You can join a medical insurance brokerage firm following the completion of your GCSE O Levels. The majority of employers require two to four GCSEs (A-C)/S grades (1-3) including Math and English, although some firms prefer candidates who have completed their A levels/H grades.
Starting Out
If you are 16-24 years old, you can get apprenticeship funding. For more information, visit www.apprenticeships.org.uk. You will start off as a trainee insurance technician. In order to rise to the level of a professional broker you will need to gain some experience and pass insurance industry exams. Qualifications available in general insurance include :
- Chartered Institute of Bankers in Scotland (CIOBS) General Insurance Certificate.
- Chartered Insurance Institute (CII) Certificate and Diploma in Insurance.
- Institute of Financial Services (IFS) Certificate of Regulated General Insurance (CeRGI).
After passing one of these exams, you can take the CII Advanced Diploma in Insurance, which leads to Associate membership of the CII (ACII). After you have received some qualification in general insurance and some in-house training, you will have to study for the professional examinations of the Chartered Insurance Institute (CII). Once you have taken a number of CII exams, you gain the professional designation of Chartered Insurance Broker. Fortunately, a number of employers allow study time and help their employees with tuition fees and the cost of learning materials.
At the Chartered Insurance Institute, the lowest qualification available is an Award in Insurance (i.e. FIT). Next, you move on to take an examination to gain a Certificate in Insurance. Once you complete this, you will aim for a Diploma and Advanced Diploma in Insurance. If you are a medical insurance broker, you will need to take some of the following exams :
- Award in Insurance
- Advanced Diploma in Insurance
- Certificate in Insurance
- Diploma in Insurance
- IF7: Healthcare insurance products - develop an understanding of the principles and practices relating to healthcare insurance.
- IF4: Insurance claims handling process - develop an understanding of the claims handling process.
- P11: Personal insurance practice - develop an understanding of fundamental principles and practices relating to personal general insurance.
- PO1: Insurance practice and regulation - increase knowledge and understanding of insurance practice and industry regulations.
- PO5: Insurance law - learn about the laws which underpin the operations of insurance.
- 790: Private medical insurance - develop an understanding of the principles and practices of transacting private medical insurance business.
- 555: Life and disability underwriting - provide knowledge of medical and non-medical underwriting considerations, for life, disability and critical illness insurance.
- 820: Claims management (non-life) - develop an understanding of claims philosophies, systems, functions and the management of claims services.
Once you received the Advanced Diploma in Insurance, you can prepare for Fellowship, MSc in Insurance and Risk Management or Chartered Status. The Fellowship program allows candidates to “create a development plan suited to their specific career requirements”. Fellows get to use the designation “FCII”. The MSc in Insurance and Risk Management was developed in association with Cass Business School. This program can be completed separately or form part of Fellowship studies. A fast-track completion option is available for Advanced Diploma holders. Finally, the Chartered Status gives weight to a qualified practitioner’s professional standing and also confers titles to match career specialties. This exam is taken by professionals who hold the Advanced Diploma and want to demonstrate their professional standing.
|
