CII Strategic Plan 2023-2027

We are a professional body dedicated to building public trust in the insurance and financial planning professions.

Foreword

We are pleased to share the Institute’s new Strategic Plan (‘Plan’), which covers the five years from 2023 to 2027 and signposts our longer-term direction. The Plan lays out our renewed vision and purpose, the key strategic challenges we face, and the high-level initiatives we will adopt to address them. It provides the overarching direction within which the Institute will develop annual business plans and allocate budgets and resources.

This Plan lays out a bold vision that will see the Institute’s position as a global professional membership body cemented, financial reserves restored following the challenges of the pandemic, and the latest IT systems and services delivered to support our more than 120,000 members wherever they work and whenever they need them. We will also refresh the Institute’s identity, uniting our professional member communities across insurance, financial planning and mortgage advice.

Helen Phillips, CII Group Board Chair Alan Vallance, CII Group Chief Executive

Helen Phillips Alan Vallance

Group description

The Chartered Insurance Institute (‘Institute’) is a Royal Charter corporation founded in 1912 and comprises a group of companies including two professional membership bodies – the CII and PFS –spanning the insurance and personal finance sectors. Our more than 120,000 members are grouped into five communities – broking, claims management and underwriting in the insurance sector, and financial planning and mortgage advice in the personal finance sector.

As the leading global professional membership body for the insurance sector, the CII represents more than 82,000 members across the UK and internationally, with offices in London, Dubai and Hong Kong.

The Chartered Insurance Institute Hong Kong (CIIHK) is a fully owned subsidiary of the Institute operating from offices in Hong Kong and serving our members across the region. Members of CIIHK are also members of the CII.

The Personal Finance Society (PFS) is the pre-eminent professional membership body in financial planning. It represents more than 40,000 members across the UK and internationally.

The Institute is the umbrella organisation that unites these bodies. All members of both CII/CIIHK and the PFS are also members of the Institute. The services provided to both CII/CIIHK and PFS members are all delivered through the Institute’s staff team and infrastructure.

As a Royal Charter body, the Institute has the right to confer chartered titles on individuals and organisations.

The Institute is regulated by Ofqual, CCEA (Northern Ireland) and Qualifications Wales as an awarding organisation, requiring us to deliver regulated qualifications to exacting standards.

Finally, as an Accredited Body licensed by the Financial Conduct Authority the Institute oversees the qualifications status, adherence to its ethical code, and continuing professional development of members who require a Statement of Professional Standing (SPS), an annual license required by Retail Investment Advisers. These functions have been regulated in the United Kingdom since December 2012, when the Retail Distribution Review (RDR) came into force.

Group structure

Mission statement

The overarching purpose of the Institute is to educate and support our members to deliver services to the highest professional standards and to advocate for the public good. By doing this the Institute builds and maintains public trust in the insurance, financial planning and mortgage advice professions.

Purpose

The purpose of the Institute is enshrined in our Royal Charter.

• To promote efficiency and improvement in the practice of insurance among persons engaged or employed in that activity.

• To secure and justify the confidence of the public and employers.

• To promote and assist the study of any subjects bearing on any branch of insurance.

• To collect and form a body of expert opinion on the law and practice relating to all things connected with insurance.

• To exercise supervision and control over the professional standards and conduct of the members.

• To provide information and advice about employment in insurance for members and others.

• To assist members and the dependents of members or of deceased members suffering financial hardship.

Personal Finance Society

The objectives of the PFS are prescribed in the company’s Articles of Association.

• To promote and facilitate the provision of financial advice relating to personal and corporate investment planning, life assurances, pensions, personal general insurances, mortgages, taxation, and trusts.

• To educate persons involved in the giving of such financial advice.

• To disseminate information and opinions relating to such financial advice.

• To promote professional development of persons involved in giving of such financial advice.

The Market Environment

Strategic Risks

Providing professional advice to deal with risk and uncertainty is at the heart of what our members do every day. The CII/CIIHK and PFS provide members with the learning and knowledge they need to be able to provide this professional advice.

This section outlines the risks which have informed the development of this Plan, the goals that have been set, and the ways in which outcomes will be delivered over the next five years. Risks are identified at global, country and Institute-specific levels.

Global Risks

The World Economic Forum published its most recent report on global risks in January 2023. The report has been produced for over two decades and is the Forum’s premier source of original global risk data. It showcases the leading risk research capabilities of two of the Institute’s largest corporate chartered firms – Marsh McLennan and Zurich Insurance Group.

Global risk is defined as the possibility of the occurrence of an event or condition which, if it occurs, would negatively impact a significant proportion of global GDP, population, or natural resources.

UK Risks

The Global Risks Report also identifies the top country risks for 2023. Whilst the Institute’s members outside the UK work in 168 countries around the world, we set out below the main risks identified in the UK, where around 90% of the Institute’s members are based.

1 Cost-of-living crisis

2 Debt crises

3 Rapid and/or sustained inflation

4 Failure of climate-change adaptation

5 Terrestrial biodiversity loss and ecosystem collapse

6 Interstate conflict

7 Asset bubble burst

Source: World Economic Forum Global Risks, Perception Survey 2022-2023

1. Global risks ranked by severity over the short and long term

“Please

2. Currently manifesting global risks

Specific External Risks

Set out below are what we believe the key external risks facing professional membership bodies such as the CII/CIIHK and PFS:

• Climate change – the failure to enforce, enact or invest in effective measures to adapt to, or mitigate the impacts of, climate change.

