Continuous Professional Development (CPD) is a vital component of every professional’s career, including insurance intermediaries. The Insurance Distribution Directive (IDD) emphasizes that “competence must be maintained through continuing professional development” (European Commission, 2016). CPD is a structured approach to lifelong learning and personal development that enables intermediaries to maintain and enhance their knowledge, skills, and competencies throughout their careers. In the insurance industry, staying informed about the latest developments is critical for insurance intermediaries. With new products, regulations, and technologies emerging consistently, keeping up to date is important. As the Chartered Insurance Institute (CII) stated, “CPD is critical for maintaining competence, developing new skills, and keeping up to date with the latest industry developments” (CII, n.d.).
Maintaining professional competence is crucial for insurance intermediaries by updating their knowledge and skills. This ensures they provide the best possible service to their clients and customers. Building trust and confidence in the intermediary’s abilities and expertise is crucial for career advancement and business success. As the Financial Conduct Authority (FCA) emphasizes, “continuous professional development is essential for maintaining competence and improving the quality of service provided to customers” (FCA, 2020).
CPD can enhance career prospects in the insurance industry. Companies in the insurance industry are looking for insurance intermediaries committed to lifelong learning and development, willing to invest time and effort in their personal and professional growth. At the same time, the CII stated, “employers value employees who invest in their professional development. Those who demonstrate a commitment to lifelong learning are more likely to advance their careers” (CII, n.d.).
CPD can also increase job satisfaction in the insurance industry. By pursuing learning and development opportunities aligned with their interests and career goals, intermediaries can gain a sense of fulfillment and purpose in their work. This leads to greater job satisfaction, motivation, and a more positive attitude towards work. As the CII stated, “engaging in CPD activities can enhance job satisfaction by providing opportunities to learn new skills and gain a sense of personal achievement” (CII, n.d.).
Unquestionably, continuous professional development is essential for insurance intermediaries to remain competitive and advance their careers in the insurance industry. It enables intermediaries to stay informed about the latest developments in the industry, maintain professional competence, enhance career prospects, increase job satisfaction, expand professional networks, improve problem-solving skills, and enhance leadership skills. By committing to lifelong learning and development, insurance intermediaries can provide the best possible service to their clients and customers and are well-positioned for success. As the CII stated, “continuing professional development is the cornerstone of professionalism” (CII, n.d.).
Stelios Kaparis
References:
Chartered Insurance Institute. (n.d.). Why CPD matters. Retrieved from https://www.cii.co.uk/membership/your-membership-cpd/why-cpd-matters/
European Commission. (2016). Insurance Distribution Directive (IDD). Retrieved from https://ec.europa.eu/info/law/payment-services-psd-2-and-insurance-distribution-directive-idd_en
Financial Conduct Authority. (2020). Training and competence: Insurance distribution. Retrieved from https://www.fca.org.uk/firms/training-competence/insurance-distribution
