Working together
Speaking to Modern Insurance, Sian Fisher, CEO of the Chartered Insurance Institute, outlines her idea to encourage further collaboration, networks and support throughout the profession.
Q A
Tell us a little bit about yourself and what your current role as CEO at the CII involves?
The Chartered Insurance Institute is the professional body for both the insurance and financial planning profession. We are committed to driving confidence in the power of professional standards, which involves competence, integrity and care for the customer. As CEO, my main job is to create a clear sense of purpose and direction that those working for the professional body can be proud of and get behind. A large part of my role involves networking with sister bodies, senior stakeholders in the market and regulators. It is a real privilege to be able to work and interact with such a large range of people within insurance and financial services.
Q A
What is your idea of collaboration?
The power of collaboration will always surpass what any one individual is able to do by themselves. The minute you start working with other people you begin to share information, knowledge and experience, which will only add to what you are doing, far more quickly and widely than you would ever be able to do on your own.
Q
What is the purpose of collaboration? Why is collaboration key to face the challenges within the sector?
A
The sector covers a whole range of expertise, from global reinsurance through to direct to consumer personal lines, across to protection, pensions and financial advice. Consumers don’t always differentiate between the different ways they engage with our profession’s services. They have a need and the insurance and financial advice profession has expertise, knowledge and advice to offer consumers. If any individual fails to interact well with the consumer, they are going to judge everything in our profession in a negative way because they don’t differentiate between different roles. Collaboration is important to make sure everyone working in the insurance and financial advice profession are treating consumers fairly.
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Q
As we strive to create a united front for the insurance sector, how can we better collaborate to meet the changing demands of customers? Are start-ups part of the answer?
A
We have got a vibrant start-up sector in our market and I think that is hugely important.
We need start-ups and new businesses with new ideas people wouldn’t create these businesses if they didn’t see an opportunity for better, quicker and smarter working. Start-ups need collaboration if they want to expand, and I believe our profession is a great place for them to start because of the opportunities we can offer as large brands and established companies.
Q
There are many amazing networks designed to empower women to reach their full potential. Why is it important for the industry to have this support available? What examples can you offer from your own experience?
A
I have found it really encouraging, particularly in the last few years, that there has been a huge increase in people coming forward, wanting more support and sharing their expertise to improve the experience of other women. For example, the Insuring Women’s Futures programme brought together the profession to work to improve women’s lifelong financial resilience and tackle some of the root causes of women’s pension deficit Insuring Women’s Futures, which was a programme established and led by the Chartered Insurance Institute, identified 12 Perils and Pitfalls that could be detrimental to women’s financial health and pinpointed six Moments that Matter when women could take action to improve their financial resilience. The CII wants to lead more work like this - to bring together the insurance and personal finance profession to share expertise, knowledge and services that can improve outcomes for consumers.
The power of collaboration will always surpass what any one individual is able to do by themselves
