Chartered Insurance Institute president Peter Blanc has warned society is drifting further away from seeking financial advice.
He also committed to help build trust in insurance and financial services among consumers.
Blanc (pictured) began his presidency of the CII by calling on the sector to address the unmet needs of society and show the true value of advice.
“The insurance and personal finance profession needs to work together to address the unmet needs that exist today – everything from climate change and flooding to cyber risk, scams, later-life care and protection gaps,” he said.
“All the drivers in society today tend to be away from advice – they are aiming to cut out the middleman and get the quickest deal at the cheapest price but I worry that is not the right answer for the majority of the public.”
The group CEO of Aston Lark also called for unity in the profession following a year of upheaval within the CII and its membership.
“We need to reach consensus on what we, as a profession, want the CII to be during the next five years,” Blanc continued.
“My aims as president will be to support the current and new CEO in any way I can while working to further the CII agenda in building public trust in the insurance and personal finance profession, and make sure we are effective in solving unmet needs and underlining the importance of advice in society.”
Blanc said the CII wass evolving and, as CII CEO Sian Fisher steps down at the end of March, felt this was a key time to make good use of member feedback from the Shaping the future together consultation.
Fisher added she was looking forward to working with Blanc on unmet consumer needs as well as using the feedback received from the consultation.
“Our Royal Charter requires us to work to secure and justify the confidence of the public in the financial planning and insurance professions,” she said.
“Above all, we want to ensure that what we do – and how we do it – helps our members to support their clients in becoming more financially resilient and achieving their financial goals.
“As a key enabler of the 21st century economy, it is vital that our family of professions – together with their professional body – continue to evolve in step with the modern world.
The Chartered Insurance Institute’s Shaping the future together consultation encouraged members to share their views on proposals for how the CII will work.
The body said it will share the findings of the consultation and how it will help shape the group’s strategy later this year.