Becoming Professionally Qualified

All underwriting and claims experts should seek to become professionally qualified and achieve chartered status. Studying for relevant professional qualifications will underpin the competencies that are developed in the workplace and will act as a sound platform upon which a professional career can be built.

While there are a number of professional qualifications that may be attained by specialists working in the Lloyd's Market (see below), the recognised insurance professional qualification is the Advanced Diploma of the Chartered Insurance Institute - the Associateship of the Chartered Insurance Institute ( ACII ).

This may be supplemented by an even more senior qualification - the Fellowship of the Chartered Insurance Institute ( FCII ).

Under the CII's General Insurance (GI) Evolution framework, the following levels of formal accreditation can be achieved by passing examinations at three iterative phases of study which will lead to full Associateship status:-

Certificate

Certificate level assessment is designed to test fundamental knowledge of insurance and to establish a threshold of competence regarding:

• Basic insurance principles, including UK financial regulations
• The key insurance disciplines of underwriting and claims
• Core products such as Motor, Household, Healthcare and packaged Commercial insurances

Diploma

The Diploma is a technical and supervisory qualification that is broader and deeper than the Certificate. Diploma level examinations test, more profoundly, the application of technical skills.

Advanced Diploma (ACII)

The Advanced Diploma calls for enhanced understanding of insurance practice, in terms of technical subject matter and management skills. A range of more developed examination techniques are employed to test sophisticated knowledge and skills in complex scenarios.

An example route of study and examinations for the ACII qualification is shown below for those in the London Insurance Market.

Fellowship (FCII)

Steps to acquire the Fellowship Qualification require attainment of the Advanced Diploma (ACII), followed by three years' planned and recorded Continuing Professional Development (CPD), successful completion of the distance learning Business Ethics Programme (BEP) and the undertaking of an assessed major business achievement project that demonstrates highly professional skills. A Statement of Personal Achievement (SPA) also has to be submitted for adjudication by an accrediting panel at the Chartered Insurance Institute.

Full details of the Chartered Insurance Institute's examinations, approaches to study, prior learning requirements or credits and the overall route to the acquisition of chartered status can be obtained via the CII's website:- www.cii.co.uk.

Example Route to ACII

As a purely illustrative example only, the following table identifies the range of subjects that might be studied and examined by those developing a Professional Career at Lloyd's, which is known by the CII as the "London Market Route".

290 Credits must be achieved to acquire ACII status, and candidates can select from the subjects shown to meet their own needs or those suggested by their
employer, normally starting with Lloyd's LLMIT examination (Lloyd's and London Market Introductory Test) or the CII's ALMI (Award in London Market Insurance) see www.cii.co.uk/almi. Upon application, the CII may accredit prior learning and offer exemptions for passes in relevant university degree subjects which, in its view, meet its standards.