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Home / Members / Young Broker

Young Broker

Are you a young broker looking to develop your career to the full? Put yourself at the forefront of the broking industry by being part of the BIBA Young Broker Initiative – providing developmental opportunities, advice and support for young people.

Succession has always been an issue for our industry as a whole and BIBA wants to play its part in helping younger brokers progress into the leaders of tomorrow.

By signing up to our database and providing your contact details, BIBA will connect with you and let you know what we are doing to help younger brokers. We will provide you with information about the industry and BIBA, to support your role as young professionals in the insurance industry. In short, the Young Broker Initiative provides:

  • regional events with relevant topics and opportunities to create professional networks
  • dedicated Young Broker Ambassadors to raise your issues at BIBA Committee meetings
  • adds benefit to your business

* In order to qualify as a BIBA young broker you must be aged 35 or under.

Sign up here

Are you looking to become a broker? Make sure you read this document to understand the different areas. 

Young Broker Ambassadors

Regional Ambassadors

Representing – Advocating – Promoting the interests of young BIBA members

BIBA has in place a Young Broker Ambassador (YBA), who will play a key part in our regional committees. Each YBA has responsibility to oversee and manage, where appropriate, liaising with other young brokers within the region and provide feed back to the Regional Committee and the BIBA central team  on all issues and successes involving young brokers.

BIBA also has a formal National Young Broker Committee. Each region has in place a Young Broker Ambassador (YBA) who will play a role within our regional committees as well as feeding into the main BIBA Board, to represent young brokers across the country.

Each YBA will, with support from BIBA:

  • Participate – in the regional committee and attend all meetings where possible
  • Outreach – obtain the full contact details of all young members within the region and provide the details to the membership team
  • Feedback – on ideas/successes/failures and issues affecting young brokers
  • Assist – both BIBA and other stakeholders in the promotion of working within the Insurance Broking Industry
  • Create – a regional channel for young brokers views to be fed into BIBA’s governance structure
  • Promote – BIBA’s key messages and benefits for younger brokers

Visit the Regional Committees page for more information

Visit Your Region

The Young Broker of the Year Award recognises young brokers for their excellent performance and contribution to broking and aims to encourage commitment to the future professionalism of the insurance industry.

Find out more

Young Brokers - Keep up to date

For young brokers building a career in insurance it may sometimes be difficult to have your voice heard and your ideas taken forward but rest assured BIBA wants to support and develop new talent and reward initiative.

To keep yourselves updated with what is happening for young brokers in the industry, make sure you check our calendar of events and are registered to receive our communications.

 

Courtney Barnes (Chair of the Young Broker Committee) 

“Working closely with BIBA and representing them as their Young Broker Ambassador for the London and South-East Regions, has opened many doors for me. I have been able to gain access to important contacts, broaden my knowledge of the market, and most importantly gain confidence, which in turn has greatly helped with my day to day role.”

 

Young Broker & Apprentices Motor Insurance

BIBA has negotiated with Marmalade our Telematics Scheme Provider, a great motor insurance option for BIBA Young Brokers and CII Aspire Apprentices.

Click here for more information

Careers and Apprenticeships

In 2013, BIBA signed a partnership agreement with the Department for Work and Pensions (DWP). This resulted in highlighting opportunities in our sector and promoting it as a career for appropriate job seekers.

It is important to encourage younger people to take their first steps onto the insurance broking career ladder. BIBA is working with the Careers and Enterprise Company (CEC), our Young Broker Ambassadors, Jobcentre Plus, the Department for Work and Pensions and our regional committees to encourage new entrants.

Apprenticeship

BIBA worked with the Chartered Insurance Institute (CII), the ABI and Aon on attracting talented young people to insurance broking. One of the results has been the creation of a general insurance apprentice standard, where apprentices can earn while they learn.

New apprenticeship standards across the whole insurance industry will help to provide a structure to enable more insurance broking firms to take on apprentices and mould them into employees. The standards, which have been approved by the Department for Business, Innovation and Skills, will help the industry achieve its target in the Government’s Insurance Growth Action Plan, to double the number of technical apprentices in the insurance industry by 2018. Apprentices can study towards the CII Certificate and Diploma in Insurance and by the end of their apprenticeship they will have demonstrated skills and behaviours highlighted by employers as required.

