about giving the customer more dealt with complaints and not legal causes may go well beyond this level, changing lifestyles. easy thing to promise but a – more certainty, more value of action. Therefore the doctrine of merger with Premiership footballers, and more choice. Additional did not apply. The judge considered that the oil tycoons and successful services, product enhancements acceptance of the FOS award as being “final entrepreneurs all bringing Knowing your A-Z... and specialist advice are key and binding” only designated the end of the their unique challenges to our A...for Affluence N...for Needs requirements. To enter – and FOS process. He also said that, in his view, underwriting brains. B...for Brokers O...for Overseas be successful in – this market the statutory framework for the FOS allowed C...for Cars P...for Property you need to be prepared to offer Playing the a complainant to obtain a FOS award in order A high net worth lifestyle D...for Drive Q...for Quality a product and a level of service to meet some of the legal costs of bringing The challenge in this profession E...for Expectations R...for Risks that is as much about enhancing F S a subsequent court action. This would allow is to create insurances that ...for Fine art ...for Specialist a lifestyle as it is about replacing G...for Great challenge T...for Travel complainants to use the FOS process to build properly protect clients with an asset and this is what makes H...for High net worth U...for Ultra high net worth up a war chest to pursue the firm through the very diverse lifestyles. A HNW I...for Insight V...for VIP high net worth insurance such an claim game courts. No doubt insurers and other firms policy might need to cover exciting place to be. J...for Jewellery W...for Wired will be watching the appeal closely. UK and overseas property, K...for Key requirements X...for fleXible The High Court has surprised many by ruling firms in rental property, jewellery, L...for Lifestyle Y...for Younger professionals Justin Gott is head receipt of an FOS award can still claim through the Simon Clarke is a partner, Hywel Jenkins is art and multiple high value M...for Market Z...for Zermatt of art and private a senior associate and Ajay Malhotra is an cars. A combination of a good client at Hiscox courts. A trio of experts from Herbert Smith Freehills associate in the Dispute Resolution Division looks at the implications for insurers of Herbert Smith Freehills 43 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk Professional development | PRODUCT RECALL

STUDY ZONE ▼

call” to the food sector. However, he stressed Dickinson, agrees: “Product liability and that the problem was a loss of consumer trust contaminated products insurance policies and confidence, not a food safety issue. are unlikely to be triggered by horse or pork Product recall defined And therein lies a potential problem for contamination so long as the food supplied anyone hoping to reclaim some of the costs is ‘safe’. F eatures and benefits incurred to date from an insurance policy. “Thanks to the scale of public outrage ● Pre-incident recall planning consultancy Product recall products are designed to help and the imposition of strict liability by the is included (fees are commensurate to the with the growing trend of recalls across Europe, Consumer Protection Act 1987, those involved premium amount); from food to pharmaceuticals and children’s in food production and supply are unlikely ● Covers the direct costs of a recall, toys. Increasing regulation means retailers to be so lucky. Retailers and brand owners including laboratory product testing, have to be much swifter about withdrawing any will calculate their losses and look to their reverse distribution, destruction and products that potentially pose harm, while also suppliers for compensation, without being disposal of faulty stock, addition human ensuring any such event is well publicised. required to prove negligence.” resources, repair or replacement and Insurers at AIG sum it up. “Once embroiled redistribution; in a product recall situation the costs, direct Global food chain ● Covers additional business costs post- and indirect, to manufacturers, retailers However, Ms Rochester says globalisation recall arising directly from the event; or wholesalers can be enormous. Public/ does bring some challenges. “At the core of ● Brand protection through crisis products liability will address the effects of the scandal for underwriters is the question management consultancy expertise; injury or damage caused, but the impact may of ‘meat traceability’. There is growing unease ● Cover in the face of threatened or actual be much wider. Recovering stock, transport, among product liability insurers of suppliers malicious attacks. Neighbourly burgers overtime, repair or replacement and and distributors in the UK, who have woken up subsequent loss of reputation and profit can to the very real prospect of having underwritten Cover cause deep financial damage.” a far larger risk than may have been taken into ● Costs of the recall; However, a product recall claim requires a account in the premium calculation.” ● Costs of replacing the defective product; bodily injury trigger before any payout. David ● Consultants’ and advisors’ costs; Eynon, a director at Manchester Underwriting, Likely future implications for insurers, ● Loss of gross profit; says: “Product recall insurance is becoming she says, include: ● Product extortion costs; more commonplace, not least because ● A proposed new regime requiring systematic ● Defence costs; buyers are more aware that it is ultimately a testing in every EU country (on top of anything ● Brand rehabilitation costs; balance sheet problem.” At the moment few already required by individual member states), ● Third party recall and replacement cost. recall insurance policies cover the insured for which should help to avoid future problems; Source: AIG loss of profit. Mr Eynon explains it is hard to ● The ability to insist on more onerous pre- identify exactly what proportion of any losses inception disclosure concerning the nature of is directly attributable to the loss, which is why supply chain relationships; He also says it would be wrong to few insurers would consider such wordings. ● Justification for increased premiums to underestimate the power of the large retailers Hardly a day has gone “Our policy, for example,” he says, “provides cover the additional risk or the cost of to refill empty shelves extremely quickly and by in the last few weeks some crisis management via a public relations improved due diligence; to lure customers back as fast too. “How they without news of another machine to help reduce the risk of financial ● Increased interest in contaminated products handle themselves is key but they have all had loss and damage to the brand overall. insurance, and product liability and recall cover problems in the past and recovered from them.” development in the food He stresses: “This is not a liability policy (the high profile case involving benzene in As Mr Wise notes, this case is all about food scandal across Europe. either so, again, it is hard to split out the loss Bacardi Breezers saw a similar spike in interest); but product recall issues can affect any form of Liz Booth looks at where the of profit element.” Put that together with the ● More requests for policies to be extended to manufacturing and the risks escalate the more way in which food producers work and he says provide cover in respect of any ‘loss of use’ to mixed the product is and the more people that insurance profession stands it is more obvious why they are concerned with third party property caused by products; and are involved. “Just one component has to fail,” loss of brand image. ● Potential challenges by insureds in the face of he warns, “and there can be a major problem To tal Recall “Take a company like Innocent,” he says. decisions not to provide cover. throughout the chain. You can have a ton of “When it launched, its smoothies were “In summary,” Ms Rochester says, “it seems product but if just one gram of contaminated irst it was reports of horse meat in professionals have been trying to allay fears various different ways, with some saying they not produced by the company. It asked a that insurers will have limited (if any) exposure goods are used then the whole ton is defective.” burgers, then pork in Halal food fed of any health risks. Meanwhile the whole were not to blame but at the same time clearing manufacturer to put together the product to claims arising out of the scandal, but they Regarding the horse meat scandal, Mr Wise to UK prisoners and, finally, it was affair has woken up the general public to the their shelves of a wide range of meat products, and then arranged the packaging – Innocent will reap the benefits of increased awareness of says the situation has been complicated by the much wider story of horse meat increasingly complex and lengthy chain along while others have been quick to say they are was really all about marketing and brand.” the need for cover combined with a willingness the number of players involved and their many being passed off as beef in products which their food will have travelled before clear of problems. Across Europe, too, retailers This approach to food is more and more to pay for it.” jurisdictions, but he adds that so much is across F Europe. At the time of writing, the story reaching the supermarket shelves. have been following the same pattern, clearing commonplace, which is why demand for Keith Wise, head of major loss at loss adjusters manufactured globally, this is no real surprise – involves some 35 countries and it is clear there shelves and having products tested. product recall cover is about the loss of image. Garwyn, says, however: “The first thing you have to except perhaps to the consumers who may have is more detail to emerge. Wake-up call Chris Elliot, professor of food safety at The horse meat scandal is an interesting bear in mind is that no-one expects this to happen previously had no idea their beef burgers will Politicians have been talking of Retailers have been bearing the brunt of the Queen’s University, Belfast, told the BBC the case, he says, because the food is basically to them. Everyone assumes they haven’t done have travelled through five or six countries before “international conspiracies” while health fall-out to date. UK retailers have responded in latest revelations were a “massive wake-up ‘safe’. Fleur Rochester, a partner at Hill anything wrong and it is always a big surprise.” reaching their plate.