• Cost of living – the significant inability among broad sections of populations to maintain their current lifestyle due to increases in the cost of essential goods which are not matched with a rise in real household income.

• Post-pandemic – risk of future pandemics and the challenges of adapting to the change in working environment following the COVID-19 pandemic.

• Regulatory environment – the risk that changes in laws and regulations will materially impact the insurance, financial planning and mortgage advice sectors and the firms and individuals within these sectors.

• Technology – the intended or unintended negative consequences of technological advances on individuals, businesses, ecosystems and/ or economies.

• Cybercrime and cyber insecurity – these risks include, but are not limited to, loss of privacy, data fraud or theft, ransomware, and cyber espionage.

• Future skills – anticipating the change of roles in workplaces and/ or the change in skills required in roles as well as attracting and recruiting the right individuals for these roles.

Specific Internal Risks

Finally, we set out below the risks that are specific to the Institute and its operating entities.

• Recruiting and retaining members – the CII/CIIHK and PFS rely on the support and involvement of members to achieve their goals and maintain their operations. We operate in a competitive market, and work hard to attract and retain members.

• Engaging members – we have a large and active membership and must ensure that all members continue to feel fully invested in the CII/CIIHK and PFS.

• Changing demographics – the characteristics of our potential membership base are changing, through shifts in age, interests, and needs. The CII/CIIHK and PFS must continually adapt to the needs of existing and potential future members in order to remain relevant and effective.

• Cost of living – elevated inflation combined with a high proportion of fixed costs means we need to think creatively about how we advance member value over time.

• Governance – operating within a relatively complex governance structure requires deep coordination, shared goals, and consensus across the group.

• Technology – technological developments create opportunities which we must embrace effectively to understand and engage with our existing and potential future members.

The risks identified above have been considered in setting the strategic themes and actions in this Plan. A more detailed analysis of risk, including mitigating actions, can be seen in the Institute’s Annual Reports and Accounts.

Vision

Financial resilience is the ability to plan and provide for unexpected events, as well as the ability to recover more quickly financially after these events have occurred. Over the next five years we may see increasing uncertainty if global growth loses momentum, inflation broadens or becomes embedded, and if geopolitical issues become more fraught. These factors, and many others, have the potential to put greater financial pressure on large numbers of individuals, especially the most vulnerable members of society.

Our members will provide individuals and societies around the world with products and services that deliver greater financial resilience, security and confidence. They will do this by delivering robust financial plans and products as well as appropriate affordable cover and swift claims payments, ultimately creating a better world.

Our vision is that CII and PFS professionals build a world which delivers ever greater financial resilience for individuals and societies more broadly.

Strategic themes

This Plan contains six strategic themes and places a renewed emphasis on professional standards and the value of membership supported by world-class learning and qualifications. The themes reinforce the Institute’s overarching role, with the CII and PFS positioned as professional membership bodies first and foremost, delivering our unique member proposition that encompasses ‘Credibility, Community and Career’. The themes draw heavily from the outputs of our ‘Shaping the Future Together’ consultation, a major survey of CII and PFS members conducted in the latter part of 2021. The findings from the consultation were reported back to the membership in the first half of 2022.

Our six strategic themes

1. Excellent Member Experience

2. Highest Professional Standards

3. Sector Thought Leadership

4. World-Class Learning

5. Digital First

6. Sustainable Institute

Each theme is described in greater detail in the next section of this Plan along with the actions we will take, the high-level outcomes that will be delivered, and a set of performance measures that will evidence the delivery of these outcomes. Some of the measures will evolve and some will be updated over the course of the Plan period as they are informed by the delivery of other actions and external events.

The Plan is organised into two distinct phases. 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. The subsequent four years focus on delivering new capabilities and rebuilding the Institute’s reserves for the long-term. The 2023 year is supported by a detailed annual business plan and budget, and we will develop similar documents for 2024-2027 going forward.

Excellent Member Experience

Building on the findings of our ‘Shaping The Future

Together’ consultation in 2021/22, we will put members’ needs to the fore. We will enable members to connect with each other in physical and digital communities, not only locally but nationally and internationally as part of our global community. We will partner with our members on their lifetime career journey as professionals and provide them with the right services and support as and when they need it. We will establish a new arrangement with the 55 Local Insurance Institutes across the UK to refresh our relationship with our volunteer networks, creating vibrant local, regional and national connections amongst our member communities.

122k members at end 2022

+24 Net Promoter Score at end 2022

Member experience is much more than just ‘customer service’. We care about how our members feel and interact with us and the value they attribute to their membership. A positive member experience promotes the retention of existing members, increases the recruitment of new members and will expand the Institute’s reach across the insurance and personal finance professions. In short, an excellent member experience will have a direct impact on our success in financial and non-financial terms.

Over the next five years we will embed practices that ensure we provide an excellent member experience for every individual member and corporate client across all touch points.

We will build five pillars to ensure all existing and prospective members receive the highest quality support and service from the outset of their membership journey.

