STRATEGIC PLAN an overview.

Transcription

1 STRATEGIC PLAN an overview

2 CONTENTS INTRODUCTION FROM THE CHIEF 2 EXECUTIVE MESSAGE FROM THE INCOMING 4 PRESIDENT STRATEGIC PRIORITIES 6 KEY CONSIDERATIONS 8 MEMBERSHIP 10 QUALIFICATIONS 12 MARKETING 14 ORGANISATION 16 THE ANNUAL REPORT 2014 The Insurance Institute of Ireland exists to foster professional excellence and pride in the insurance industry, by providing opportunities for each of our members through education and lifelong learning.

3 INTRODUCTION Strategic planning can be both an exciting and onerous process. On the one hand envisaging the positive impact of planned initiatives while on the other, having honest conversations about challenges that lie ahead. It s never what you might call easy, but it is always energising to look ahead and plan for the next leg of the journey. Ripples from the financial crisis are still being felt across the insurance industry leading to reconfiguration of some businesses, diversification of others and in some cases a sense of uncertainty. It is the strongly held belief of all of us at The Insurance Institute of Ireland (III) that the sustainability of our industry and our members future careers requires a balance between the advancement of technology and individual professionalism. An industry committed to partnership can achieve this. Throughout this strategic planning process the management team and I held fast to the fact that as a membership body we have an ongoing responsibility to improve individual member s market value by delivering lifelong learning that enhances their competencies and career agility for the evolving future of the insurance industry. This commitment simultaneously meets employers need for a cost effective means of filling skills gaps through staff development. I d like to share with you an overview of the III s key strategic priorities for the lifetime of this plan, all of which work in service of an agreed vision. I am excited about leading the III into this period of strategic progression and I am confident that individual members, senior company executives and brokers across the country will feel the tangible benefits of the initiatives outlined in these pages. Eamon Shackleton CEO, The Insurance Institute of Ireland 2 3

4 MESSAGE FROM THE PRESIDENT I feel privileged to be assuming the role of President of The Insurance Institute of Ireland in this the 130th year since its foundation. In considering this milestone I think of successful organisations that formed in 1885 such as Unilever, AT&T and the Raleigh Bicycle Company. The secret to our shared longevity is a preparedness to innovate and change to overcome the challenges of uncertain times. As our members knowledge requirements shift, so too do our offerings. For me, the strategic planning process is essentially about agreeing a road map for achieving a shared vision. Having assessed our current performance, position in the market and objectives going forward, Eamon and his team have created an exciting vision to work towards over the lifetime of this strategic plan. Community of professionals Working in partnership The dynamic nature of the insurance industry requires greater efficiencies to grow the enterprise profitably. The III s educational programmes are a key support to the industry in this endeavour. Our challenge is to refine existing programmes regularly to meet industry needs while simultaneously developing new education and training offerings based on clear market demand. Equally we must always ensure that our products offer members the opportunity to increase their market value and realise their career aspirations. I know that the III is committed to doing this by working in partnership with the industry, employers and individuals, to build a proud community of professionals committed to the highest standards. Also as a former President of The Insurance Institute of Cork, I believe our local institute network has a vital part to play in this. talent at all levels. As industry ambassadors we must encourage our young people to consider the diversity of opportunity that a career in the insurance industry can offer. Significant work is already underway on this including; meeting students nationwide, working with national career guidance organisations and joining forces with providers of post-leaving cert courses such as the Cork College of Commerce. I am confident that these endeavours will yield results and attract the insurance leaders of the future. We must also acknowledge and act upon our responsibility to encourage those already at work in insurance to reach their full potential. We can do this by linking progression through qualifications with a personal performance plan. This in turn will set even higher standards of customer engagement, which I believe will foster a business excellence and a special pride in our industry. Insurance customers will always value a positive experience based on skilled advice that is both ethical and accurate. Looking forward A word of thanks As you will see from these pages, the next phase of the III s development is set to be both challenging and exciting. The heartbeat of the institute will always be our members and I look forward to working on your behalf in the coming year. I would like to thank John Eves for his wisdom and leadership over the past year. He has been a key contributor in the preparation of this Strategic Plan and I know he will continue to promote the importance of the institute to our industry with his infectious enthusiasm. 4 Attracting talent Encouraging advancement Meeting market needs current and future is reliant on the industry identifying and attracting new Gearoid Gilley FCII Chartered Insurer General Manager Retail Business Vhi Healthcare 5

5 STRATEGIC PRIORITIES KEY CONSIDERATIONS MEMBERSHIP QUALIFICATIONS MARKETING ORGANISATION Our belief is that the sustainability of our industry requires a balance between individual professionalism and technological advancements only an industry committed to partnership can achieve this. 6 7

6 KEY CONSIDERATIONS The following factors influenced the development of this strategic plan: The dynamic and changing nature of the general insurance industry requires greater efficiencies to protect profitability the III s programmes must support this. An innovative redesign of MCC programmes will ensure that staff obtain compliance accreditation through a speedy and cost effective process. Through ongoing alliances with Insurance Ireland and the Irish Brokers Association, the III s lifelong learning offerings will continue to respond to industry needs. Greater awareness of the III as the leading provider of insurance education will contribute to identifying knowledge needs that we can meet through current and future programmes. The significant intellectual capital developed within the III through supporting members, must be retained and developed. Attracting talent from the insurance sector, mainstream education and elsewhere remains a priority to ensure the highest standards of relevance are maintained. The continuing development of appropriate management systems and processes is vital to meet the evolving challenges facing the industry and our members. The significant contribution made and to be made by Local Institutes in the creation of a proud community of insurance professionals throughout the country. 8 9