44 45 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk ROLL OF HONOUR | CII MEMBERS

STUDY ZO NE

Bryce Titman Laura Burch Louise Gillespie Sripriya Kesavan Terence Murphy Steven Saunders Sarah Westwood Paul Best Omarkhan Tleugabilov Donna Burns Alison Gilliland Munawar Khawaja David Murrell Victoria Sayles David Whelan Sunil Bhatt Kerry Traynor Elliot Burton David Gillion Ali Khawja Reuben Mwanza Catherine Scott Lauren Whitehead Sukhdeep Bhatti Eileen Tucker Cathy Butler Thomas Girulis Elie Khouzami N Ruzvan Nabi Dean Scott Ann Wickers Meera Bhayro Congratulations to Aivaras Tumenas Paul Button Monika Gladysz John Kielty Ruban Naik Chin Seow Gemma Wickersham Inderjeet Bhogal Marc Tyler Kyu Byun Arthur Goddard Paul Kiely Daniel Nash Ghazala Shah Christopher Wickham Chantelle Bidwell U Gamuchirai Usai C James Callender Matthew Goddard William Kier Peter Neill Nina Shah Nicholas Wilbraham Rachel Biggin the following recently V Gaurav Vaidya Maureen Cartlidge Alison Gomersall Nancy Kilany Paul Neumann Sarah Shakeri Karen Wilkes Joshua Billsberry Sapna Varu Melissa Chaaya Javier Gonzalez Andrea Kilgannon Laura Newman Neil Shanghvi Robert Willars Emily Birrell Bhaskar Vedula Andrew Chamberlain Joanne Goodwin Sara Killens Yi Ng Aryan Sharahi Duncan Willcocks Margaret Boama-Secu Tania Ving Tai Cheung Yvette Chambers Matthew Goodwin James King Josie Nicastro Elizabeth Shaw Linda Willett Svetlana Bogdanova elected CII members Chirag Vyas Kwong Chang Owen Gough Margaret Kinsella Georgina Nicholls Yirgalem Shawel Anthony Williams Christopher Boggis W Gregory Walker Victoria Chappell Paul Graham Nicola Kinsey Kelly-Marie Nicholson Patricia Sheehan Carey Williams Sam Bolton Sanny Wang Cheryl Chew Tim Graham Alice Kirby Robert Nicol Lisa Shelley Graham Williams Rebecca Bonnett Peninnah Wangombe Collins Chibwe Emma Gray Anastasiya Kisliak Jack Norman Davina Short Simone Williams Emily Bonsall 1 December 2012 – 30 January 2013 Thomas Wedlake Sarah Ching Siew Han Lara Green Louis Kitchener Eunice Ntow Lauren Shorter Stephen Willis Claire Border Kim Whalley Carol Chinyandura Emma Gregory Carol Kiwanuka Ian Nunn Sanjeev Shrestha Mark Wilson Catherine Boult Lucy White Marie Chundoo Ingrida Grigaliunaite Nina Klauser James Nuttall Esther Siale Christina Wingrove Scott Boulton FCII Stephen Convery Steven Jackson Natasha Oldknow Rachael Whitford Edward Clark Edward Grigg Pavlos Kleanthous Stephen Nzuki Mark Simpson Raymond Wong Craig Bowler David Cooper Robert James Diane O’Neill Mark Wilding Kate Clark John Grimes Michael Klinger O Andrew Oakley Lauren Sims Jonathon Wood Geoff Bown A Benjamin Alcock Ginevra Corti Patricia Jameson Hrishikesh Oturkar Sydonie Williams Michael Clark Oliver Guest Anil Kolathu James O’Brien Adrian Sinclair Kirsty Wood Lucy Bradford F Simon Fox John Cowell Jessica Jarvis P Stephanie Parker John Willis Jodie Claxton Michael Gurrie Kristian Kolsaker Joanne O’Connor Gurdit Singh Darren Woodfield Abigail Breary G Frederick Garden Joanna Cox Ravinath Jasin Basthian Arachchige Gemma Pearce Alexander Wilmot Philippa Clist Vijay 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Foong Kim Leong Kumud Ranjan Reem Abu Snaineh D Natalie Dalton Alasdair Haswell Elton Leung Robert Payne Mathew Storr Amer AbdelHadi Ricky Caine Nasser Alboussayes Apputhantri Don Surath Chandima Gladwell Kimani Ruth Reaney Geoffrey Adams Mercedes Damian Ciara Hatherley Emily Lewis Matthew Pearson Gavin Strathearn Mohammed Abdul Hasan Roberto Calderon Philip Alcock Carla Duguid Gillian King Carly Richards Shardul Admane Matthew Danes Ian Hatton Robert Lewis Nicola Pell Eric Stricker Michelle Abram Keith Callaway Edward Aldwinckle Jessica Dunford Betty Kiongo Zoe Richards Nancy Adusei Thomas Darnell Miriam Havergal Gerard Leyden Natalie Penfold Adam Sullivan Helen Adams Richard Cameron Farwah Ali Khan Matthew Durcan James Kirby Christopher Riley Maebh Ahern Scott Dauwalder Lee Hayes Emily Li Anthony Penn Christine Sullivan Paula Adderley Mark Campbell Anuj Amar E David Edwards Luther Kisanga Alistair Robson Rohbaan Ahmad Simon Davidson Richard Hayward Yen Lim Charley Penny Mark Sullivan 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Giulia De Fusco Lisa Hiscock Cathryn Lowe Robert Pettifer T Zong Tan Mohammed Al-Buali Kelly Chamberlain Andre Backner Richard Everall Lau Hui Lin Debra Samuels James Allchorne Amelia De Wend Fenton Becky Hobson M Colin Mackenzie James Phelps Andy Tang Kwan Hoi Hasan Al-Hasani Stephen Chambers Alec Baker F Jaime Fernandez Wai Law Luke Sanders Louise Allen Suchit Desai Rebecca Hodgson Mary Mackenzie John Phillips Dorota Tarczynska-Manaton Matthew Allan Wai Chan Alexander Barker Manannaidelage Fonseka James Lawley Harpreet Sandhu Abdullah Almaghrabi Padmaja Divakaruni Rebecca Hope Derek Maclean David Philpott Lauren Taylor Jonny Allen Christopher Chapman Ross Barlow Serena France-Hayhurst Shane Lawlor Hayley Sangan Abdulkarim Almeajel John Donovan Jonathon Hopper Alex MacLennan Guy Pickard Melissa Taylor Jill Almond Neil Chapman Amy Bates Giorgio Frappa Edward Le Flufy Alexander Sarafoglou Khaled Almutlaq Neil Drane Charlotte Hornsby Lee-Anne Maguire Richard Pipe Munazzah Tchumak David Amos Paul Chapman Paul Beck Edmund Fung Annette Lee Michael Saroglou James Ancliffe Stephen Duckett Benjamin House Tarek Majali Sarah Plumer Joseph Tedaldi Lorraine Amos David Charnaud Sharon Beeston G Kim Gallagher Adrian Leonard Samuel Sarpong Henry Ang John Duckman Danny Hudson Kumail Maki Mark Pollatos Chee Teh Samuel Ampofo Hetal Chauhan David Bell Craig Gardiner Nicholas Leppard Rebecca Saunders Justine Archer Simon Dunbar Rose Hudson Callum Malone Bev Pollitt Stephen Thatcher James Anscombe Richard Cheeseman Etienne Bender Katie Gibbons Wee Lim Simon Scantlebury David Astley Katie Duncan