Upcoming regulation including changes to product pricing practices, are among the biggest challenges facing insurance professionals in the year ahead.
This is according to research from the Chartered Insurance Institute (CII) whose social media poll of 975 respondents found 21% feel regulation, such as changes to product pricing practices, will be the most significant obstacle they need to overcome in the next 12 months.
Almost three in 10 (29%) said they felt gaining the right skills and knowledge to best serve customers is the biggest challenge they face in the year ahead.
Around a quarter (26%) of respondents identified getting used to hybrid working as the greatest challenge they face in their careers this year.
Commenting on the findings, Gill White, chief customer officer at the CII, said: “We are aware of the swift pace of change in the insurance profession and have already worked with partners to produce qualifications and learning material for data science, climate risk and product simplification in the last 12 months based on what our members have identified as a knowledge gap.
“We are committed to making it easier for insurance professionals to identify the learning pathway best suited for them and sought their feedback on our plans to make our qualifications, CPD and support tools more relevant and effective via our Shaping the future together consultation.
“We have proposed a combination of educational best practice, learner feedback and application of the Professional Map; which details the knowledge skills and behaviours needed for different roles at different experience levels.
“I look forward to sharing more information about how we will assist professionals target their sector-specific skills and develop the behaviours they need to best serve customers as well as apply technical knowledge in the months ahead.”
The CII’s Shaping the future together consultation encouraged members to share their views on proposals for how the CII will work.
It will share findings of the consultation and how it will help shape the group’s strategy this year.