7 MEMBERSHIP There is an increased professional diversity among III members, from those relying on compliance offerings to specialists, managers and multifunctional staff. Therefore, a one size fits all approach to the membership is no longer appropriate. Our promise to our members is to be a valued partner on their pathway to career and personal fulfilment. Aim: Deliver more tangible value to our members by developing focused relationships and objectives to satisfy their individual professional and career needs. Actions: Segment the membership based on role and career path to facilitate bespoke service offerings. Realign functions within the III to a membercentric model, thereby improving how we interact with members to meet and exceed their needs. Build a proud community of professionals founded on excellence and driven by a desire to be more efficient, effective and valued. We promise to be a valued partner on your pathway to professional fulfilment

8 QUALIFICATIONS Our promise to our members is to continually innovate and develop programmes that provide a premium learning experience, are delivered through an industry orientated learning environment and create value for them and the industry. Aim: Encourage lifelong learning by meeting the evolving needs of members throughout their careers with core industry-aligned programmes; compliance (APA), competence (CIP), career advancement (MDI) and executive development. Individual certificates of achievement available for each module successfully completed. This is important for those who have already obtained their CIP but who now wish to expand their knowledge and skills. Actions: Ensure a better balance of technical knowledge, technological application and customer service. 12 The III s programme specialists will continue to work in partnership with industry experts in the development of our key qualifications. APA focus on compliance Streamlined qualification focused on introducing insurance, regulatory and product fundamentals. Ensure the compliance needs of brokers, insurers, call centres, PMI, personal, SME and larger commercial lines of business are effectively satisfied. Essentially a compliance theory test linked with on-the-job training. Practical and simplified online system of administration and exam supports. CIP focus on competence Support job performance by linking module offerings to the key competencies required. Offer elective modules which allow candidates to opt into an underwriting, claims or broking stream. MDI focus on career advancement The Management Diploma in Insurance (MDI) qualification is designed to support those who hold or may hold supervisory, team lead or operational management positions and wish to be considered for promotion or other career advancement. It is regarded as enhancing the value of the member to the firm and contributes to career mobility. The MDI will continue to provide; An enhanced understanding of insurance, technical and business concepts. A natural progression from the Professional Diploma in Insurance (CIP) that advances technical, business and product knowledge. The opportunity to accumulate a significant number of CII credits that can contribute to those required for the Advanced Diploma in Insurance (ACII). The option of tailoring the qualification to specific career requirements. 13

9 MARKETING Changing market conditions provide an opportunity for the III to reposition itself as a valued partner to industry and a champion of career and professional advancement of members as opposed to a body through which compliance with the MCC is facilitated. Meeting market needs current and future is reliant on the industry identifying and attracting new talent at all levels. Aim: Identify and communicate the tangible value of the III and its offerings to members and the industry. Actions: Engage in a brand audit with a view to streamlining the III brand. Develop advertising campaigns (beyond the conventional channels) for each segment of our membership. Develop content marketing channels (blogs, video etc.) to demonstrate the value of our offerings through member stories. Leverage the product changes to reposition the value of III qualifications to the market. Ensure targeted communications reach members on the range of exam supports available and produce an online introduction programme to allow pre-registrants to try out the exam format. Continue to commit resources to employer relationship management, specifically HR, Training, Learning and Development contacts. Explore the possibility of building in the APA graduate progression into employee performance appraisals and an industry agreed competency framework. Aim: Raise the profile of insurance as a career among those at second and third level education. Actions: The III will work to bring the general insurance market together to champion career opportunities in insurance, skill sets required for the industry and introducing students to risk. Highlight the many advantages or pursuing earn as you learn qualifications to second level students considering their options. Review and update careers information through a number of touch points e.g. Irish Guidance Counsellors Association, CareersPortal.ie, gradireland.com etc. Accept the NCA s invitation to work with them on updating the insurance elements of the Junior Cert curriculum. Produce a discussion paper for the Department of Education and Skills on opportunities for apprenticeships in insurance. Build on the pilot programme undertaken with the Cork College of Commerce and approach others with a view to including the first APA module on their business studies programmes. Develop relationships with UL as the leading providers of third level insurance courses. Build awareness of graduate opportunities and internship programmes. Develop a training programme for TY students e.g. motor/gadget insurance 14 15

10 ORGANISATION Our promise to members is to ensure the organisation develops strategically and adapts relevant practices to retain efficacy and efficiency as it responds to changes in market conditions. Aim: Recruit and retain suitably qualified staff while simultaneously developing appropriate management systems and processes to meet the strategic objectives of the organisation. Actions: Continue business development activities to ensure our partnership approach with industry delivers real and valued business solutions. An audit of the HR strategy is planned as part of a review to identify how best to increase operational effectiveness. Improve process management across the organisation, with an ultimate objective of achieving greater operational efficiency leading to ISO accreditation. An audit of present and future ICT requirements to identify areas requiring strategic investment and development. The III will move along with MIBI and Insurance Ireland to new offices in The possibility of branding these offices as an Insurance Hub is being explored. A coordinated succession plan is envisaged for all critical positions within the III

11