Abridged press release from AMII:

Brian Walters from Regency Health is the first individual to have sat and passed the new Association of Medical Insurance Intermediaries (AMII)/Chartered Insurance Institute (CII) IF7 examination introduced from 1 July.

Walters sat the examination in Bristol, then travelled up to join the AMII Annual Conference in Hinckley, Leicestershire to receive a special award to mark his success from AMII’s General Secretary, Michael Payne, at the evening’s Gala Dinner.

Michael Payne said, “Brian has made history by being the first person to successfully sit our new examination. Interest shown in the coursework and exam across our industry has been very encouraging and we look forward to hearing about many more successful candidates over coming months.”

Brian Walters added, “I’m fully behind AMII’s drive to professionalise our sector and I wanted to demonstrate that by taking the exam on the day it launched. This is a positive development for our industry that can only help to promote consumer confidence and bolster our message that private medical insurance is best purchased with specialist advice”.

I’ve just arrived back from Bristol, having sat and passed the Chartered Insurance Institute’s new healthcare insurance products exam (IF7) on the day of launch. The revised IF7 syllabus was designed in conjunction with our trade body, the Association of Medical Insurance Intermediaries, and the study text authored by industry luminary Andy Couchman.

This is a watershed moment for our sector. There is currently no requirement for PMI advisers to hold a public qualification, although the FSA do mandate that firms train their advisers and ensure their competence. Some intermediaries promote their advisers as being ‘fully qualified’, but that’s just marketing rhetoric.

This isn’t to say that the standard of advice within the industry is poor; on the contrary, it’s generally of a high standard. The problem is that we advise on a reasonably complex product and, as a community, the need for specialist advice is central to our marketing message. If that message is to carry any weight, we need to be better qualified than the people we’re advising.

I know that a number of insurers and intermediaries have made IF7 mandatory for customer-facing staff within a specified timeframe, typically two years. I am optimistic that some firms will go further still and eventually require their advisers to hold the CII’s Certificate in Insurance (which can be built around IF7), especially those providing advice to retail customers. This is the standard that I’ve set for Regency Health, and I have the remaining exams booked to complete the certificate myself before the end of August.

This is a positive development for our industry that can only help to promote consumer confidence and bolster our message that private medical insurance is best purchased with specialist advice.