The insurance industry has made great strides in recent years to promote professionalism. A large number of brokers have embraced the Aldermanbury Declaration, pioneered by the Chartered Insurance Institute in 2010, while many intermediaries are turning to chartered status to underline their commitment to providing professional advice.
However, there is no requirement for industry staff to hold professional qualifications. With other advisory professions - such as lawyers, surveyors and accountants - requiring qualifications to practice, the issue of mandatory examinations in the insurance industry has been a divisive topic.
This article studies the pros and cons of making insurance qualifications compulsory.