Insurance – The Benefits of Chartered Status
15-Nov-18
Insurance – The Benefits of Chartered Status Insurers and insurance brokers are battling a long-term problem in the market; that of the lack of customer trust. Recent polls suggest that a mere 53% of people trust insurers. [i] This is a worrying statistic for insurance brokers, who are doing everything they can to boost their reputations and improve their name for integrity and high standards. Now is a good time for insurance brokerages to start asking whether acquiring Chartered status for their company could be beneficial; bolstering their reputation within a sector that appears to be generally mistrusted. However, with the significant time and resources required to be eligible for Chartered status, it is reasonable for companies to ask whether there will be a substantial positive impact on the business. There are a number of ways in which Chartered status can have an impact: Business reputation A Chartered status ensures that the business and its employees are always held to the highest standards in terms of ethical practice, professional development and knowledge. This elevates the company reputation for professionalism, potentially drawing interest from clients that may otherwise have looked elsewhere. Fostering client trust A recent poll found that 66% of consumers had an expectation that brokers holding Chartered status were likely to be better qualified, more professional and to be more strictly regulated. [ii] Having a Chartered status can make customers see the company as more reliable, which is a huge advantage in a climate in which consumers are wary of trusting insurers. Employing the best As a specialist recruitment agency, Aston Charles finds that for an insurance brokerage, holding Chartered status can be a benefit when it comes to recruitment, as it shows prospective job applicants that the business is a reputable brand that has gone through the rigorous approval process of the Chartered Insurance Institute (CII). Individuals will know ...
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