Samuel Hudson Matthew Malone Gillian Pollock Jemma Thomas Adu Apraku Liezel Chenery David Benskin Leigh Gladden Brendan Little Catherine Schaal Aman Athwal Georgina Dunley Paul Hughes Senthil Manoharan Adam Posner Laurence Thomas Thanisa Areephongsa Gladys Cheung Christopher Benton Jamie Glover Richard Lord Vanessa Schneider Mark Atkinson Alastair Dunning Zhao Hui Magdalena Mare Joanna Potter Gail Thompson Mark Armstrong Ling Chow Nishant Bhardwaj Matthew Goad Rebecca Love Mark Scholfield Efua Atta-Quayson E Benjamin Edis Asif Hussain John Marsden Lewis Potter Neil Thompson Jasmine Arnold Annika Church Alan Bint Karen Gooch Hui Lye Margaret Scott Robin Avery Somaya El Rahman Nurul Hussain Andrew Marsh Mark Potter Nigel Thorpe Muhammad Arshad Graham Clark Alice Blake Brian Greaves M Robbie MacDonald Chase Scott-Pearson Najma Awez Richard Eldridge Paul Hutchinson Jonathan Marsh Gareth Powley Nicholas Thuell Luca Artesani Emma Claxton Imogen Bland Nicholas Green Nicholas Macfarlane Louise Sculthorpe B Scott Badcock Nicholas Elkington I Helen Idle Toby Marshall Alan Poynter Carol Tierney Darrell Atkins Barry Cleminson Richard Boddy Ian Griffin Andrew Mackay Anita Seah Esther Baffour-Awuah Beneditta Enweremadu Sajay Induchoodan Philippa Mason Stuart Pritchard Paul Tohill B Mirza Baig Philip Cockerton David Bolger Wendy Griffin Fiona Manton Hami Seyed Khalkhali Juliet Bailey 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Harris John Mbugua Paul Simpson Joanne Barry George Farrow Rajesh Jarugumalli Mark McDonach James Ramamurthy Madelene Turner Samantha Ball Joel Collins Neil Bridge Paul Harris Mary McAuliffe Thomas Simpson Sally Barry Christopher Feeney Varsha Jayakumar Andrew McDonnell Rajappan Rathish Kumar Steven Tweed Lee Banks Louise Collins Antje Broda Danielle Harrison Cliodhna McCaul Avinash Singaraju Osman Bashir Terry Fisher Richard Jelf Mary McGettigan Ashley Rayner U Christian Ukabam Simon Bannard Edward Colville Sanchez Brooks Alexandra Harwood Barry McCutcheon Sunder Singh John Batth Killian Fitzgerald Lee Jennings Lucy McGinn Ciaran Rea Felix Ukaegbu Siobhan Barlow Stevie Connor Andrew Brown Muhammad Hashmi James McDonagh Stuart Smail Martin Bean Gaye Flexen Carsten Jensen Martin McGurk Jonathon Read Mathew Undenge Jordan Barnard Richard Constable Louise Brown Deborah Hayward Rayner Charlotte McFarnell Natika Smikle George Beattie Yvonne Flitsch Joanne Jepson Iain McLachlan David Rees 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Mercer Carl Riordan Veerle Van den Brande Michele Beadle Andrew Cooling Alex Byrne Muhammad Hisham Sarah Morrison Olga Stefurak Sally Bevan Samuel Fox Darren Jones Jill Metherell Emma Roadnight James Vanneck Gary Beale Thomas Coombe Daniel Byrne Anthony Hollingbery Oscar Moseley Holly Stirk Marina Bezyazychnaya Ernest Frimpong Timothy Jones Paresh Mhatre Dylan Roberts Bradley Vaughan James Bean Sacha Cooper C Nicholas Callaghan Richard Holmes Jeremy Mullen Richard Stockley Caroline Biddle Maxwell Frimpong Carl Jordan Adam Millership Paul Roberts Sally Venn Hannah Bearman Christopher Corkery Sarah Cameron Elliot Honu Nicholas Murgatroyd Mark Stopher Catherine Bingham Catherine Frost Melissa Jordan Deborah Minter Nicolette Rodrigues Michelle Vennard Nicholas Beasley Duarte Correia Kenneth Carmichael Louise Hopkins Tichafa Muromo Lucy Straker Justine Black Robert Frost Peter Jordan Raj Mistri Elizabeth Ross Queralt Vila Canal Jennifer Beattie Brett Corrigan Lance Carter David Horne Anna Mwango Jennifer Style Lesley Black Paul Fuller Marie Julien Steven Mitchell Louise Ross Una Vilgerte Matthew Beck Richard Cothay Pierre-Louis Chabert Conor Houlihan N Christopher Newberry Gamkanda Sudath Sriyananda Adam Blacker Paula Fuller K Abdul Kadir Samantha Monk Rachel Rouch Mansi Vyas Darren Beckinsale Gemma Cotter Christopher Chadwick Michelle Hourigan Steven Ng Samantha Sultana Benjamin Blackie G Andrew Galloway Anurag Kamal Alec Moore John Rowan W Ernest Waithaka Christopher Bedford Bernie Coughlin Mian Chan Lucy Houston Hoang Nguyen Kapu Sumanathunga Stephen Bridge Maheshwar Ganesan Thusharani Kanapaddala Gamage Christopher Morris Constantin Ruperti Ben Wakeham Christopher Beech Jessica Coulson Andrew Chapman Stuart Hudson Mihail Nikolov Dilan Sumithraarachchi Sheraley Bridgeman Mark Gardiner Jared Karim Joanna Morrison Matthew Russell Ross Walford David Beeney Charlotte Coupland Stephanie Charman Patricia Huerta Bernie Niland T Charles Tambala Ian Brightwell Paul Garvey Roman Kartyushov Jonathan Moss Matthew Ruthen Michael Walker Matt Beimcik Peta-Louise Court Weng Cheong Gareth Hughes Rosina Nkansah Yan Tan Paul Britton James Gaskin Paul Kassulke Jeremy Moulton Daniel Rutter Sally Waterman Jessica Belfield-Waters Kelly Cowcher Chin Yuen San Ian Humphries Jonathan Noake Stuart Taylor Olivia Bromley James Geldart Kevin Kateete Laila Mousa Joanne Ryan Sebastian Weaver Matthew Bell Anna Cowdroy Christos Chiotis Alexander Hyett Annelie Noble Trevor Taylor Lucy Brooks Thomas George Taranmeet Kaur Damira Mullina S Ajay Sadana Teresa Webb Astrid Bennett Colette Cowley Austern Chirwa I Melanie Iles Francis Nzwili Michael Taylor-West Luke Brown Jamie Gilbert Angela Kelly Nader Murad Andrew Salter Andrew Wells Benjamin Bennett Thomas Coyne Bo Chung Chioma Irukwu O Eugene O’Callaghan Sylvia Tetteh Lynette Brown Gurjit Gill Graham Kemp Olusade Murele Luke Sanders Rachel Wells Gabriella Bertolo Daniel Crockett David Clark Paul Ivimy David O’Flynn Shaikh Thaika Judith Brownlee Jatinder-Singh Gill Nicole Kemp Holly Murphy Mark Santer Hazel West George Besant Stephen Cronin Paul Clarke J Claire Jackson Peter O’Keeffe Stephen Tillie Marc Buckham Michael Gillen David Kenyon Matthew Murphy Mohiuddin Saqib Henry Weston-Simons Marie-Claire Bessada Janine Crossley

