Insurance requires a much wider set of skills than banking

One of the main thrusts of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) is to further educate insurance professionals. The institute, which has over 16,500 members, provides educational services across a wide range of insurance-related areas.

In a recent IB Talk podcast featuring ANZIIF chief executive Prue Willsford, host Danny Wood noted that many insurance professionals are looking for wider education options, especially compared to other financial industries such as banking.

“There have been a lot of changes over the last few decades,” Willsford said. “I think one of the really interesting things about insurance is the discussion about ‘what is a profession?’ and ‘what is a professional?’ and the diversity of skills that are required to come together to deliver an amazing insurance experience.”

According to Willsford, banking requires a much narrower set of skills than insurance due to the nature and breadth of risks that the insurance industry covers and the situations it faces.

“Name a degree and I will tell you a job in insurance that will build on that body of knowledge,” she said. “You might be a geologist, you might be an engineer, you might be a nurse, you might have a law degree – all of those skills are required to deliver insurance.”

Willsford said the insurance industry is now becoming more collaborative again with regard to education, reversing a trend that began around two decades ago.

“ANZIIF is certainly at the forefront of delivering [insurance education] across the entire value chain,” Willsford said. “We are the only educator that does support all parts of the insurance value chain – brokers, loss adjusters, reinsurers and life insurers. So, I think we have a unique perspective on the strengths and opportunities within the insurance industry to continue to grow the technical capabilities. “