The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has called for uniform international insurance standards to enable the industry to cope with future challenges.

CEO Joan Fitzpatrick says the insurance industry is weighed down by a proliferation of industry qualifications and groups that erode regulator and consumer confidence.

“There a strong case for a single global insurance institute to transfer knowledge locally and globally,” she said. “Associations are becoming crowded and inefficient, while education standards are inconsistent and confusing for global customers.

“The vast majority of technical and management and education and training needs could be harmonised.”

Ms Fitzpatrick was speaking at the annual Claims Convention organised by ANZIIF and the Australasian Institute of Chartered Loss Adjusters in Melbourne last week.

Citing China and India as the markets of the future, Ms Fitzpatrick says it’s important for Australia to work toward harmonised international standards.

She says Australia is an important contributor through its exemplary system of regulation, with China a particularly keen observer.

But Ms Fitzpatrick says changing work patterns mean professionals are not in one job for long and require consistent, quality industry training.

“We are now being expected to produce a turbocharged education,” Ms Fitzpatrick said.  “It’s a very, very difficult experience.”

She says a single global institute could eliminate the “confusion, duplication and inefficiency” of multiple standards, courses and industry associations.

Regulators and consumers would benefit, boosting the industry’s image, while insurers could expect to notice a positive effect on financial results.

Also see ANALYSIS.