46 47 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk ROLL OF HONOUR | CII MEMBERS CII | BLOG

STUDY ZO NE ▼ CIIBlog Lisa Gillespie Emily King Ozmond Muwaniri Helen Rudorf Joseph Tunstall Cert CII Joanne Gillett Matthew King N Sukhveer Nahal Paula Rusling Colin Turner Charlotte Ginsberg Rebecca Kintrea Christopher Nahra Laura Russell Sian Turner C David Crowley Mark Glanville Paul Kirkham Prabharani Nandakumar Orion Russell Richard Twigg Bridget Cullum Jane Glue Colin Kirkpatrick Adrian Newton Gail Rutherford Guy Tyler Thomas Cullum Stevie Goddard Rachel Knight Reece Nicholls Sharon Rymill Kyle Tyson D Mackenzie Dallas Alex Godwin Robert Knipe Katharine Nierop S Dorianne Saliba Bonello U Melek Ucungan Harriet Daly Rebecca Golding Ivan Kovachev Gareth Nutter Osman Salleh Christopher Ullah Naida Damirova Katherine Goodwin L Laura Lacey O Eleanor Oakes Anna Salvatorelli Christopher Unwin Paul Darby Susan Goodwin Joanne Lack Ian O’Brien Henry Sanderson Heather Upsdell Christopher Dark Farirai Gora Desmond Lam Kuo Sin Peter Oddie Jagjit Sandhu V Natalie van Eck Kimberley Darkes Ivan Gordeyev Michael Lampard Abiodun Ogunshakin Jonathan Sargent Stefanie Vanjo H ow about waterproof study books? Lara Darmanin Deniece Gordon Kate Law Vincent O’Hara Amy Satchell Laura Varney Claire Davenport Calum Gosney Letitia Le Moignan Omowale Olatunde-Agbeja Vijayaasri Sathiamoorthy Danielle Vella Hayley Davies Adam Goss Mitchell Le Tissier Karina Oldfield Maxim Satskov Victoria Vellam Helen Davies George Grant Jeremiah Lee Michelle Oliveira Denise Saunderson Dominic Vidler o, as I said in my last blog, HSB I’m really starting to see the benefits of Nina Davies Emma Graves Nicholas Lee Gareth Oliver Andrew Savage Judy Vincent With an exam to study for Greg Davis Charlotte Gray Winsome Lee Liam O’Meara Natasha Savage W Carl Wade Engineering Insurance is on the studying for my CII examinations now and am Alessandra Dawe Sara Greenman Karl Lemon Claire O’Neill Susan Savage Nathan Waite move. We are all packed up and in April and a new gym amazed how much it is helping me with more Roshin Dawson Anna Gregory Conrad Lennard Paul Onslow Kevin Saxton Sophie Walker Alexia De Lecaros-Aquise Liam Griffin Emma Leslie-Miller John Onuminya William Scarfe Thomas Walker ready to go now, just waiting of an understanding of my day-to-day work. Priscilla De Leonardo Patricia Gudzelak Adam Lester Jamie Osborne Gail Scott Joanne Wallis membership to make use of, Hemanthi De Silva Alex Guerin Hei Leung Kadi Osborne Kate Searle Paul Wallis for the removal van to arrive Recently, I have been working closely with Sophie Deacon Mark Gurteen Alexander Lewis Nicola Osborne Nicholas Searston Janis Walton Peter Molloy wonders if he Tanja Deane H Robert Haisman Paul Lewis Karen O’Sullivan Mark Seaton Nathan Watson so we can pack the kettle and our corporate underwriting department on a Annabel Deaville James Hamlet Elise Lewis-Harrop P Deepak Pala Dany Seifeddine Spencer Watson make our way to our lovely new offices in the could combine the two… project and am feeling like quite the expert Rachael Denman Jemma Hammond Lauren Lilley Anthony Palazzo Jean Seinde Henry Watts Sarah Denness Mark Hankin Sapphire Linstrum Roshni Pankhania James Senior Colin Waude Scentre of Manchester. Of course, this poses a using the knowledge I have gained by studying Rufus Dennis Benedict Hannah Dorota Lipniacki Gus Park Carla Senra Terry Way Katy-May Denton Alexandra Hardham Victoria Lishman-Peat Jessica Park Emma Sercombe Lucy Webb whole new dilemma for me – where do I find for my underwriting practice exam. I don’t Amit Desai Tom Hargreaves Phui-ling Loke Rachel Park Peter Sewell Matthew Weir Kirk Devonald Luke Harkin Neil Loughran Debbie Parker Samantha Shaw Justine Welch my study hideaway? I have been assured there know if my colleagues would agree, but it’s Gavin Dickson Julian Harris Nicholas Lowe Eleanor Parr Karim Shehata Laurens Wessels will be plenty of touch-down points and quiet making me feel like an expert anyway! My Anna Dimond Ben Harrison Thomas Luff Donna Patterson Sheeraz Sheikh David West Dawn Dingle Francesca Harrison M Lucy MacCallum Kelly Paxman Colin Shepherd Mark West rooms at the new office, so with more exams studies so far are also helping me with other Josh Dixon Vivienne Harrison Roseanna MacDonald Patrick Pellegrini Philip Sheridan Victoria Weston Elaine Dobbins Katriona Hart Karen Macintosh James Penfold Patrick Sheriff Julie Westwood looming I am hoping the hit the ground (and areas of the business and understanding how Katie Dobinson Mary Hart Stuart Mackay John Peregrine George Sherriff Katarina Westwood Kenrica Dominguez Emma Heath Leiane MacLeod Daniel Perkins Victoria Shipton John Whan the study books) running. everything fits together. For example, I have a Jim Donovan Jessica Henderson Josephat Madafi Amylouise Phalp Paul Shirley Peter Whitaker On the subject of change, the continuous much better understanding of risk acceptance Andrew Dooley Sam Hennessy Thomas Mallindine Joanna Philpott Ian Shrimplin Alison White Julie Dove Amy Henry Sarah Manby Isabelle Pierre Claire Siddall David White assessment option the CII provides has criteria and why, and on what basis, risks Chloe Dowie Gary Herd Hugo Manning Emma Plush Shane Simmonds James White Niall Duffy Dennis Hetherington Yvonne Mannion Megan Pocock Daniel Simmons Laura White recently changed. Being the creature of habit are evaluated and accepted – it’s amazing Hannah Dunstone Angela Hibbert Rachel Marks Andrina Polius Holly Simpson Paul White Charlie Dupont Melissa Hibbert Howard Marsden Aaron Poltorak Ben Slattery Ryan White that I am – as regular readers of my blog would how gaining further knowledge can not only Susan Dutton Anthony Higgins Luke Marsden Jacqueline Poole Natasha Slawson Stephen White E Emily Earl Ian Higgins Emma Marsh Chi Poon Adam Smith Trudi White be aware – I was