'The insurance industry lacks trust from the public and we need to gain that back'
A panel from the Chartered Insurance Institute launched their new manifesto this week, in which the organisation put gaining back the public's trust at the centre of their vision for the industry.
Speaking at the top of the Gherkin, newly positioned Chief Executive Sian Fisher set out plans for the newly formed CII manifesto. As she explained, trust is at the centre of their manifesto.
She told the audience simply and honestly: “We now lack the trust from the public and we need to gain that back.”
The key point which Ms Fisher wanted to hammer home was that it is behaviours, not words, that will change the public’s perception of the industry.
“We can’t build public trust on our own. We need to work together with our fellow professionals. We all know that being a professional builds trust. Competence, integrity and care for the customer. It’s about behaviour not words."
She added it was "unfair" the industry isn't trusted, but said it does not help itself with the way it talks.
“This is why we can be one profession. It doesn’t matter which insurance tribe we belong to – a professional is the same. The power of professional standards is the same. The public doesn’t see the tribe – they see the profession.”
Ms Fisher said customers need to see and feel professionalism, saying she will make sure the CII brings three things to the profession; “insightful leadership, relevant learning and an engaged membership.”
She added: “We haven’t just plucked these things out of the air, they provide a continuity with the history of the CII.”
Ms Fisher explained that she has a great place to start from as CEO. The CII has financial independence and 125,000 members, are active in India, the Middle East and Hong Kong, in addition to the UK. “We’ve got some brilliant societies, we’ve got our faculties and our young generations and across the UK we’ve got local instates which are staffed entirely by volunteers.”
But she wants to journey further: “We will be relevant modern and diverse. The world is changing very fast around us.
“Out of date learning is as relevant as last year’s TV schedules”, she said.
The corporation wanted to develop key themes and a practical roadmap of steps to deliver public trust, she told the audience.
Managing Director of Engagement and CEO of the CII’s Personal Finance Society, Keith Richards explained that a public scepticism of the sector existed despite the fact that 94% of claims are paid, but he thought the public would believe the opposite.
But he added that all sectors suffer from perception, “the public trusts their bank but not the banking sector. The public trust their insurance company but not the insurance sector.”
“The whole profession needs to be more trusted rather than just the individuals,” agreed the CII’s Learning and Assessment Director Simon Graham, adding that this concern must not be dismissed.
“We have to accept that people’s perceptions are based on reality and we have to address that.
“People get up in the morning and they want to do the right thing, everyone has a strategy which puts their clients at the centre, but some people don’t see that.
“One bad news story could undermine 100 good news stories.”
In answer to a question from the audience, the CII’s Director of Marketing Ian Simons agreed the CII was great at identifying problems but had not been so good at solving them.
“Opening up and doing things collaboratively” was the solution to this, he suggested.
Ms Fisher told the audience: “When you’ve been around for a long time, people think they know what you’re about, but we don’t do enough to remind people what the CII actually does.
She argued that the newly launched manifesto, or ‘roadmap’, gives the CII another opportunity to get their messaging out there.
But she believes the “proof is in the pudding”.
Ms Fisher closed with a plea to the audience: “Join with the CII to build a proud profession because together we can build the public’s trust.”
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