Insurance

CII shows how pandemic impacted finance professionals

By Ranamita Chakraborty

A discount scheme by the Chartered Insurance Institute (CII), a UK-based global professional insurance body, has revealed the real financial impact that COVID-19 has had on members of the insurance and personal finance profession.

Under the scheme which was announced on 1 May, CII is offering a one-time 20% discount on digital learning materials available for both members and non-members who, as a result of Covid-19, were furloughed or had seen a material reduction in their income.

The discount, which is available while the UK government’s furlough scheme remains in operation, applies where the individual’s learning costs were not funded or subsidised by their employer.

In one month, over 203 CII members received a discount code to enable them to continue their studies and further their careers during the coronavirus outbreak.

Of those who received the discount in May, 82 had been furloughed or had seen their income materially reduced.

The remaining 121 individuals who requested the discount stated they were self-employed causing their earnings to be significantly impacted by the global pandemic, their employment had been terminated, their employer’s business had collapsed or the offer of a new job had been rescinded.

Commenting on the findings, CII learning and assessment director Gill White said, “We introduced the discount to assist and support both our members and non-members who want to enrich their skills and develop their knowledge during this health and economic crisis.

“By taking this time to engage in learning we hope our insurance and personal finance professionals are furthering their careers and will be in the best place they can be to assist consumers.”

Asia Insurance Review

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