a bit apprehensive at first as I increase your confidence but also make the Alexandra Edge Lucy Higgins Lesley Marshall Ben Popplestone Frances Smith Victoria White had got quite used to the previous system. But job seem much more rewarding. Brigid Edmunds Gavin Hill Andrew Martin Tom Potter Josh Smith James Whitehouse Tom Egglestone Rhianne Hill Lisa Martin Simon Pound Lauren Smith Justin Whitham now I have my head around the new process I’ve joined a new gym recently and am trying Gerard El-Khoury Charlotte Hindley Maninder Marway Jaswinder Powar Richard Smith Robert Widdowfield Joanna Elphick Adam Hockey Satpal Marway Robert Priaulx Rosina Smith Ajita Wijesundere I am finding it much easier to submit my to fit in the time to exercise as well as study. I Hermione Elwes Leanne Hogg Chris Masters Kim Price Mark Sofflet Peter Wilkie Benjamin Eurell Nicola Holland Ben Matthews Steven Pring Jayne Spalding Sheryl Wilkins coursework online and the valuable feedback have even considered taking my books along Laura Evangelidou Henry Hollingdale Paul McCarn Q Neal Quah Cathryn Spinks Rachel Wilkinson I have come to rely on from the tutor now with me, but somehow I can’t see this idea Jeremy Evans Mike Hoodless Paul McCarron Andrew Quick Henry Spratt Alex Williams Vanessa Evans Laura Hopkins Jeananne McCarthy R Sameer Rafiq Ben Squires Amy Williams comes through much quicker. working... especially in the pool! All in all Calum Ewen Geoffrey Hore-Fazan Timothy McCosh Bhikhu Raja Quentin Stanton Esther Williams F Nicholas Fallon Rosie Horrod Sean McCrum Mechery Rajesh Karin Staub James Williams I have another exam looming in April so am though, studying for the CII hasn’t taken over Graham Faragher Patrick Howard Colin McDiarmid Ola Raji Robert Steadman Kay Williams Adam Farr Josh Hoy Joanne McDiarmid James Ramirez Jack Steel Lisa Williams using all my spare time to study for that and, once my life – yes, I have had to be disciplined with Angela Farrell Matthew Hubbard Kevin McFarland Celso Raposo Elaine Stellini Henry Wilson that one is out of the way, there is another one my studies and assignments and it would be Alison Farrugia Jill Hudson Simon McGurk Caroline Rawley Heidi Stevenson Laura Wilson Stephen Faulkner Sam Huggett Oliver McKenzie Tarique Rayani Luke Stevenson Karyn Wilton just around the corner (well, October actually but foolish for me to suggest you don’t need to Theresa Fawkes Emma Hughes Emma McKeown Rodrigo Rayes Lucy Steward Tim Wiltshire Nicholas Fenner Phoebe Hunt Mark McLaren William Raynal Adam Stokes Ben Wimbledon time does fly when you are having fun)! show this level of commitment to pass. But as Helen Ferguson Laurence Hunter Rowan McLean James Read Oliver Stone Christopher Winch Rosalie Fernandes Luke Hurren Melissa McLeod Andrew Reading Daniel Stoner Lucien Windsor I always say – with my busy lifestyle, if I can do Antonio Fernandez Suarez Akbar Hussain Thomas McLoughlin Michael Reddin Alexander Strong Danny Winstone Emma Field Nicholas Hutson Alexander McManus Bianca Reddy Amber Suckling Patrick Wise In the rhythm it – anyone can. Matthew Finch Daniel Hyden Carol McShane Craig Redmond Emily Suddaby Robbie Woodburn I’ve found quite a rhythm with my Gearoid Finnerty Michaela Hyman Louisa Mead Rebecca Reed Chien-Kai Sun William Woodford Gregory Fitzgerald I Sharif Ishaque Orkhan Mehdiyev William Rees Karin Sundberg Samantha Woodmansey studying now and actually enjoy Robert Flaxman Sarah Ismail Grahame Merchant Emily Reid Dhilen Surati Sue Woodnutt “I have another Daniel Fleming Luqmaan Issa Norma Merlehan John Reid Michael Swainsbury Ella Writer sitting down and getting my Vicki Fleming Charlotte Ivey Natasha Meyrick Shona Reid Nicola Swann Benjamin Wyatt exam looming Leo Flindall J Jessica James Zixia Miao Daniel Ricci Matthew Symes Leon Wyatt nose stuck in to a CII book. Christopher Foale Matthew James Emma Michael Jessica Richardson Daniel Syms Y Jennifer Yao As I start to see the light Zoe Foenander David Johnson John Milne Lianne Riches T Joanne Tang Emma Yeomanson in April so James Foote Max Johnson Jennifer Mitchell Lauren Ridley Richard Tang Nicholas Young at the end of the CII Matthew Foreman Stephan Johnson John Mitchell Steven Ridout Elvis Tanner Hui Yow Sarah Forshaw Thomas Johnston Mohammed Mohammed Jonathan Riley Richard Tarling Jenny Yu Ka Yin tunnel I wonder what am using all Jeremy Forster Helen Jones Andreea Moldovan Maureen Robb Dianah Taylor Z Yimin Zhou I am going to do Daniel Foster Nicholas Jones Violetta Montes Tapia Christian Roberts John Taylor my spare Elliot Fox Simon Jones Stephen Moore Nia Roberts Sophie Taylor once my exams are Claire Froggatt Samuel Jordan Ann Morgan Victoria Roberts Stephanie Taylor G Maria-Elena Galea Thea Jordan Kirsty Morgan Stuart Robertson Helen Thabrew all over and I have time to Richard Gallimore Maria Juravle Stacey Mowbray Matthew Robinson Katie Thomas Anthony Gardiner K Kondwani Kamuloni Paul Muchal David Robson Matthew Thomas free time on my Suzanne Gardiner Sunil Karia Asim Muhammad Leomer Rocafort Caroline Thompson study for Chloe Gardner Jack Keatings Faisal Mukati William Rockliffe Sophie Thompson hands – I guess Anna Garenberg Nathan Keeley Clare Mullen Andrew Roe Lynne Thomson our move to that” Rory Garratt Brian Keevil Usman Munir Ahmed Craig Rogers Carly Tierney Sarah Garrett Michael Keighrey Abigail Munslow Alan Rose Adam Timms Manchester will Kevin Garvey David Kelman Alexander Murden Paolo Rossi Amanda Todd Trudi Garwood Mark Kelsey Janet Murfin Royce Rossiter Cerrie Tomlin give me options › Tomais Gaughan Fiona Kennedy Owen Murfitt Samuel Rounce Carla Tooley Ross Gemmell Steven Keys Martin Murphy Viv Roussel Patricia Towers on places to Benedict Gilbert Alastair Kidd Faye Murray Charlie Rowley Alaina Tuff visit in my David Gilding Ben King Benard Muteti Rachael Ruddy Jamie Tuffield lunch hour. PHOTOGRAPHY: Andrew Parker

