Amanda Halfacree of Crombie Lockwood says the new standards should help improve the perception of insurance among the public – and bring advisors to the level of an accountant or a lawyer.
The new regime will begin on March 15, 2021, and Halfacree says the higher standards are sure to be a good thing – and if brokers can’t meet them, they’ll get out of the industry quickly.
« Ultimately, a broker is your attorney at the point of sale, and especially at the point of claim, » said Halfacree.
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« I think the industry needs to focus on making the insurance broker as important to your business as your lawyer or your accountant. »
« The in-depth regulation will keep us at a higher standard, and it means that if we continue to meet that standard, we should improve that public awareness, » she said. « If insurance brokers can’t do that, we’ll be redundant. »
When it comes to entering the industry, there is no way, according to Halfacree, to “learn” the job. However, the new certification requirements will introduce a basic level of competency and technical expertise. To learn the rest, there is no substitute for good team support, according to Halfacree.
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« So much of this changes when the market changes, when the appetite for subscription changes, and when the kind of things customers do change, » she said. “You need to know how insurance policies are worded, have technical insurance knowledge and understand how to use them. The best way to learn this is to do it and ask questions during the study time.
“For the people who are learning in the industry, and certainly for the members of my team who have not worked as brokers for as long as others, it is the best way to learn to get better and to achieve this technical skill with your team – and especially with the people who have been in the industry for a long time. «