The U.K.’s Chartered Insurance Institute (CII) has signaled its determination to assist the London Market in its efforts to improve standards, by adding a bank of sector specific questions to its insurance ASSESS online competency system.
Companies in the London market and Lloyd’s now have access to a bank of 200 questions within the ASSESS framework allowing them to monitor the competence of practitioners in the sector. The questions were created through a close working relationship between the CII and the International Underwriting Association (IUA).
The new initiative follows the successful launch in 2003 of the CII’s new general insurance qualifications framework. Feedback from the London market and Lloyd’s has been very positive with the modular format proving extremely popular.
Stuart Gallagher, CII manager, Lloyd’s and the London Market commented: “The developing relationships between Lloyd’s, the IUA (representing the London company market) and the CII is greatly assisted by the development of such specific content and assessment methodology in the insurance ASSESS system. Through delivering content such as this and, the London Market Underwriting exam to be introduced in October 2004, the relevance of the CII is greatly enhanced in this highly specialised market.”
The IUA is seeking opportunities to encourage competence and compliance within member companies. Pam Byrnes, the organization’s director of knowledge management, stated: “In working with the CII in the development of these questions, the IUA is hoping to assist in bringing ever more relevance and specialist knowledge to the London Market. We see this evolving partnership as offering great benefits for London Market entities in the future.”
The announcement described Insurance ASSESS as one of the components of the CII’s “ed. online” competence and learning system, which provides “a comprehensive, co-ordinated range of technical training and assessment tools designed to keep staff up-to-date with regulatory, legislative and market changes. It offers the tools practitioners need to demonstrate compliance with the regulators’ training and competence rules while, at the same time, enhancing their skill-set and increasing the potential for improved performance.”
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