48 49 February/March 2013 THE JOURNAL February/March 2013 THE JOURNAL www.cii.co.uk www.cii.co.uk Question 1: Question 2: Question 3: Question 4: Question 5: STUDY ROOM | Q&A Question 6: For details on the positions below and others in Question 7: General & Financial Services Insurance Question 8: Question 9: accross the UK, in London and Internationally please visit Question 10: www.ipsgroup.co.uk STUDY ZONE ▼ Q&A • Senior Claims Negotiator • Business Analyst To £30,000 + Benefi ts – City of London £50,000 - £70,000 DOE + Bonus & Benefi ts – City of London City based Insurer has a new opportunity for a Senior Claims Negotiator. You will have some experience Extensive experience as a Business Analyst within the London market, you will have a background in of supervising/mentoring a small team together with Commercial Property, CAR and Marine and Liability gathering business requirements from various business operations & IT stakeholders. My client is a leading insurance claims knowledge. Full support with your career development! Lloyd’s name & they are seeking a confi dent communicator to join their team. Contact: [email protected] - London Ref:CII481405Y Contact: [email protected] - London Ref:CII48321NM • Exposure Management Analyst • Reinsurance Technical Accountant £35,000 - £45,000 + Benefi ts – City of London To £37,000 + Benefi ts – Surrey Exposure Management Analyst for leading London market player: to interact with brokers to develop You will be responsible for a portfolio of Clients ensuring that any Client data is in line with treaty terms and The Big Ten closer relationships and drive new business opportunities. Core tasks include: report writing; reinsurance conditions along with production of reinsurance accounts and resolving claims. Previous life reinsurance submissions; monitoring aggregate exposures and advising on how to prevent overexposure to emerging treaty experience required along with Excel and Access skills. This set of questions, courtesy of online CII training package insurance ASSESS, risks. Contact: [email protected] - London Ref:CII475807WN Contact: [email protected] - London Ref:CII481272MK • Reinsurance Business Analyst will test your knowledge of key insurance topics. The answers are AT the BOTTOM… • Terrorism Underwriter To £50,000 + Benefi ts – London To £60,000 + Benefi ts Package – City of London Joining our Client’s Operations team this is an opportunity for an experienced Business Analyst or Systems Question 1: Which condition in a home Question 4: In which of these ways does Question 7: What is the normal profile of the This opportunity is with a well regarded Lloyd’s Syndicate. You will support the Terrorism Class Underwriter Analyst with some team leading experience. You will require an understanding of Life Reinsurance contents insurance policy gives the insurer the claim handling process for a vehicle Author‘maturity’ Edward stage M ofurray the product life cycle? with the continued development and underwriting of this expanding Terrorism account. Current experience products combined with advanced IT skills, specifi cally mapping, and Access, Excel and SQL experience. the right to call on other insurers similarly theft claim differ from the handling process A High promotion costs; rapidly increasing sales □ working in a Terrorism or Political Violence Underwriting or Broking role in the London Market is required. Contact: [email protected] - London Ref:CII480807WN liable to pay part of a claim? for a total loss damage claim? b Rapid market acceptance; little if any profit □ Contact: [email protected] - London RefCII480958X • Junior Risk Adviser A Arbitration condition □ A The new replacement vehicle option c Sales growth slows, profits are realised □ To £28,000 + Car & Benefi ts, home based – Yorkshire • Operations Manager Trainee Risk Adviser required for leading global Insurer to undertake inspections of customer premises, To CHF 105,000 / £75,000 – Switzerland B Contribution condition □ does not apply in the case of theft claims □ d Sales and profits decline as the product evaluate risks, make and agree risk improvements and prepare reports as required. Candidates must have An opportunity has arisen for an Operations Manager to join a Specialty Insurer based in Liechtenstein. C Reasonable precautions condition □ B If a stolen vehicle is subsequently loses appeal and increased marketing costs commercial underwriting experience and preferably be studying towards ACII. You will need to have experience in non-life general insurance industry, an understanding of the european D Subrogation condition recovered, the salvage belongs to the insured are incurred to maintain market share Contact: [email protected] - Leeds Ref:CII481369SR □ □ □ market, insurance contracts and policy cycle. Excellent Germand and English is essential. C There is normally a waiting period before Contact: [email protected] - London Ref:CII481478AH • Development Underwriter Question 2: The amount paid to settle a a theft claim is paid, to allow for possible Question 8: Which of these is an ‘implied’ To £35,000 + Car & Benefi ts – Leeds total loss claim under a marine insurance recovery of the stolen car □ claims condition that will take effect • Energy/Marine Reinsurance Underwriter – Rio de Janeiro Leading Insurer seeks an experienced Development Underwriter with experience of dealing with and policy is normally based upon? d There is normally an exclusion period irrespective of whether it is stated in the policy? To £70,000 + Expat Package – BRAZIL further developing new and existing business. Focusing on property and casualty lines, the successful Infl uential reinsurer in Brazil developing its local, regional and global operations. A market leader, candidate should have proven development skills with excellent technical ability. A The market value of the property at after inception of the policy before a theft A The insured must take all reasonable looking for underwriters with min of 5 years experience in Marine and Energy Reinsurance. Knowledge of Contact: [email protected] - Leeds Ref:CII481009SR the time of the loss □ claim can be made □ steps to minimise the loss or damage □ facultative and treaty is desirable, as is fi eld inspection experience. Portuguese lessons provided. B The insured value of the property □ B The insured must notify the loss or Contact: [email protected] - London Ref:CII481284CL • Property Claims Team Leader £ Negotiable + Benefi ts – Manchester C The replacement value of the property Question 5: What requirement must damage to the insurer within 30 days □ • Casualty Claims Manager Leading name requires an experienced claims team leader to make an immediate impact within the at the time of the loss □ normally be met before a claim is covered c Any dispute over the amount to be paid To £ 75,000 + Car Allowance & Bonus – London / South business. You will manage a team of Domestic Claims Handlers ensuring that morale is high, service levels d The replacement value of the property under a commercial theft policy? will be referred to independent arbitration □ This progressive Management role with a leading Insurer involves selecting and managing TPA’s, are met as well as being a technical referral point. at the time of the loss less a suitable A There must have been forcible and d The insurer is entitled to pay only a pro-rata overseeing complex UK direct EL, PL claims, projects, strategy but most of all leadership of the Casualty Contact: [email protected] -Manchester Ref:CII476013RP team. Candidates must be ACII qualifi ed, of graduate calibre and with an Insurer background. deduction for betterment □ violent entry to the premises □ proportion of any loss when dual insurance applied □ Contact: [email protected] - London Ref:CII480947B • Account Executive B There must have been forcible and To £80,000 + Car, Bonus & Benefi ts – Northern Region Question 3: Which of these statements violent exit from the premises □ Question 9: In contract terms, what • Head of Offi ce - Commercial/Corporate Broker We seek an experienced account executive with a proven track record, strong client relationships and the drive to win. The business is well funded, profi table and positioned for expansion. The performance related correctly describes a feature of the Financial C There must have been forcible and distinguishes a bond from an insurance policy? £75,000 - £100,000 + Benefi ts – Sussex/Surrey/Kent An exciting opportunity to head up a well established general insurance broking offi ce based in the earnings potential will motivate the best. Ombudsman Service (FOS)? violent entry to OR exit from the premises □ A A bond is a simple contract □ Southern home counties. You will need to be a highly effective general (property, liability, commercial Contact: [email protected] - Manchester Ref:CII481479SH A The maximum award the FOS can make d There must have been forcible and b A bond is issued under seal □ combined, corporate and SME) Insurance broking business manager with a proven record of achievement, together with the vision and capability to create and implement a growth strategy. • Operations & Business Change (Underwriting) to an aggrieved policyholder is £48,000 □ violent entry to AND exit from the premises □ c A bond is not legally enforceable □ To £90,000 + Excellent Package – Midlands Contact: [email protected] - London Ref:CII481226CD B The FOS will deal with complaints d A bond is open-ended and does not In an underwriting environment that is going through a transformation programme this role, which is part from any policyholder, whether individual Question 6: A facility with their insurers run for a specified term □ • Engineering Underwriter of the senior management team, will manage operational excellence and drive change to deliver success. or corporate □ means Dalton Brokers operate in the role To £70,000 + Benefi ts – London You will have responsibility for the day to day leadership at two sites Contact: [email protected] - Birmingham Ref:CII481317CAC C FOS findings are binding on both insurer of a coverholder. What facility will this be? Question 10: Keynesian economists believe Major insurer seeks an underwriter to handle facultative reinsurance and direct insurance. The appointee A can target business up to 500m USD and look at all offers within their mandate (to an agreed individual • Motor Claims Manager - Senior Mgt Team and complainant □ A reinsurance treaty □ that ‘demand-pull’ inflation is caused by? capacity). Previous London based CAR/EAR experience is essential along with an existing broker network. D The FOS can make a decision in favour b A broker lineslip A A strong demand for labour £ Competitive Salary & Benefi ts – Bristol □ □ Contact: [email protected] - London Ref:CII481292J A multi-site Motor Claims Manager with a leading insurance company which combines operational and of a customer even if they have no valid c A co-insurance panel □ b Demand exceeding supply □ • PI Underwriter/Assistant Underwriter technical claims experience. Leading a team of up to 30 technical motor claims staff the purpose of the legal case □ d A binding authority □ c Monetarist policies □ role will be drive the motor claims service and optimise cost performance. To £90,000 + Benefi ts – City of London Contact: [email protected] - Bristol Ref:CII481255CAC d A lack of demand for a country’s exports □ Lloyd’s Syndicate requires a Lloyd’s based PI underwriter/assistant underwriter to play a pivotal role in assisting with the expansion with a book of UK and International business. Focusing on all PI professions • Claims Process and Business Change you will underwrite new and renewal business. Fantastic exposure! To £40,000 + Leading Benefi ts – Gloucester Contact: [email protected] - London Ref:CII481438DH A role internally leading process review teams and managing business change. You will contribute to the YOUR ―> 1–3 Poor 6–9 VERY GOOD planning and delivery of the Claims and Operations Operating plan which will directly involve leading or SCORE 3–6 Good 9-10 EXCELLENT • Senior Liability Underwriter supporting identifi ed projects, planning, delivery and tracking of benefi ts. To £50,000 (Will Offer Relocation Package) – Surrey Contact: [email protected] - Bristol Ref:CII481380CAC This is a Head offi ce role where you will be involved in; handling referrals from regional offi ces, auditing • Niche Lines New Business Underwriter branches and project based work. The successful applicant will have outstanding technical underwriting To £60,000 + Benefi ts/Car – Midlands skills and studying towards the ACII. The role offers genuine career progression opportunities. A unique opportunity for a underwriter with a passion for developing and writing new business who has Contact: [email protected] - London Ref:CII481003CG

