Industry leaders uncertain over ANZIIF/CII merger
Industry leaders will need some convincing before the merger of the major insurance training organisation with the London-based Chartered Insurance Institute (CII) gets their full support. They say there are still a lot of questions about what the Australian and New Zealand industry sectors have to gain.
They say the planned merger between the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the CII to create the Chartered Institute of Financial Services (CIFS) will bring greater international consistency but question whether local influence could be limited.
Insurance Council of NZ CEO Chris Ryan says the move should promote better international recognition of industry standards.
“The reality is we are seeing the transfer of skills around the world,” he told insuranceNEWS.com.au. “The challenge for NZ and Australia is to ensure the requirements of our markets are met. I’m keen on seeing the details, and we’ll be watching with interest.”
NIBA CEO Noel Pettersen says Australian and NZ members of the CIFS may have limited influence within a 105,000-member organisation that is based in London.
“Is globalisation necessarily a good thing for insurance brokers in Australia who already access advanced systems of training? I thought Australia severed its ties with the UK a long time ago,” he said.
Insurance Brokers Association of NZ CEO Gary Young says the decision has merit but the remodelled institute will need to maintain “relevance and perspective at a local level” or risk diluting the local focus.
Association members voiced similar concerns before a merger between the Insurance Institute of NZ and the Australian Insurance Institute in 2000, Mr Young said. But he described the latest merger move as “far more challenging”.
“NZ members will need to be assured the ears of management are not turned toward the large markets of Europe and Asia, leaving them on their own,” he said.
The Insurance Council of Australia did not respond to an insuranceNEWS.com.au request for comment.
They say the planned merger between the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the CII to create the Chartered Institute of Financial Services (CIFS) will bring greater international consistency but question whether local influence could be limited.
Insurance Council of NZ CEO Chris Ryan says the move should promote better international recognition of industry standards.
“The reality is we are seeing the transfer of skills around the world,” he told insuranceNEWS.com.au. “The challenge for NZ and Australia is to ensure the requirements of our markets are met. I’m keen on seeing the details, and we’ll be watching with interest.”
NIBA CEO Noel Pettersen says Australian and NZ members of the CIFS may have limited influence within a 105,000-member organisation that is based in London.
“Is globalisation necessarily a good thing for insurance brokers in Australia who already access advanced systems of training? I thought Australia severed its ties with the UK a long time ago,” he said.
Insurance Brokers Association of NZ CEO Gary Young says the decision has merit but the remodelled institute will need to maintain “relevance and perspective at a local level” or risk diluting the local focus.
Association members voiced similar concerns before a merger between the Insurance Institute of NZ and the Australian Insurance Institute in 2000, Mr Young said. But he described the latest merger move as “far more challenging”.
“NZ members will need to be assured the ears of management are not turned toward the large markets of Europe and Asia, leaving them on their own,” he said.
The Insurance Council of Australia did not respond to an insuranceNEWS.com.au request for comment.