Chartered status is an exclusive title only awarded to firms which meet rigorous criteria relating to professionalism and capability. All Chartered Insurance Brokers commit to the CII’s Code of Ethics, reinforcing the highest standards of professional practice in their business dealings.
Back in 2012, when Romero Insurance Brokers were awarded the chartered status, Simon Mabb was quoted saying: “We have always prided ourselves on being thoroughly professional in everything we do, and to receive external recognition in this way is very gratifying. As Chartered Insurance Brokers, we can signal our commitment to the highest levels of service to our customers.” Indeed, the quote from our Managing Director still holds true and represents how we view our role in the industry today.
And on our 12th anniversary of bring awarded our chartered status as a broker, we’ve put together 5 reasons why using a chartered broker continues to be important in 2024.
Not only does being a Chartered broker mean we operate at the highest level for our clients, it also demonstrates our commitment to investing in our people. So much so, that as of June 2024, not only are over 90% of our customer facing team CII members, but 62% of them have an advanced CII qualification.
What is a Chartered Insurance Broker and why is it important?
The Chartered Insurance Brokers designation is a mark of recognition awarded to insurance brokers that make a declaration to the public that they will uphold the highest professional standards. It is granted by the Chartered Insurance Institute (CII), the professional body for insurance.
The eligibility criteria for insurance brokers and underwriting agents by the CII is strict:
1. A minimum of one of the firm’s board* members must hold the individual Chartered Insurer, Chartered Insurance Broker or Chartered Insurance Underwriting Agent title (whichever corresponds to the corporate title being sought).
2. One of the firm’s board* members, who satisfies the criteria above must take on the role of Responsible Member. The Responsible Member is the firm’s principal point of contact regarding their Chartered status, and is responsible for the application and renewal stages, along with any related issues. The CII may, at its sole discretion, allow a Responsible Member of a large firm** to hold a comparable Chartered title. In all cases, the Responsible Member must be a CII member.
3. The entirety of the firm’s board*, together with 90% of customer facing staff, must be members of the CII.
4. Access to a Chartered Insurer/Chartered Insurance Broker must be available to customers (this does not apply to applicants of the Chartered Insurance Underwriting Agents title).
5. Evidence of three years pre-application trading as an authorised and regulated business is required of all firms.
6. Firms must have in place a core values & business practices statement, and a diversity and inclusion policy that align with the CII Code of Ethics
7. Firms must have an appropriate professional development programme in place.
Why it’s essential to use a chartered broker?
1. Trust
As the CII puts it: “building public trust is a journey, not a destination.”
Trust is built overtime, and Romero Insurance Brokers has 27 years of experience in the industry, as well as 10 years as a chartered broker. A businesses finances need the utmost protection, and it takes trust to forge the all-important relationships with clients. Being a chartered broker means that we are committed to professional standards, have to maintain the best practices, and will always do right by your business. We are able to be held accountable for our actions and therefore can be trusted to act properly.
2. Expertise
As a chartered broker of 10 years, it’s fair to say we’ve seen it all. Although we are constantly learning and developing new more efficient processes, it’s a foregone conclusion that the details of your claim will not surprise us. Our in house claims team have 25 years of experience dealing with a range of claims and are ready to step in to take the reins. We have experience at all stages of the claims process, and the expertise to know how to handle it swiftly with minimal damage to your business.
3. At the forefront of the industry
Industry forums, such as the Protection Forum, is a platform open only to chartered organisaitons, where brokers and insurance professional come together to discuss important topics affecting the industry. Being a longstanding chartered broker, we have a key say within forums and standard committees, offering advice and support on improving standards. We are a leading artificer for good claims practice and customer support. Being so closely involved, we are able to adopt new processes and quickly act in the best interest of our clients.
4. Shaping the Future
Being sat at the table with the triple A insurers and heads of the industry allows us to help shape the outlook of the insurance landscape. As a chartered broker, we have the opportunity to provide feedback on proposed plans as well as alter how insurers meet client needs and expectations. We know the best way to share our opinions on how the relationship between the insurance sector and the public should evolve. We are best placed, via the CII’s consultation groups, to comment on attitudinal behaviour in the sector – involving customer focus, inclusivity, integrity and ethical working.
5. Benefitting clients
Being chartered is a mark of excellence. It is a tremendous recognition of our significant contribution to both clients and wider society. It reflects the lifelong learning and development of our members, all the way from our CEO, Justin Romero-Trigo, and Managing Director, Simon Mabb, through to the Romero account handlers clients which communicate with clients every day, and our claims team who will be the client’s rock through difficult times.
This dedication runs through the entire organisation, with over 62% of our customer facing team holding formal CII qualifications, ensuring that wherever possible, every person you deal with at Romero has the most up to date knowledge. We’re always investing in the growth and development of our people, which means you have the very best team on your side for whatever you might face. This also allows us to bring more people into the industry, increasing the number of experts available to you. By using initiatives such as our graduate scheme, open again for 2024, we’re able to train and grow experts with our exceptional service ethos built in, making sure our clients always receive the very best.
Graeme Trudgill, CEO of the British Insurance Brokers Association comments: “Customers who remain with their insurance provider for many years should benefit.” Reinforcing the point that it’s important for clients to use and trust the right broker, a chartered broker.
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