- Paul Exton Cert CII
A changing world requires Courage, Innovation and People to embrace the opportunity!
A core principle of insurance is that the many contribute to protect the few. The pandemic has turned this on its head as – the few contribute to protect the many. A catastrophe or 1 in 200-year event which in insurance terms could be likened to a war time risk, simply isn’t what insurance is designed for. It is even too big for the Government to underwrite without huge budget deficits and strains on public finances. However, that isn’t a challenge which can be swept under the carpet.
The pandemic has brought incredible challenge to the world of risk but this also brings monumental opportunity. As a nation we are all more aware than ever before of the possibility of unknown risks re-shaping our lives, through health and wealth and this can only be a positive in the future choice of protection and reliance on professionalism from advisors.
Change lies ahead for the financial services sector, whether with businesses, policies or our ways of working. The future needs are an exciting opportunity to build back better. The CII and PFS are not a commercial business so can help build future practices and policies which in turn create trust and a stronger reputation. Your Local Institute and your membership values input to help drive and influence change.
The world right now faces an inter-connected, global, highly-complex situation. However, the local region of Sheffield with is Personal Finance and Insurance based professionals provide connectivity to individuals, understanding needs, delivering on promises and more important than ever - listening. This will all help secure a bright future for them and our sector.
Aside from the global struggles there are many complex and new considerations which require new ideas such as:
- Data-rich profession both for personal finance and insurance. However, we are entering a period where little data exists so new skills and beliefs are required
- Real challenge across both professions from a variety of macro-factors; Climate change, Cyber, a technology driven by digital, ageing population to name just a few
- Life events impact financial security and outlook for individuals and a host of business across many sectors
- Equality, Diversity and Inclusion must be fully embedded in society let alone business
True resilience and innovation are found from a continuous mixture of new skills, views and abilities to observe change and deliver action so I fully welcome and encourage anyone wanting to get further involved to make contact with council members and show an interest in shaping the future. We are championing an ‘All Equal’ campaign in everything we do and we want hear from anyone with an interest. I’ve seen at first hand your council go above and beyond in the last 18 months and they are a credit to you all. It would be great to hear from you if you would like to find out more.
Finally, as a Local Institute we are committed to delivering for our members, that put simply, is why we exist. For the remainder of 2021 and into 2022 we are driven by the courage to hold events again, as long as restrictions allow and in a manner which embraces the need to deliver in a considered approach. We look forward to seeing many of you at events later this year.