The Chartered Insurance Institute (CII) plans to “refresh and renew” its governance and identity in recognition of the Personal Finance Society’s wish to be more autonomous so that both organisations can “flourish” as professional membership bodies.
The representative body also pledged to tackle its IT systems issues, target engagement around learning and engaging students, and expand its international presence beyond Dubai and Hong Kong.
The governance objective features in the CII’s new five-year strategic plan and follows a heated long-running dispute between the two bodies.
That was further ignited by the CII’s controversial decision to takeover the PFS board in December and led to the PFS’s decision to conduct an independent governance review which is due to report back by the end of the month.
In plan documents the CII said: “We recognise the desire for the PFS to be more autonomous within the wider institute group, so we will refresh and renew our governance and identity to ensure both the CII and PFS can flourish as professional membership bodies.”
Six strategic themes
The plan contains six strategic themes related to ensuring excellent member experience, highest professional standards, sector thought leadership, world-class learning, taking a digital first approach, and creating a sustainable institute.
The CII added it had listened carefully to feedback received from its Shaping the Future Together consultation exercise, and believes the plan reflects the needs, hopes and expectations of individual members and its corporate customers.
The plan is organised into two distinct phases covering 2023 and then beyond.
The first year of the plan – 2023 – focuses on addressing legacy systems issues, returning the CII to a surplus position after the pandemic and building strong foundations for the future.
Examples of actions being taken this year include establishing a new arrangement with the 55 local insurance institutes across the UK to refresh its relationship with volunteer networks, creating vibrant local, regional and national connections among its member communities,
It is also undertaking a major review of the role professional standards plays in the context of Chartered status for individuals and corporate members, along with better promotion of the rich data collected around public perceptions of trust in its professions and the value of Chartered status.
And it will be engaging with stakeholders to develop a new, simpler qualifications pathway, with the professional map at its heart and resolving legacy IT issues.
In the next phase covering the period between 2024 and 2027, the CII said it will develop products and services intended to provide an excellent member experience for every individual member and corporate customer around the world, as well as stimulating interest among others to join the insurance, financial planning and mortgage advice professions.
Over this period the CII will seek to simplify recognition of prior learning and introducing digitally badged CPD.
It will also continue to develop local colleges where corporate customers have indicated they have recruitment hot spots and evolve its digital shop to provide personalised recommendations for courses, support materials and other information.
A new virtual member engagement platform will be implemented where individuals and corporate customers can connect to the CII’s international community, and the body said it will be expanding its physical presence beyond the two current staffed offices in Dubai and Hong Kong where there is a case to do so.
It will also trial a competition for Key Stage 5 or university students to engage students, and spread interest in joining its professions.