Our five member experience pillars

1

Provide clear, simple and accessible support for members

to grow and flourish

Our member support goes beyond qualifications. We provide professional development, set and maintain the highest professional standards and deliver a range of events and activities for our global community of like-minded professionals.

We will improve our member support so that it is simpler and easier to navigate our services and we will respond to member needs by developing additional support programmes where appropriate. We will publish an annual engagement plan so there is visibility and a greater opportunity

theme 1 Excellent Member Experience

for all members to access what they value most. New members will benefit from an improved onboarding programme to ensure that they are familiar with the support we offer from the outset.

Our international presence and member support package will be refreshed and restructured so that we provide the most impactful service at international, regional and local levels. We will demonstrate our value by recognising the differences that exist among our international members, supplementing and varying our support as appropriate.

2 Build a strong, global professional community where members can connect virtually and in person whenever and wherever they choose

The Institute benefits from having member ambassadors and communities living and working in more than 150 countries around the world. The transient nature of the profession also means that it is common for many of our members to work beyond the geographical area of their home country. We are committed to expanding the value created from being connected to, and exchanging knowledge with, like-minded professionals beyond the structured learning programmes provided by the Institute. To achieve this, we will create a global platform where individuals and corporates can connect with one another, both in person and virtually, around themes that will be driven by the needs of our members and in specialist communities such as insurance broking, underwriting and claims. This will ensure our global community can connect and network at times and in ways that are the most convenient to them.

3 Evolve our membership categories and benefits so they remain relevant

The Institute covers the entirety of the insurance, financial planning, and mortgage advice sectors but the range of products and services available to support our members does not always cover their entire needs. There is an opportunity to increase the range and reach of our products, both in the UK and internationally, to meet the needs not only of our members but also non-member customers.

We know from member feedback received through our consultation in 2021 that much of what we offer continues to be high quality and fit for purpose, but we also recognise that we need to remain relevant to members over time. In order to do this, we will review and update membership categories and benefits as necessary and also communicate more clearly the difference between membership categories and relevant member designations.

4 Engage and support our volunteer networks to flourish

Our volunteer networks are vital to the Institute’s success. Local Institutes, specialist communities, PFS Regional Committees and International Goodwill Ambassadors are only a small part of our member volunteer community who champion and support the Institute and our members across the globe. These volunteer networks enable our members to share knowledge, expertise, and pathways to create a strong and inclusive system of support that is essential to our success.

We will engage and support our volunteers better than ever before increasing linkages between member groups, volunteer networks, individual members and corporates. We will develop a volunteer management plan to ensure consistent and effective support for all our networks. We will work closely with Local Institutes to develop a new arrangement that enables them to continue to deliver member activities at a local level and to ensure our specialist communities are able to flourish and are better connected to wider CII communities. Together with PFS Regional Committees, we will curate events and activities which will be most impactful for our members. We will also refresh our international volunteer network, making sure these individuals are provided with great support so they can continue to champion the Institute at a global level. And where there is demand, we will create a sustainable, internationally focused volunteer group that has real impact.

5 Promote our members and the work they do at every opportunity

Institute members are the best ambassadors we can have. Their success is our success and by re-establishing our members at the heart of our work we will showcase the diverse talent and expertise that exists within our membership. Members will be our advocates at events globally wherever possible. In addition, we will leverage our relationships with UK and international partners, including UK government agencies and our International Affiliate Institutes to ensure that our members continue to be recognised as industry experts around the world. We will also expand our work with key stakeholders both in the UK and overseas and ensure working relationships are impactful for all.

theme 1 Action plan

Action 2023 Action 2024-27

Publish annual member engagement plan

Publish annual member engagement plans

Outcome

Increased awareness of events and engagement activities which drives greater interaction and member engagement

Develop onboarding programme for new members

Roll out onboarding programmes for new members and develop biannual reminders of member benefits

Greater visibility of membership benefits driving higher retention and engagement from members

Identify suitable communication channels for members across the globe

Increase communication channels to suit markets, including new social media channels for members

Members everywhere are aware of the wide range of support provided to them by the Institute

Restructure international operations and develop an international volunteer framework

Increased international member engagement driving higher retention and membership growth and improving the Institute’s impact outside the UK

Identify suitable virtual platform for international community

Roll out international volunteer framework across all international regions

Implement virtual member engagement platform to support our international community from 2024

Implement virtual member engagement platform to support our international community from 2024

Increased advocacy internationally for the Institute.

Members worldwide will be able to connect with each other in thematic and geographical communities to share knowledge and insight on key issues

Members worldwide will be able to connect with each other in thematic and geographical communities to share knowledge and insight on key issues

Review membership categories, benefits and pricing

Roll out changes based on outcomes of membership review

A clearer, simplified set of membership categories with improved communication of membership benefits

Agree new arrangement with Local Institutes

Roll out new funding cycles from 2024

Local Institutes will have access to a revised support package that will enable them to deliver activities aligned with Institute’s strategy, expanding their ability to engage and grow local participation

Publish a volunteer network management plan (to include Local Institutes, PFS Regional Committees, Specialist Communities and International Communities)

Deliver plan across all volunteer networks

All volunteer networks will receive consistent and relevant support to deliver maximum impact

theme 1 Key performance indicators

KPI

Highest Professional Standards

We will set and uphold the highest professional standards relevant to insurance and financial planning, providing the ongoing knowledge required for our members to be able to confidently meet those standards and serve their clients. We will showcase excellence across our sectors, and champion the good practice that exists within our member communities. We will hold those who do not meet expected professional standards to account to maintain public and member trust, spotlighting conduct which does not meet the exacting standards we have set. Our professional standards will continue to be seen as world‑class and we will play the lead role in developing and setting global practice standards for our sectors, directly and in collaboration with our 31 International Affiliated Institutes.