Funding towards apprenticeship training

The CII has a purpose built initiative; the Aspire Apprenticeship Programmes. These are easy to access and convenient to use and help businesses regardless of their size to access funding for employer training programmes.  Find out more from the CII.

FAQ's

Exams, Learning & Professionalism in Broking

Deciding whether to take formal industry qualifications is a question many are deliberating. Studying for a qualification can sometimes seem quite daunting, especially if you’ve been out of formal education for a while. But there’s no need to worry. If you plan properly, and take advantage of all the support that is on offer, your journey should be a smooth one. As well as the qualification route there are other methods of learning that can support ‘on the job’ training and allow you to learn at your own pace in your own way.

BIBA and the CII have put together some FAQ’s that may help you decide what is best for you.

There is no one clear answer here. The fundamental principles of any profession are:

• Qualifications

• Standards

• Duty to the public interest

It is the view of both the CII and BIBA that taking professional examinations and being a member of a professional body evidences that an individual is working towards meeting these principles. More specifically, success in CII qualifications is universally recognised as evidence of knowledge and understanding and so helps immensely in achieving a professional standard.

Most professional qualifications are widely recognised, not just in the UK, but across the globe. They unlock doors to new employers and markets who attach great value to them. Portability is a great benefit of professional education, providing enhanced career mobility. Compare this to in-house training which has limited value outside of the employer providing it.

Whilst it can be true that employers look for experience over qualification, if you have both, it is likely you will be the preferred candidate.

In short, there is none. The actual exams/units you should choose depend on what you want to understand or are necessary for your role. At Certificate level the units are broadly split into the generic, the practice and the line of business:

Generic:

(IF1) Insurance, legal and regulatory (compulsory), (IF2) General insurance business, (IF9) Customer service in insurance

Practice: 

(IF3) Insurance underwriting process, (IF4) Insurance claims handling process, (I10) Insurance broking fundamentals

(LM1) London market insurance essentials, (LM2) London market insurance principles and practices (passing these units means that you don’t have to pass IF1 as a compulsory unit)

Line of business: 

(IF5) Motor insurance products, (IF6) Household insurance products, (IF7) Healthcare insurance products, (IF8) Packaged commercial insurances

As an example a commercial lines broker would normally take the following units to achieve the Certificate in Insurance:

(IF1) Insurance, legal and regulatory (compulsory)

(I10) Insurance broking fundamentals

(IF8) Packaged commercial insurances

The time taken varies hugely but our analysis (reviewing enrolment to when the exam is sat) shows that the average, elapsed, study time for each unit is around 2½ months at Certificate level and so the three units to achieve Certificate level are quite often completed in under a year.

From no qualification to Advanced Diploma (ACII) has been achieved in under 12 months, but this is the ‘record’! A more typical time frame is 3 years from start to finish.

Tip – Check your company’s policy on study leave. We are aware that some companies match holiday taken for study purposes with the same number of days, e.g. you take 3 days off to study, your company may give you 3 days study leave.

CII qualifications aren’t designed to make you a better manager in terms of the non-technical aspects of that role, for example they don’t aim to teach you people management or HR policies – there are other professional bodies who specialise in this area such as the Chartered Management Institute.

However in a sector like insurance, technical knowledge is still required at manager and senior manager level as often difficult cases or situations are ‘delegated upwards’. So if you have taken your exams, you will be better placed technically to deal with the queries that are escalated by your staff.

None – there are no formal academic requirements to enter for any exam or study for any subject with the CII. There are also no age limits (lower or upper) or restrictions based on how long you’ve been working in insurance.

It is worth bearing in mind that the academic level increases as you progress from Certificate to Diploma and onto Advanced Diploma with each having parity with formal education. For example the Certificate exams are aligned to GCSE level, the Diploma to A level and the Advanced Diploma to first degree level.

