BIBA worked with the Chartered Insurance Institute (CII), the ABI and Aon on attracting talented young people to insurance broking. One of the results has been the creation of a general insurance apprentice standard, where apprentices can earn while they learn.
New apprenticeship standards across the whole insurance industry will help to provide a structure to enable more insurance broking firms to take on apprentices and mould them into employees. The standards, which have been approved by the Department for Business, Innovation and Skills, will help the industry achieve its target in the Government’s Insurance Growth Action Plan, to double the number of technical apprentices in the insurance industry by 2018. Apprentices can study towards the CII Certificate and Diploma in Insurance and by the end of their apprenticeship they will have demonstrated skills and behaviours highlighted by employers as required.
Dominic Christian, CEO, Aon UK said: “We passionately believe in the role which apprenticeships have in strengthening the UK’s position at the top of the global insurance industry. We remain committed to working with our industry to continue the great strides towards increasing the number and quality of apprenticeships on offer over recent years. We support the Government in the development of high level apprentices and, along with BIBA, will be working closely with the Government to help meet the goals of the new apprenticeship proposals while avoiding unintended consequences.”
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General Insurance Apprentice Standard
BIBA wants to promote insurance broking as a career of choice and has worked with Aon, the Association of British Insurers and the Chartered Insurance Institute to develop Level 3 and Level 4 apprenticeship standards. BIBA commits to working with its members, industry stakeholders and Government to promote the new apprenticeship standards. BIBA will also promote the benefits to firms of taking on apprentices.
Apprenticeship levy – large firms
An apprenticeship levy equating to 0.5% of payroll for firms with revenues of more than £3m is being introduced. BIBA calls for Government to work closely with the industry to ensure the smooth introduction of any apprenticeship levy and to review its effectiveness.
Apprenticeship levy – small firms
BIBA calls for Government to ensure that apprenticeship schemes for small firms continue to receive funding. This support should be pre-funded, rather than post-funded as research shows 30% of SMEs cite cash flow as a barrier to taking on apprentices.
BIBA calls for Government to work more closely, and at an earlier stage, with the industry on policy interventions that affect the industry to minimise any unintended consequences.
Department for Work and Pensions/Careers
BIBA will continue to work with DWP and Job Centre Plus staff on promoting the insurance broking sector as a career to candidates with relevant experience.
BIBA members have many specialisms and can often help in placing cover for those that fall outside of what is considered a ‘standard risk’.
BIBA helps more than a 250,000 consumers Find a Broker every year and can be found at biba.org.uk, or by calling 0370 950 1790.
A guide for employers explaining the government’s new apprenticeship trailblazers. These employer-led groups will be responsible for creating new apprenticeship standards in insurance and financial services. Employers of all sizes are encouraged to get involved where possible.
An online training and competency programme developed jointly with the Chartered Insurance Institute (CII) and BIBA. Through broker specific assessments, broker ASSESS provides an objective measure of employees’ knowledge and understanding. It helps to identify gaps for learning purposes so that compliance with training and competence requirements can be continuously reviewed and maintained. The system also provides the learning material to meet these learning needs. A free 14 day trial is available by contacting BIBA’s membership department.
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Members of the Armed Forces have particular insurance needs. BIBA members making a commitment under the Covenant and which help meet these needs can be found here