Professionals work in uniquely challenging environments. Having chosen to pursue careers where they are regarded as especially qualified, they are subject to high expectations of ethics and conduct and hold positions of public trust. CII and PFS members go above and beyond the regulatory minimum by striving for professional excellence and by committing to uphold the CII Code of Ethics. They demonstrate competence by undertaking an annual minimum of 35 hours

Continuing Professional Development (CPD) and, through membership of the CII and PFS, sign-up to a process which holds them to account should these exacting standards not be met. All retail investment advisers will also be issued with their Statement of Professional Standing (SPS).

More than 800 Chartered firms by end 2022

77% of consumers & businesses are more likely to choose a Chartered firm

theme 2 Highest Professional Standards

By the end of 2022 we had more than 800 Chartered firms – Chartered Financial Planners, Chartered Insurers, Chartered Insurance Brokers, and Chartered Insurance Underwriting Agents. Every Chartered firm makes a public declaration to deliver professional standards, and signs up to our Chartered Ethos, which requires them to meet expectations related to nurturing knowledge, client centricity and serving society. We know from our Chartered Perception Metric that 77% (in December 2022) of consumers and businesses are more likely to choose a chartered firm over a non-chartered firm when seeking professional financial or insurance advice, with clients feeling that these firms are more likely to deliver good practice and good customer outcomes. We will continue to commission the Institute of Customer Service to conduct this survey and do more to elevate awareness of the results in future.

Setting and maintaining the highest professional standards is a core activity for a professional membership body. In general, the standards that we set for our collective professions and members is higher than the minimum threshold standards set by the relevant regulators though the purpose is common – we do so to provide public trust and confidence in the profession and the sector.

Our ‘Shaping the Future Together’ consultation revealed that CII and PFS members want the Institute to champion good practice within the profession and to take firm action in cases of misconduct. UK and international members were consistent in their desire for us to uphold and promote high professional standards.

The standards we set for our members are higher than the minimum regulatory requirements.

This feedback confirmed that professional standards are critically important not only to the Institute but to our members. As a result, a key ambition of this Plan is to drive professional standards ever higher. We will achieve this through a major review of the way in which the standards for our professions are set, which will be done under the leadership of the Institute’s Professional Standards Committee. The review will identify a detailed definition of professional standards and the role of professional standards in the context of the chartered status of individuals and corporate members amongst others.

We anticipate allocating a greater proportion of our resources in the future to professional standards in keeping with the expectation of our members. This will include producing and publishing a greater number of reports that consider sectoral issues and the state of our professions, including evidence of good practice and practice which does not meet our standards, alongside other thought leadership publications and activities.

We will also build a body of evidence that demonstrates to the public the value of dealing with a CII or PFS professional and deliver promotional campaigns to reinforce that message widely. Armed with this evidence, we will meet regularly with government and the regulators to discuss and promote professional standards across our sectors.

Recognising the esteem with which UK professional membership bodies are held overseas, we will also aim to become more influential on the development of professional standards for the insurance and financial planning sectors internationally, working directly with regulators in overseas jurisdictions and in collaboration with the Institute’s International Affiliated Institutes.

We will demonstrate to the public the value of dealing with a CII or PFS professional.

theme 2 Action plan

Action 2023 Action 2024-27

Review professional standards framework for firms and individuals

Deliver revised professional standards framework

Outcome

CII and PFS professional standards for insurance and financial planning professionals continue to be acknowledged as world-leading

Build a body of evidence on the value of Chartered and publish the data

Deliver external promotional campaign based on body of evidence around the value of Chartered

Publish ‘State Of’ reports on sectoral issues and professions

Internationalise the CII Code of Ethics and Companion Guides

Increased awareness among the public and regulators on the value of receiving advice from a Chartered firm over a nonChartered firm

Institute recognised as a thought leader in the area of professional standards

Increased impact on professional standards in international jurisdictions in conjunction with the Institute’s Affiliated Institutes

Introduce mandatory Ethics CPD requirement of 3.5 hours (or 10% of 35 hours) per year

All members undertake ethics CPD on an annual basis demonstrating the importance placed on ethics and standards by the CII and the commitment made by CII members

Publish Green Finance Companion Guide

Produce a range of new Companion and Good Practice Guides that complement our Code of Ethics

Members are aware of how to address new challenges and continue to be perceived as professional leaders among their peers

theme 2 Key performance indicators

Measure

Propensity to Choose Chartered, as measured by the Chartered Perception Metric

Independent assurance through oversight and audit

2023

KPI achieved by end 2023, unless otherwise stated

Maintain metric above 70%

2024-27

KPI achieved by end 2027, unless otherwise stated

Maintain metric above 75%

Regular dialogue with regulators and key stakeholders

Quarterly assurance by the Professional Standards Committee; clean audits from the Financial Conduct Authority and internally on Statements of Professional Standing and professional standards functions

Enhance our relationships with regulators and key stakeholders –our views actively sought

Maintain assurance levels through oversight by the Professional Standards Committee, CII Group Board, and Financial Conduct Authority audits

Maintain deep relationships with regulators and key stakeholders

Thought Leadership

We will be a much bolder voice for the public and for our members and increase our advocacy activities accordingly. We will play a greater direct role in influencing relevant legislation and policy decisions by Government, while continuing to collaborate with others within our sectors to effect change. We will build the Institute’s broad brand recognition within our sectors and beyond. We will become a commentator of choice on professional matters in insurance, financial planning, and mortgage advice. We will be known as the thought leader for our sectors, drawing on the expertise of our members to develop cutting‑edge knowledge on professional matters and partnering with innovators to showcase the future for insurance and financial planning.

