The Chartered Insurance Institute (CII) has launched a Chartered Insurance Underwriting Agent title for managing general agents.
The new title gives MGAs a professional pathway to Chartered status, which is a public commitment to standards of professionalism and an ethical approach.
The CII said it decided to launch the new title in recognition of managing general agents’ growing market presence, which according to the Managing General Agents’ Association (MGAA) represents more than 10% of the general insurance market’s premium.
To hold the new Chartered title, individuals must hold the Advanced Diploma in Insurance, be a member of the CII and have at least five years’ sector experience.
Chartered membership currently costs £230 a year for individuals and there is no cost to convert an existing Chartered title to the new title.
Sian Fisher, chief executive of the CII, said MGAs need the same knowledge, expertise and to demonstrate the same commitment to professional standards as other segments of the insurance profession.
“We worked with the Managing General Agents’ Association to develop a learning pathway that provides those working within that sector to gain and maintain the expertise needed to best serve consumers,” she added. Charles Manchester, chair of the MGAA, said the new designation is an important step forward in the long-term success of MGAs and continuing relevance in the market.