Chartered Status a priority for Commercial and HNW Brokers

12th May

Chartered Status logoIndependent research commissioned by Covéa Insurance has revealed the value brokers place on achieving CII Chartered Status for their businesses, with 62% of respondents saying they had already achieved or were considering obtaining Chartered Status. The research sought the opinions of 515 commercial and high net worth brokers who were specifically invited to give their views on Chartered Status.

An impressive 43% of the brokers who responded had already gained Chartered Status and, of the further 19% considering it, two thirds were hopeful they would achieve Chartered Status by the end of 2017, highlighting the priority brokers place on this commitment to professional standards.

Those not considering Chartered Status cited reasons such as; size of their business, cost of acquiring and having a niche offering as key factors.

Speaking about the results, Covéa Insurance Commercial Lines and HNW Director, Simon Cooter said:

“The number of brokers with Chartered Status or considering it speaks volumes about the level of professionalism in the commercial and High Net Worth market, which is clearly very high amongst our broker partners.”

Covéa Insurance itself achieved Chartered Status for its Commercial and HNW business in January 2016. It is using the process to embed a culture of professionalism within its business, which it believes will deliver higher standards of service to brokers and customers.

Chief Executive of the Chartered Insurance Institute, Sian Fisher commented:

"Covea Insurance demonstrated that it was committed to the highest levels of professionalism when it achieved Chartered status earlier this year. This latest research shows that brokers overwhelmingly recognise the expertise, ethical behaviour and professional standards that this represents. I'm delighted that so many brokers continue to seek the same standing and represent a growing drive for professionalism in the eyes of their customers."

As part of the research, brokers were also asked whether they thought Covéa Insurance exhibited the Chartered Insurance Institute principles of competence, knowledge, support and ethical behaviour with 78% agreeing that it did.

Simon added:

“We were delighted with the survey response from brokers. We’re making a huge investment in our commercial and high net worth training academy this year and are delivering high quality training at all levels for our people as well as CII accredited training to brokers across the country to make sure we have the necessary technical expertise and professionalism in place to deliver the highest service standards.”

 

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About Covéa Insurance

Covea Insurance plc is the UK underwriting business of leading French mutual insurance group Covéa, who are number 1 for property and liability insurance in France and served 11.5 million policyholders, generating over 16.4 billion Euros in premiums in 2016.  

Covéa Insurance handles the insurance needs of 1.5 million policyholders; delivering financial reassurance through its Standard & Poor’s A+ stable rating, as a guaranteed subsidiary of Covéa. 

The company offers motor, household, protection, mid and high net worth insurance and a range of commercial insurance products, designed to meet the needs of most individuals and businesses. Employing over 1500 people, Covéa Insurance has a strong people and service ethos, having Investors In People Gold accreditation and featuring in the 2015 and 2016 Sunday Times Top 100 Mid-sized Best Companies to Work For. It also has World Class service accreditation from the Institute of Customer Service for its Motor Claims, Home Claims and Underwriting Services teams as well as Chartered Insurer status for its Commercial and Mid/High Net Worth business.

In January 2016, Sterling Insurance Company Limited became a fully integrated part of Covea Insurance Plc, following a Part VII transfer under the Financial Services and Markets Act. 

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