The Institute is uniquely placed to inform and influence strategic thinking across the insurance and financial planning professions both in the UK and around the world, drawing on the expertise within our organisation and that of our members.

In recent years the Institute has contributed to bringing fresh talent into our professions by informing the Government’s trailblazer apprenticeships and through our New Generation programme, which has been running for more than decade. We’ve helped our members to navigate the challenges presented by Brexit and the COVID-19 pandemic. We’ve led the way in building understanding around issues of evolving sectoral importance, including data science and AI through bespoke events and the development of innovative programmes of learning. In addition, we’ve galvanised sector support to commitments around ethical conduct, continuing professional development, qualification standards and to pay and equal opportunities, especially through the Insuring Women’s Futures programme. All of these initiatives have helped us to further our Chartered objective around building public trust in insurance, personal finance and mortgage advice.

Over the course of this Plan we will continue to seek opportunities to maximise our impact and create real change for the benefit of our members, and on issues that effectively enhance public trust. They will coalesce along three thought-leadership strands: customer; sustainability; and technology. Each strand will be underpinned by our focus on professionalism, from which we will build out campaigns on behalf of our members and engage in dialogue with regulators. For example, our work will include boosting public recognition of the currency of CII and PFS membership and the additional value that Chartered status already delivers for the UK public.

theme 3 Sector Thought Leadership

It will mean continuing to help members navigate the introduction of new regulations, such as the Financial Conduct Authority’s Consumer Duty. In addition, we will ensure we are highly regarded among policy makers internationally for the expertise and professionalism the Institute possesses and demonstrates through its work and the actions we and our members take. So, we will be proactive in every conceivable way to influence policy formation and thinking on any matter that affects our mission. But it will also mean ensuring our members fulfil their obligations to us and the public. For example, we will opine on matters related to increasing consumer empowerment, securing the highest degrees of professional competence among our members, and ensuring corporate members are effectively and equitably mitigating consumer risk.

We will focus our activity on three initiatives over the coming year.

Three activities for 2023

1 We will better promote the rich data we already collect in respect of the public perceptions of trust in our professions and the value of Chartered status, so that it is widely shared, understood and utilised. Public trust is central to our work and it is imperative that we create broad engagement with these data so we generate a virtuous cycle of collective interest across and between the public and our members.

2

We will ensure our members remain leaders among their peers in relation to professionalism and standards through the identification of need and continuing evolution of high-quality CPD. We will supplement our focus through the production and dissemination of relevant Good Practice and Companion Guides to our Code of Ethics. New Guide topics this year will include Environment and Social Governance, sometimes known as Green Finance, and ensuring ethical behaviour in relation to the application of AI.

3We will conduct more original research and instil an innate curiosity among our colleagues as part of an organisational endeavour that will enable us to better answer important sectoral questions and speak with authority on a wider range of matters. We will seek deep engagement with our members in relation to many of the topics listed earlier in this section and others that could deliver real insight and drive positive outcomes for consumers.

To facilitate these ends we will reaffirm our relationships with regulators, government and shadow ministers, government departments and parliamentary groups, and other leading sector participants in every country in which we operate, so that channels for discussion are open and fluid. This will include ensuring we have appropriate subject matter expertise and communicators in our organisation and we will draw more deeply on our members, who will often be first to identify new challenges that need to be addressed. We will also develop further the relationships we hold with other professional bodies, networks and media outlets to harness collective thinking and meet common goals and advance positions.

The Institute already has at its disposal broad means of communicating with members and the wider public. Nevertheless, we will develop other innovative approaches to communication so that we can most effectively provoke discussion, seek input and disseminate answers to important questions. This will include trialling a competition for sixth-form or university students to engage them with matters affecting our professions and interest them in joining our sectors.

To achieve our goals, we will make greater use of member surveys, infographics and video content. Overall, we will place greater emphasis on evaluating the impact of our activity over the course of this Plan than in previous years. And, as we introduce new approaches, we will consider the need to rationalise other outputs and channels that do not help us to achieve our goals as effectively.

