Issue 14 - Summer 2020
Each year The Insurance Institute appoints a new National President. This year’s President, Sean McGrath took over following our AGM in April, we spoke with him to find out how he feels about the role of President, what it's like to be taking over at such a challenging time and what his focus will be in 2020.
It is an uncertain and challenging time for all, to say the least. However, The Insurance Institute of Ireland has been around since 1885 and has survived two world wars - but of course, like all commercial entities, it is now facing a whole new set of unprecedented challenges. For the duration of my presidency, my primary focus will be to help, guide and support the Institute team as it seeks to navigate its way through this crisis.
I am a big believer in the value of professional education. I’ve been a member of two professional bodies for most of my career (The Institute of Actuaries and The Insurance Institute) and I depend on them both to keep my knowledge and expertise current and relevant. We hear a lot nowadays about lifelong learning, but for me, I believe career-long learning is essential, and that can only be provided by ongoing education that combines the theory with the actual day to day practice on the ground.
Like Brian, I too am a strong advocate for the apprenticeship programme. At Allianz we have a long history of investing in apprenticeship programmes as a way to develop future talent – our office in Germany has 900 apprentices employed and the UK has also recently developed a new apprenticeship programme.
Here in Ireland, we currently have 20 apprentices working in our business. In my opinion, there is really no better way to kick start a career in insurance - the blend of the degree programme, the mentoring system and of course the practical on the job learning, is ideal and provides those starting out with both the knowledge and the experience they need.
Brian and I are also in full agreement on the value of professional qualifications. I have heard him talk passionately about this topic, saying many times that it wasn’t just about acquiring knowledge, but also confidence and this is something which I can also strongly identify with.
I’ll be using every opportunity I get to encourage our members to progress further up the qualifications ladder. Trying to get our Accredited Product Advisers (APA) up to a Certified Insurance Practitioner (CIP) level, our CIP’s to take on the Management Diploma in Insurance (MDI) and ultimately the ACII.
The early-stage qualifications are about acquiring knowledge and information but as students move up to MDI level, it becomes more about the application of the knowledge, about problem-solving and about critical thinking. These skills are essential as we seek to develop future leaders in an ever-changing world.
We are moving to continuous assessment, which is a much better method of assessment for qualifications at this level. We have already made the change in five of the modules and we are working on the remaining ones. In addition to this, we are also working with our accreditation partners, IT Sligo, to get it recognised on the National Framework of Qualifications at Level 8. This will elevate the programme to Higher Diploma status.
I did the Certified Insurance Director (CID) programme back in 2014. In those days it was based in the IMI in Sandyford but it has now moved to the new state of the art business school in Trinity. I got a lot from it, particularly in the areas of Leadership and Governance. The lecturers are top class and the structure of the programme is so interactive that you learn almost as much from the other participants. The CID programme is a great example of where peer to peer learning works really well. We became a very tight-knit group and I look forward every year to the annual alumni event.
I understand that the new programme schedule includes a two-day visit to the Irish College in Leuven in Belgium – which is invaluable as it ensures participants receive a broad European overview, which from a regulatory perspective is essential, and I’m sure it also further enhances the camaraderie among the participants.
Yes, I hope the Institute can be a source of encouragement and support to all as we deal with the unprecedented challenges that we are facing in 2020. I also want to convey my sincerest sympathies to everyone in our industry who has suffered bereavement among family, friends, colleagues and of course former colleagues.
I mentioned at the outset that the Institute has been around since 1885 and from a very early stage its aims were articulated very clearly. The purpose is to Educate, Inspire and Connect members of the insurance profession and that’s as relevant now as it was 135 years ago. I will be doing everything I can to ensure that we continue to deliver on our commitment to our members this year and into the future.
