The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has appointed former New Zealand politician Katrina Shanks as its next CEO.

Current chief Prue Willsford is stepping down after a decade in charge and Ms Shanks will take over leadership of the industry’s membership organisation for education and professional standards on January 8.

Ms Shanks has spent the past five years as CEO of Financial Advice NZ, a membership organisation for advisers working across mortgages, insurance, investment and financial planning.

A chartered accountant by trade, she was a National Party MP from 2007 to 2014.

“Katrina has a fantastic background and is experienced in a range of industries and environments,” ANZIIF President Ben Bessell said.

“Her tenure in politics and ... industry associations will provide ANZIIF with the leadership and capability to continue to grow and deliver the strategic objectives of the board and members in Australia, New Zealand and Asia.”

Ms Shanks says insurance and finance “play a pivotal role” in people’s lives.

“ANZIIF plays an important role in ensuring that their members are inspired to continue on a journey of lifelong learning to stay relevant and up-to-date so they can continue to make a difference in people’s lives,” she said.

ANZIIF says Ms Shanks “has a deep understanding of the legislative process and how to influence policy development, drawn from her experience as a two-term Member of Parliament”.

Ms Shanks will relocate from New Zealand to Melbourne “in the coming months” and will work with Ms Willsford on transition plans before taking up the CEO role in January.