We will ensure we have appropriate subject matter expertise and communicators in our organisation and we will draw more deeply on our members.

theme 3 Action plan

Action 2023 Action 2024-27 Outcome

Publish and actively discuss Public Trust Index data

Publish and actively discuss Chartered Perception Metric data

Increase awareness and engagement with Public Trust Index

Increase awareness and engagement with Chartered Perception Metric

Wider awareness, understanding and discussion of the issues that impact public trust

The benefits of becoming Chartered are widely recognised, helping to develop a virtuous cycle of public engagement

Establish a new policy development process and identify areas of focus

Produce original research on matters of sectoral interest

Review and evolve policy areas

Ensure the Institute is focused on the matters that have most relevance to members and the wider sectors

Undertake communications review, reflecting on our channels and their effectiveness

Increase awareness and engagement with original research produced and published by the Institute

Regularly measure impact of messages to ensure reach and relevance

Trial a competition for Key Stage 5 or university students during 2024

Influence policy formation and ensure members and colleagues can speak with authority on a wider range of matters

Ensure our messages penetrate and resonate to maximum effect

Students are engaged and actively consider entering the profession

theme 3 Key performance indicators

Measure

Public Trust Index, headline measure

2023

KPI achieved by end 2023, unless otherwise stated

Publish customer satisfaction score for insurance, by Q2 2023

2024-27

KPI achieved by end 2027, unless otherwise stated

Publish customer satisfaction score for insurance, ongoing

Investigate development of a customer satisfaction score for financial advice, during 2024

Chartered status awareness: consumers and firms

Maintain awareness above 75% of consumers and 55% of firms

Raise awareness to 85% of consumers and 65% of firms

World-Class Learning

We will partner with our members on a life‑long career journey in their chosen area of expertise, offering them the right professional development and qualifications. We will deliver learning and assessment in ways our members require and at times they are needed. It is incumbent upon the Institute to offer the best learning for all practitioners to ensure the highest level of professional advice and the highest quality of products and services are available to the public, improving public trust in the insurance, financial planning and mortgage sectors.

The Institute will continue to support its members with relevant qualifications, CPD content and learning communities. Our post-qualification learning will focus on CPD at all levels, enabling members to build and maintain their expertise and professionalism.

We will create a simple and structured development pathway aligned to our Professional Map and each membership level for all insurance and personal finance professionals, helping them to ‘get in, get on and give back’. This approach will be supported by modern tools, learning resources, communities of peers, qualifications and CPD at every step of the member lifecycle, consistent with an exemplary professional body.

More than 55k assessments will be conducted in 2023

We will achieve this by building a flexible and blended learning framework that understands that progression can include assessment success, recognition of prior experience and learning, CPD and active engagement with a thriving learning community across our professions and societies.

We will deliver world class learning by offering professionals fully supported end-to-end qualification experiences. Our students will learn with approved partners in cohorts, or on demand with tutor and peer-to-peer support. As we will be partnered with these delivery centres, we will add value as their professional body from day one, enabling professionals to access member benefits and CPD from the very start and right through their career.

We will spread accessibility to CPD and recognition of skills by working alongside our Local Institutes and PFS Committees to promote our qualifications, a new professional experience route, our simplified recognition of prior learning and endorsement of organisational learning programmes. We will offer recognition of achievement of learning via digital badges, so all members and their stakeholders can see value in the development they access.

theme 4 Action plan

Action 2023 Action 2024-27 Outcome

Engage with stakeholders to develop the new qualifications pathway, with the Professional Map at its heart

- Select partners for qualification delivery (Q1 2024)

- Approve qualification delivery plans from partners (Q4 2024)

- Launch new qualifications (Q1 2025)

- Run off legacy qualifications (2025-27)

The Institute is perceived to deliver world class learning and develop rounded practitioners who deliver exceptional customer outcomes.

Run pilots for

1) a cohort-supported learning offer;

2) new assessment (R06);

3) membership by professional experience;

4) digital badging.

Subject to pilot outcomes: Launch additional cohort learning units through 2024-27

Redesign all written exams into coursework during 2024

Launch Experience Assessment

H1 2024

Launch digital badges for CPD & development programmes 2024; and for qualification units in 2025

Members can access endorsed materials, approved partners, accredited development programmes, simplified recognition of prior learning, reflect prior experience assessment in member designations, enjoy digitally badged CPD, and feel supported in their progression through each career stage.

Launch a new endorsement model, by Q3 2023. Use the Professional Map as a guide for missing knowledge, skills and behaviours. Use partner model to fill Professional Map gaps.

Continue to build up ‘endorsed’ content offer

Members can access endorsed materials, approved partners, accredited development programmes, simplified recognition of prior learning, reflect prior experience assessment in member designations, enjoy digitally badged CPD, and feel supported in their progression through each career stage.

Develop and pilot the consultancy proposition for the Professional Map

Launch consultancy proposition, by Q4 2023

The Professional Map is the recognised competence standard for roles in insurance and personal finance and as such is universally adopted by organisations and individuals alike.

Progress apprenticeship and T level work to build a talent pipeline

Continue to develop local colleges where corporate clients have recruitment hot spots

Our apprenticeship and T level support meets organisational needs to develop exceptional practitioners with appropriate professional qualifications; whilst accessing a diverse and growing range of young talent to join the professions.

Continue to build or collaborate with partners to offer CPD and development programmes to meet sector needs and the requirements of the Professional Map. Use new endorsement model to ‘recognise’ this content.

Define a new strategy for Chartered firms and review the rules; ensuring they are achieving the vision for them

Continue to build up ‘endorsed’ content offer

Students and members understand what they need to study to meet their career and CPD goals. Organisations, stakeholders, and members see value and worth in our whole learning offer. Customers find the learning they need at the right time.

