Sian Fisher, Chartered Insurance Institute

from Modern Insurance Magazine - Carpenters Group Supplement 2020

Fans Supporting Foodbanks

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.

QTell us a little bit about yourself and whatyour current role as CEO at the CII involves?

AThe 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.

QWhat is youridea of collaboration?

AThe 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.

QWhat is the purpose of collaboration? Why is collaboration key to face the challenges within the sector?

AThe 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.

QAs we strive to create a united front forthe insurance sector, howcan we bettercollaborate to meet the changing demands ofcustomers? Are start-ups part ofthe answer?

AWe 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.

QThere are manyamazingnetworks designed to empowerwomen to reach theirfull potential. Whyis itimportantforthe industryto have this supportavailable? Whatexamples can you offerfrom yourown experience?

AI 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

Leading the professional bodyfor insurance and financial planning since February 2016 follows a distinguished career in the sector, which has included senior roles at a Lloyd’s Syndicate, a UK and European insurance company, a market leading MGA, a major international broker and US corporate. Sian has also run her own start-up intermediary and was part of the creation of the Managing General Agents’ Association. A graduate of Oxford University with an Exec MBA from Harvard, Sian is a strong advocate for equality. She is a founding member and Executive Chair of the Insuring Women’s Futures initiative and a Committee Member of the Insurance Supper Club. Sian is also a Non-Executive Director at Asta Underwriting Management, a Vice President of the Insurance Institute of London, and Board Member of Insurance United Against Dementia (IUAD).

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

In terms of empowering women within the profession - nearly every organisation has a diversity network now and that is a huge step in the right direction. Diversity networks have enabled people to have the confidence to come together and discuss important change, issues and make progress. It is important that we have bodies like ourselves, IWiN, and the Insurance Supper Club galvanising the profession and constantly pushing for discussion and progress.

QHow do you think the insurance industrycan better forge alliances with membership organisations such as the CII? And what is the CII doing to help with this?

AThe CII has set up societies for insurance broking, claims professionals, personal finance professionals, underwriting professionals and mortgage professionals. We recognise that people like to have access to a network within their own function. The societies share good practice guidance, are an environment where people feel safe and confident to discuss any concerns and amplify any messages from the regulator. We also have 56 local institutes who provide CPD, network opportunities and social activities for members; this all creates a good energy around people collaborating and coming together. In terms of corporation, we are very fortunate at the CII that we can issue corporate Chartered status as well as our Chartered title for qualified individuals. We have around 900 Chartered firms in our sector, which puts them into a parity of an esteemed position with other Chartered professionals. The public does have some awareness and/or conception that a ‘Chartered’ title is an objective assessment of someone’s willingness to act professionally. We try and encourage firms in the sector to meet a standard that resonates with the public, and we find that there are three elements to it. Firstly, get qualified; secondly, customer centricity; and thirdly, giving back to society. Those are the three elements of being a Chartered professional – we call it our Chartered ethos. That ethos gives a wonderful, collaborative concept for lots of firms and individuals across the sector to commit publicly to act in a certain way.

QHow are the CII delivering yourcommitment through relevant learning, leadership and an engaged membership?

AWe have a very well-respected qualification framework. A lot of our core learning doesn’t change over time, but the front-end does, for example, crime has always existed, but cybercrime is new; things mutate and change. Now, when we create our content, we must make sure it has adapted. That is why we use the term ‘relevant learning’, because we must keep updating our content.

QWhat challenges and opportunities do you expect to see within the industryin 2020?

AThe FCA have recently been driving an interesting piece of work across the entirety of financial services, not just in insurance, which is: how do we reinvigorate the purpose of financial services in the eyes of the public? They asked several bodies to chair a series of roundtables within their own sector and then create a summary on how the sector feels about this in their own words. Those summaries have since been fed back to the FCA and will be published in February. It will discuss the meaning of ‘purpose’, how we define purpose, how do we get purpose back if we lost it with the public, and how do we make purpose and motivation real for our employees. I think there will be a lot of dialogue about purpose in 2020.

QWhat is on the horizon for the CII?

AWe cover a very wide field in terms of content, but one area that is underweight is personal lines. In a few weeks’ time, we will be launching our refreshed framework for personal lines, which will consist of both learning and qualifications. We are also very conscious that we sit right on the doorstep of the London market and one thing that has happened is the emergence of the MGA space, which has been quite a vibrant area for the market. We have since been to the privy council and secured a Chartered Insurance Underwriting Agent title, which we are launching our new framework for in March.

Sian Fisher is CEO of the Chartered Insurance Institute.

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Deadline for entries 28/02/20 NOMINATE NOW 22/O4/20 Café de Paris, London www.customerserviceexcellenceawards.co.uk Nominations NOW OPEN! www.customerserviceexcellenceawards.co.uk Wednesday 22nd April 2020 SAVE THE DATE