At Certificate level there are 12 units to choose from and you’ll typically need to pass three to get your Certificate in Insurance qualification. Only one of the units is compulsory – IF1 Insurance, legal and regulatory.

The less specialist modules available are (IF2) General insurance business and (IF9) Customer service in insurance. Although as a broker the I10 Insurance broking fundamentals unit should be considered.

The CII provide a range of study options to help you prepare for your exam or assessment:

• Study texts – offering structured self-study that develops understanding of the exam syllabus. Available as an eBook as well as the usual printed format

• Key fact booklets – comprehensive pocket-sized booklets summarising the key information contained in the study text. These are perfect for studying whilst travelling to and from work or in situations when reading a study text is impractical

• Question packs – delivered online through RevisionMate, question packs provide comprehensive, flexible and interactive self-testing of the unit syllabus. Depending on the unit chosen, these contain 150–225 questions

• Learn interactive tutorial – this e-learning course provides highly interactive study and is backed by a revision assessment tool for you to check understanding as you progress. Visit www.cii.co.uk/elearning to view the course demo

• Revision days– CII revision courses provide expert tutor support and are designed to improve your chances of passing.

For full details of support search for: CII starting study 

The first point is that exams can be taken exactly when you’re ready. The second is that the CII is moving away from formal written exams, so don’t let this put you off.

Beyond the Advanced Diploma this is a very individual decision and should be based on your career path, however some examples are:

Fellowship 

An exclusive qualification held by fewer than 6,000 working insurance practitioners, Fellowship (FCII) is the CII’s highest level of qualification and attainment is globally recognised as an indicator of expertise and experience. Fellowship is an advanced structured learning programme available to Advanced Diploma in Insurance holders. Find out more at www.cii.co.uk/fellowship

Chartered status 

CII members holding the Advanced Diploma can apply for Chartered status (subject to having five years’ experience, not necessarily post-qualification). Three titles are available reflecting your career specialism:

• Chartered Insurer;

• Chartered Insurance Broker; and

• Chartered Insurance Practitioner

Chartered status cements your professional standing and gives you parity with other professionals such as accountants and solicitors. Find out more at www.cii.co.uk/chartered

The CII exam structure is credit based. Although notionally split into three levels (Certificate, Diploma, Advanced Diploma) the qualification framework is totally modular, with a few rules.

For more information about how the CII creates and maintains its qualifications and exams please read this article: http://www.thepfs.org/media/5501451/examinations_uncovered.pdf

In our experience most people who study for CII qualifications are funded by their employer. So start with your employer first to see if funding is available. If not:

A study textbook and exam entry at Certificate level is £240* for members of the CII (£266* for non-members) and each resit is £102* (£140* non-members). To complete the Certificate usually requires you to pass three units, so a minimum cost of £720*.

Diploma level mixed assessment including the study textbook, coursework assignments and multiple choice test entry is £396* for members (£472* for non-members). Typically you’ll need to pass 4 units at Diploma level after gaining the certificate to qualify for the Diploma in Insurance, so a minimum of £1584*.

Coursework based assessment packages including the three assignments plus study material is £430* per unit for members (£504* for non-members). Typically you’ll need to pass five units at Advanced Diploma level and if a CII member to apply for the ACII designation, so a minimum cost of £2150*.

*prices correct as at November 2015

The CII and BIBA have their own bespoke learning facility called broker Assess. It is a comprehensive online learning and competency tool that can bring you the power of knowledge in a very different way to formal examinations. Developed jointly by the CII, BIBA and AXA, we are very proud to provide a market leading on line learning service which is used by over 58,000 UK brokers and employed in over 600 firms.

broker Assess delivers the type of accessible online learning that is the preference of this market. Compatible with tablets and smartphones, so appealing to the 24/365 generation. The cost for a Broker Assess licence per annum for a BIBA member firm starts at £75*+ VAT (non-members £120*).

broker Assess is a fantastic accolade for BIBA and plays a big part in delivering BIBA’s support for professionalism and career advancement in the broker market. Refer to the following link for more details – www.brokerassess.cii.co.uk – and to sign up for a free trial.

Download full PDF of FAQ’s

© BIBA 2021