Continue to grow Chartered firms numbers and educate Public in value of Chartered firms and individuals

Becoming a Chartered firm is more accessible and is focused on the benefit for the public of using a Chartered firm

theme 4 Key performance indicators

Measure 2023

KPI achieved by end 2023, unless otherwise stated

2024-27

KPI achieved by end 2027, unless otherwise stated

New learner numbers (defined as someone who has not purchased a qualification within the last 5 years)

Qualification progression (defined as total members/nonmembers who completed an insurance or personal finance qualification at Diploma level and above)

Membership by Professional Experience

+5% increase in learners taking qualifications from 2022 level

A new KPI will be set to reflect learners taking qualifications and CPD from 2023

110% of 2-year average

A new KPI will be set to reflect the new qualifications framework

Subject to review following pilot. Not projected.

Chartered firm penetration +2pp increase in proportion of sector staff employed by Chartered firms

Qualification numbers Conduct 55,000 exams & coursework

+14pp increase in proportion of sector staff employed by Chartered firms

Conduct 80,000 exams, coursework and development programmes

Digital First

We will embrace technology and adopt a ‘digital first’ approach. Our members operate throughout the UK and around the world, often working across jurisdictions. We aim to provide them with digital access to all of the services they need ‘Anytime, Anywhere’. We will use data to develop greater member insight and technology to personalise member services as never before.

Since the outbreak of the COVID-19 pandemic in March 2020 our members have increasingly embraced and adopted digital capabilities. Today, they rightly expect to be able to interact with the Institute through different channels and platforms. Whilst they value the physical interaction between themselves and with the Institute, they also live and work in parts of the UK and internationally where physical access to the Institute’s services is not always possible. They also want to work flexibly and that may mean doing so at different times and in different ways to the Institute.

We will support our members by developing an ‘anytime, anywhere’ ethos. We will do this by building out our digital capability and creating an omni-channel approach that enables our members to move seamlessly between web ordering, contact centre engagement, qualification assessment by remote invigilation, and attending face-toface events amongst other things.

By way of an example of these services, in future our members will be able to confirm their status to prospective clients through our membership portal or digital wallet on our app, and we will use Artificial Intelligence to verify that those claiming to be members hold valid qualifications.

Members will be able to confirm their status to clients through our membership portal or digital wallet

Work began in March 2023 with the delivery of our new customer and member relationship management solution (CRM), which will allow greater data-driven personalisation of our member experience.

We recognise there is an opportunity to share information more effectively between our societies and local institutes which we will deliver through a digital community platform. It will facilitate delivery of digital events and enable members to create discussion groups on key topics as broad or as narrow as members prefer, encompassing regions, countries or international members.

In future, our ability to harness large volumes of member data will allow us to share targeted insights with individual members and provide evidence to inform policy positions on their behalf.

theme 5 Action plan

Action 2023 Action 2024-27 Outcome

Building our digital capability, creating an omni-channel approach

Member services available 'Anytime, Anywhere'

IT service availability will be improved ensuring outages are minimised, through investment in our systems

Digital Transformation Phase 2 (CRM), delivered in Q1 2023

IT service availability continually monitored, and improvements made as required

Initiate Digital Transformation Phase 3

Reduction in customer complaints associated with IT system related issues.

New customer and member management solution will provide a more personalised experience.

Reduce our operational costs and IT expenditure through consolidation of platforms and integration of the new qualifications pathway.

Conduct a detailed review of our existing member directory to identify improvements related to clarity and accessibility

Ensuring all systems are secure, verified by gaining Cyber Essentials Plus

Consolidate access to webinars, podcasts and key topics of interest via member login on website or through mobile app

Creation of digital badge aligned with certification level integrated into mobile wallet

Provide a tailored service to our customers to suit their individual needs

Enable members to be recognised internationally for their local skills and qualifications. Ensure they can be easily identified by members of the public.

Increased member and customer confidence in our ability to look after personal information

Conduct a detailed accessibility review across our core websites

Web Shop provides personalised recommendations for courses, support materials and other information

Implement improvements to our core websites

More relevant and supportive user journey, tailored to each individual’s requirements

All members and customers will feel digitally included

theme 5 Key performance indicators

Measure 2023

KPI achieved by end 2023, unless otherwise stated

2024-27

KPI achieved by end 2027, unless otherwise stated

Member and customer complaints

-50% reduction in complaints received about IT service issues compared with 2022 level

Complaints received about IT service issues to be no more than 10% of total calls

Customer satisfaction

CSAT scores over 4 for digital channels like agent chat / Email / chatbot

CSAT scores over 4.5 for digital channels like agent chat / Email / chatbots

Cyber Essentials Plus certification

Achieve certification

Maintain certification

Sustainable Institute

We will return the CII operating entity from a loss in 2022 to a surplus in 2023 and rebuild the Institute’s cash reserves over the longer term. In 2023 we will resolve the outstanding IT and operational challenges which emerged during the COVID‑19 pandemic. We will increase the Institute’s membership base by promoting the value of membership and introduce new products and services that extend our sector reach and appeal in areas such as personal lines. We will also expand our international reach and, if appropriate, our physical footprint. We will review and update as necessary the governance framework across the Institute, ensuring that good governance is in place. We will be a diverse and inclusive organisation serving as a role model to our members and sectors. We will ensure that the Institute’s structure is the right one to deliver on this Plan and we will allocate our resources according to the strategic priorities we have set. We will reconfigure or relocate our workspace as appropriate to create a long‑term home for the Institute which is accessible to members and a net carbon zero workplace for the future.

