What the agreement means

With the broker education partnership between NIBA and ANZIIF underway, the collaborators have offered information for brokers and industry professionals with questions regarding the change.

How did the partnership come about?

ANZIIF and NIBA began discussions regarding broker education in March this year, reaching the conclusion that the future success of brokers and their businesses would be best served through a collaborative approach to broker education, training and professional development.

The nature of economic activity and commerce in Australia, including the business of intermediated insurance, is changing rapidly.

NIBA and ANZIIF recognise an ongoing need to regularly review the nature and content of insurance broking education to ensure it remains relevant, appropriate and current as changes occur in the industry.

 

What does this agreement involve?

ANZIIF and NIBA will collaborate on broker education research, broker professionalism and select industry and community initiatives.

NIBA will focus on lobbying, events, membership services, professional standards and representation of its corporate and individual members.

NIBA will no longer take enrolments into its broker qualifications, traineeships or Continuing Professional Development programs run through NIBA College. NIBA will join ANZIIF’s Corporate Supporter Program to contribute to industry and community initiatives.

ANZIIF will be NIBA’s preferred supplier of education, training and Continuing Professional Development. ANZIIF will continue to focus on education, membership, professional standards and community and industry initiatives, such as Know Risk and Careers in Insurance.

 

How will broker education change under this agreement?

ANZIIF has worked with NIBA and industry on a major project to develop new broker education. This broker education will be part of the ANZIIF Skills Units, which will be released next year. All education will be FNS15-compliant.

These units are designed to reflect the current and future needs of brokers and brokerages, and to ensure that brokers have the skills and knowledge necessary to succeed.

The units are more thorough and more concentrated but shorter in duration. They enable brokers to focus on one skills area and build their proficiency in this area over a period of four to six weeks, rather than focus on a broader area and complete a unit over a period of months.

 

How will this benefit brokers?

The new education model will be facilitated by ANZIIF and NIBA’s combined 163 years in industry education, training and Continuing Professional Development and our deep partnership with industry, which means broking education will be entirely led by brokers.

Brokers will also benefit from less duplication of resources between ANZIIF and NIBA, which will provide greater value for members and students.

 

How will this agreement work in practice?

NIBA will nominate ANZIIF as its preferred provider of education, training and Continuing Professional Development for brokers.

NIBA will continue to provide education to its current students until 1 September 2016. After this date, remaining NIBA students will transition to ANZIIF’s education programs.

 

How does this affect current NIBA students?

NIBA will continue to provide education to current students until 1 September 2016. Following this date remaining NIBA students will transition to ANZIIF’s education programs.

A transition pathway will be developed for these students to ensure their education goals are met with the least amount of disruption possible.

Further to this, current NIBA students who transition to ANZIIF broker education will gain access to ANZIIF’s complimentary membership, in line with all ANZIIF students.

New students will only be able to enroll in ANZIIF’s education programs; NIBA will not be taking any new students.

 

How does this affect NIBA members?

Members will no longer be able to enroll into new NIBA College education, training and CPD programs.

NIBA will continue to focus on lobbying, member services, professional standards and representation of its corporate and individual members, and in providing networking opportunities and events for the intermediated insurance community

 

How does this affect ANZIIF members?

There will be no material change to ANZIIF members or students. ANZIIF students enrolled in the insurance broking courses will continue their studies as usual.

 

How will NIBA’s Qualified Practising Insurance Broker (QPIB) designation be affected?

Qualified Practising Insurance Broker remains the professional benchmark for insurance brokers in Australia. NIBA will continue to award QPIB professional status to those brokers who meet the QPIB criteria.

NIBA will also continue to actively promote QPIB as a sign of excellence in insurance broking consumers should look out for. It will remain a prerequisite for brokerages to have in-house to appear on the Need a Broker website.

NIBA will continue to require QPIBs to maintain 50 CPD points over a two year period in order to maintain the QPIB professional designation – as well as NIBA’s other individual membership designations, Associate, and Fellow.

Read about the landmark education partnership between NIBA and ANZIIF here.

Catch NIBA CEO Dallas Booth’s take on the partnership here.

For members who require more information regarding the partnership, please contact NIBA CEO Dallas Booth directly at dbooth@niba.com.au