ANSWERS niche market sector knowledge and contacts. This underwriting role will involve developing new lines of

rise in line. in rise insured to take all reasonable reasonable all take to insured with the FOS decision. decision. FOS the with key key A

complaints from individual individual from complaints • Lloyd’s Syndicate Graduate business, underwriting risks and driving account growth. situation where supply cannot cannot supply where situation For example, this requires the the requires this example, For behalf of an insurer. an of behalf

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action if they are not satisfied satisfied not are they if action d. d. 3

The FOS can hear hear can FOS The To £27,000 + Benefi ts – City of London Contact: [email protected] - Birmingham Ref:CII481390CAC caused by demand rising in a a in rising demand by caused duties imposed by common law. law. common by imposed duties certificate of insurance) on on insurance) of certificate before settling the claim to to claim the settling before

the right to take civil court court civil take to right the 2:1 Numerical Graduate with 6 months minimum London Market experience, eagerness to study the b. b. 10 Demand-pull inflation is is inflation Demand-pull a. a. 8 Implied duties are unwritten unwritten are duties Implied documentation (e.g. a a (e.g. documentation to wait for up to six weeks weeks six to up for wait to complainant, who still has has still who complainant, subsequent market price variation. price market subsequent • Professional Indemnity Claims Exec

ACII and work for a top syndicate, building a broad skill set to utilise longterm in the underwriting arena. business and issue contract contract issue and business and it is customary for insurers insurers for customary is it and on the insurer but not on the the on not but insurer the on start, and this is unaffected by by unaffected is this and start, To £60,000 + Benefi ts – Birmingham

Managing risk data, aggregates, operational service standards and MI underwriting reports to get the have to be issued in this way. this in issued be to have can be realised. be can authority to underwrite underwrite to authority recovered within a short time time short a within recovered 2012). Its decision is binding binding is decision Its 2012). value, which is agreed at the the at agreed is which value, A leading UK Broker seeks a Professional Indemnity executive to join their expanding offi ce and manage

foundations to then move into an underwriting team. as simple contracts and do not not do and contracts simple as have been incurred and profits profits and incurred been have coverholder has a delegated delegated a has coverholder c. c. 4 Many stolen vehicles are are vehicles stolen Many complaints after 1 January January 1 after complaints There is an identifiable insured insured identifiable an is There both technical claims aspects as well as client liaisons. You must be technically adept in Professional

Insurance policies are classed classed are policies Insurance costs of introduction and growth growth and introduction of costs agreement under which a a which under agreement previous £100,000 limit, for for limit, £100,000 previous are issued on a ‘valued’ basis. basis. ‘valued’ a on issued are Contact: [email protected] - London Ref:CII481157A Indemnity claims ideally with a legal background, this will then progress into a management role.

formally signed and witnessed). witnessed). and signed formally buyers have been reached. The The reached. been have buyers d. d. 6 binding authority is an an is authority binding A are treated fairly. treated are £150,000 (increased from the the from (increased £150,000 b. b. 2 Most marine insurance policies policies insurance marine Most Contact: [email protected] - Birmingham Ref:CII480119RJC

they are deeds which must be be must which deeds are they because most of the potential potential the of most because being to ensure that customers customers that ensure to being make against an insurer is is insurer an against make • Compliance Graduate Assistant - Insurance

contracts issued under seal (i.e. (i.e. seal under issued contracts • Senior Account Executive stage, sales growth slows down down slows growth sales stage, cover to apply. to cover To £28,000 + Benefi ts – City of London have no legal case, the aim aim the case, legal no have binding award they can can they award binding

for a claim to pay part of it. of part pay to claim a for £40,000 - £50,000 + Bonus, Car & Benefi ts – South Midlands b. b. 9 onds are speciality speciality are onds B and decline. During the maturity maturity the During decline. and to or exit from the premises for for premises the from exit or to a customer, even where they they where even customer, a defined size). The maximum maximum The size). defined insurers that are similarly liable liable similarly are that insurers Fantastic opportunity for a graduate to carve a career in compliance. Great training, professional exam

introduction; growth; maturity; maturity; growth; introduction; been forcible and violent entry entry violent and forcible been An outstanding opportunity to join a global, market leading insurance broker. The primary function of the make decisions in favour of of favour in decisions make charities and trusts below a a below trusts and charities the insurer to call on other other on call to insurer the support and lots of involvement day one in Global compliance and regulatory projects, communicating at

they were uninsured. were they product life cycle are: are: cycle life product normally requires there to have have to there requires normally is that the ombudsmen can can ombudsmen the that is firms (micro-enterprises, (micro-enterprises, firms insurance) condition enables enables condition insurance) a high level through the business. Minimum 6 months London Market experience essential with exposure role will be to manage top level relationships with large corporate clients to ensure ongoing renewals as

steps to minimise their loss as if if as loss their minimise to steps c. c. 7 The four stages of the the of stages four The c. c. 5 commercial theft policy policy theft commercial A element of the FOS scheme scheme FOS the of element customers and small small and customers b. b. 1 The contribution (or other other (or contribution The to FSA, Lloyd’s regulations or Contract Certainty. well as account growth. Contact: [email protected] - London Ref:CII481249V Contact: [email protected] - Birmingham Ref:CII480267BHL

London Birmingham Manchester Leeds Hong Kong 50 [email protected] [email protected] [email protected] [email protected] [email protected] Tel: 020 7481 8111 Tel: 0121 616 6096 Tel: 0161 233 8222 Tel: 0113 202 1577 Tel: +852 3189 7050 February/March 2013 THE JOURNAL Southampton Bristol Reading Singapore Shanghai www.cii.co.uk [email protected] [email protected] [email protected] [email protected] [email protected] Tel: 023 8048 8799 Tel: 0117 370 2472 Tel: 0118 951 9595 Tel: +65 6223 1023 Tel: +86 21 2206 2882

CII Journal.01.03.13.indd 1 19/02/2013 10:42 Chartered status helps us to attract and retain the best people because it demonstrates the investment we make in them as well as in the business. It also opens doors to other companies who want to deal with a Chartered organisation as it differentiates us from those insurers with no comparable evidence of their professional status.

Stuart Payne, BA (Hons), ACII, ACILA Chartered Insurer Vice President, UK/Ire Underwriting Service Centre Chubb Insurance Company of Europe SE

cii.co.uk/chartered