Overview
Why is the Insurance Council developing and introducing a competency framework?
Establishing clear entry to practice expectations is a key initiative to support a standard of professionalism in British Columbia's insurance industry. Competency based standards have been used in Canada for nearly 30 years and have become common practice for regulators in a variety of disciplines. Introducing a competency framework supports the Insurance Council’s mandate of providing regulatory oversight that protects the public by clearly outlining the expectations of licensed insurance professionals.
Who does the General Insurance Competency Framework apply to?
Once implemented, this framework will apply to any general insurance licence holders (Level 1, 2, 3 and Nominees) and applicants or candidates for a general insurance licence. The expectations, skills and requirements gradually increase with each licence category to demonstrate the increased level of responsibility within their organization and the industry as a whole.
Why is it important to applicants, licensees and industry representatives?
The Competency Framework is designed to:
- Give clarity and transparency about the competencies expected for licensure—information that will be helpful for potential candidates to the industry, as well as recruiting firms.
- Provide agencies with a clear statement of realistic expectations for performance upon initial entry as an authorized representative and allow agencies to support licensees in their learning progression.
- Assist organizations in developing and implementing training programs for general insurance salespersons and agents.
- Provide individuals interested in working as insurance salespersons or agents with a picture of licensing education requirements.
- Allow licensees to reflect and benchmark their professional development.
What topics does the Competency Framework address?
The General Insurance Competency Framework contains three broad sections licensees are required to demonstrate to hold their specific licence designation.
-
Knowledge of the insurance industry – including understanding of principles and practices, the function of the Insurance Council, and knowledge of products and services.
-
Technical abilities – understanding of product sales, processing, and servicing, as well as the legal and regulatory requirements regarding sales and processing.
-
Business skills – basic business acumen skills such as conduct and ethics, errors and omissions insurance coverage, communication skills, customer service, information management, planning and organization as well as leadership and supervision.
Who is developing the General Insurance Competency Framework?
The Insurance Council initiated the development of the General Insurance Competency Framework by appointing a subject matter expert team comprised of staff, Council members and licensees active in the industry who drew upon their own professional experiences, as well as subject matter experts in the realm of competency frameworks.
How is the General Insurance Competency Framework being developed?
The project team is developing the Competency Framework in stages based on licence category. The first stage of the framework’s development is Level 1 General Insurance Salespersons, which would establish the baseline competencies for someone practicing general insurance. Finalizing this category is an important stage, as it will inform the development of all remaining licence categories.