The Insurance Institute of Ireland has established an inaugural training directory and new education programme which aims to promote educational standards and professionalism in the industry. The initiative is part of a programme undertaken by the Irish Insurance Federation and the Irish Brokers' Association to ensure that those selling and marketing insurance receive some form of recognised insurance qualification.
The Minister for Science, Technology and Commerce, Mr Michael Smith, who bears responsibility for the regulation of the insurance industry, yesterday welcome the programme. He said that, despite the ever-growing use of technology, it was now essential that those ultimately selling insurance products, whether acting as intermediaries or company salespeople, fully understand what they are selling.
"After all, no matter how skilful a salesperson may be, and no doubt an asset to the company, where the customer subsequently discovers that he or she has brought something from a company that was unsuitable to his or her needs, not only does the customer suffer but also through the cumulative effect of such bad practices, public confidence in the industry itself will be eroded."
The Minister said that despite the industry's best efforts, many public commentators currently believe that the level of competence among the vast numbers of suppliers of insurance products was at best "patchy".
The Minister stressed that any regulatory regime must be backed up by the highest standard of educational and professional competence in order to command the confidence of the customer and public at large. "Insurance customers have become more demanding in terms of both the quantity and quality of information required," he said.