The Institute weathered the COVID-19 pandemic but the resulting reduction in income has taken some time to recover. During the pandemic the Institute remained fully open for business, did not avail itself of the UK Government’s Coronavirus Job Retention Scheme, made significant investments in new IT systems and progressed the process to buy out the defined benefit staff pension fund. These actions involved significant financial outgoings which, combined with reduced income, meant that by 2022 we were incurring annual operating deficits. While group cash reserves remain healthy, the CII operating entity’s cash reserves have reduced considerably and need to be rebuilt.

We will take steps to increase revenue and manage the cost base, returning the CII operating entity to surplus by the end of 2023 and deliver ongoing annual surpluses in the following years. By doing this we will also restore the CII’s cash reserves to pre-pandemic levels by the end of the Plan.

The Institute commenced a significant Digital Transformation Programme in 2018 which included the replacement of the complete IT estate and outsourcing major IT services. The scale of this project combined with its complexity and the impact of the COVID-19 pandemic led to delays and costs which were significantly higher than originally planned. It also resulted in operational challenges and disruptions to member services. Already in 2023, we have delivered a new Customer Relationship Management system and will resolve almost all outstanding operational issues during the remainder of the year.

theme 6 Sustainable Institute

The overwhelming majority of members have obtained one or more of the Institute’s professional qualifications and many have obtained Chartered status. However, just under 1 in 5 employees in the UK insurance and personal finance sectors is a current member of the Institute, so there is opportunity to grow our membership base. We will do this by demonstrating the value of membership in new and compelling ways and by expanding our offer with new products and services in areas not yet fully covered, such as personal lines insurance. Every Institute member in the UK also becomes a member of a local Insurance Institute or PFS Region, so an expanded membership base will also result in greater local activity and increased local member engagement through our local networks and communities. Similarly, there are opportunities for membership growth internationally and, to achieve this, we will grow our international footprint. Much of this additional effort will be supported by providing services digitally, which the pandemic has shown can be done effectively and delivers greater levels of engagement. That said, a physical presence can be key and, where there is a case to do so, we will expand our physical presence beyond our two current staffed offices in Dubai and Hong Kong.

Further, 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.

In common with many professions and professional membership bodies, diversity and inclusivity are key challenges. There is much more to be done within our sectors to address these challenges. We will become an exemplar organisation within the insurance and personal finance sectors, acting as a role model for our professions and seeking to reflect our potential community of members. In addition, we will hold ourselves to the highest professional standards in all that we do, mirroring the expectation we have for our members.

The Institute currently occupies leased space in the Walkie Talkie building in the City of London. Just prior to the pandemic we moved to a full hybrid working model with staff able to work flexibly in any location. The lasting impact of the pandemic on working patterns, and workplaces, has been profound and like so many other organisations we need to consider working patterns post-pandemic and the impact on our physical workplaces and member spaces for the future.

With the lease on our London office space expiring in 2026 there is also an opportunity to re-imagine our London presence. The current space is not easily accessible to members and will need to be reconfigured in any event to accommodate future working patterns. We will consider whether the current space is fit for the Institute’s future needs and, if not, consider relocation. A key element of this consideration will be the Institute’s carbon footprint and the goal to become net carbon zero workplace by 2030.

theme 6 Action plan

Action 2023-27

Governance review completed and recommendations implemented.

Deliver new Customer Relationship Management system

Outcome

A contemporary governance framework which allows the Institute to best achieve its purpose as laid out in our Royal Charter.

Better membership retention and progression, and membership growth especially in the international business through an improved and customised membership proposition and capabilities.

Improved self-service and automation. Ability to track CPD.

Broaden our product and service offer to fully cover market demand and member needs.

Increase in membership base and increased member satisfaction

Recruit and retain a diverse staff team. Increased workforce diversity which better represents our community of members

Update hybrid working model and future-proof workplace.

A net zero carbon workplace and a hybrid workspace fit for the next two decades

Drive an industry wide net zero culture To create an alliance within the industry to provide cheaper insurance to net zero businesses and also drive net zero CPD / qualifications

theme 6 Key performance indicators

Measure 2023

KPI achieved by end 2023, unless otherwise stated

2024-27

KPI achieved by end 2027, unless otherwise stated

Group Surplus

Group operating surplus exceeds £1.3 million

CII Limited operating entity delivers a minimum breakeven operating result

Group operating surplus exceeds £2.0 million

CII Limited operating entity operating surplus exceeds £0.5 million

Transformation Project –IT Systems

Group Board effectiveness review (3-year cycle)

Diversity and inclusion

Working practices

All platforms bought up to current supportable software levels

Completed by Q4 2023

Consolidation of existing platforms reducing associated operating expenditure

Completed by Q4 2026

Targets will be set in due course such that our governance and colleague composition reflects the people we represent.

Revised hybrid working arrangements implemented

Real Estate London office location assessed against future requirements, high-level plan prepared.

Hybrid working arrangements reviewed annually and revised as appropriate

Migration completed before 2026 lease expiry on current location