ANZIIF

Australian and New Zealand Institute of Insurance and Finance
Abbreviation ANZIIF
Formation 1884 (1884) (in Melbourne)
Purpose Education, Professional Development, Insurance, Finance and Membership
Professional title
  • Allied
  • Affiliate (Aff) CIP
  • Associate (Assoc) CIP
  • Senior Associate (Snr Assoc) CIP
  • Fellow (Fellow) CIP
Headquarters Melbourne, Australia
Location
    • Australia
    • New Zealand
    • Shanghai
Membership
16,500
President
 Allan Reynolds
CEO
 Prue Willsford
Publication The Journal
Website anziif.com

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF), also known as the Institute, is a professional association and education provider for the insurance and financial services industry in the Asia-Pacific region. ANZIIF was founded in 1884, making it one of the oldest professional associations in the region.

History

The Victorian Insurance Institute was formed in July 1884 and was followed by the New South Wales Insurance Institute in August 1884. In 1911, the Western Australia Insurance Institute came into existence and the South Australia Insurance Institute did so in 1913. Across the Tasman Sea, the Insurance Institute of New Zealand (IINZ) formed in 1937 through the merger of the Insurance Officers Guild of New Zealand (formed in 1920) and the Faculty of Insurance (formed in 1933).

The federalist Institute model had been proposed originally in Australia in 1887, but it was not until 1919 that the state Institutes formed 'The Incorporated Australian Insurance Institute' (the word 'Incorporated' was dropped in 1960).

In October 2000, members of both the AII and IINZ voted to merge the two professional associations and the new name of the Australian and New Zealand Institute of Insurance and Finance was adopted. The Australian state-based Institutes, who continued to operate, followed suit in the next twelve months, becoming fully affiliated with the new body.

The year 2004 marked 120 years since the first Institute was established and in 2015 ANZIIF celebrated eleven wins as the leading provider of insurance and financial services education, training and professional services membership in Australia, New Zealand and the Asia-Pacific.[1]

In October 2013, Prue Willsford was appointed CEO of ANZIIF.[2]

Crest

The Institute's original coat of arms, granted in 1982.

The ANZIIF coat of arms, crest and badge were granted in 1982 by the College of Arms.[3] The blazon of the shield on the coat of arms consists of an azure cross potent symbolising insurance, in particular accident and life insurance. Two anchors and two flames represent marine insurance and security/hope and the flames symbolise learning. The crest incorporates a helm with a wreath and four books that are dedicated to the study of life, fire, accident and marine insurance. They are encompassed by a chain which symbolises security and unity of purpose. The badge of the shield symbolises insurance and learning. The supporters, a lyrebird (Menura superba) and a wedge-tailed eagle (Aquila audax), were chosen to be different from the traditional Australian kangaroo. The wedge-tailed eagle in particular because it symbolised strength and vision. The motto E Scientia Utilitas translated to the Institute's motto Service through Knowledge. The Institute's logo was modernised in the late 90s with stylised versions of the two birds, shield and books.

Membership

Membership Levels

ANZIIF offers six membership levels with a focus on providing a pathway for Insurance professionals throughout their careers.[4]

Student MembershipANZIIF students enrolled in an award course module will automatically be awarded student membership status. Students who successfully obtain a qualification for an award course will receive a free membership upgrade for the rest of the year in which they completed the course.
AlliedAllied members predominantly work in the service provider area and support the insurance industry but do not have insurance or finance qualifications.
Affiliate CIPAffiliate Certified Insurance Professional members have completed the levels of education and knowledge that are required and regulated in each area that ANZIIF operates. In Australia the criteria for entry into the Affiliate level is successful completion of ASIC Compliance (Tier 1 or 2) and in Hong Kong the Insurance Intermediaries Qualifying Examination (IIQE).
Associate CIPAssociate Certified Insurance Professional Membership is open to financial services professionals who have completed a specific insurance/finance qualification equivalent to the ANZIIF Certificate IV level.
Senior Associate CIPSenior Associate Certified Insurance Professionals are financial services professionals who have completed a specific insurance/finance qualification equivalent to the ANZIIF Diploma level.
Fellow CIPFellowship is the highest level of ANZIIF membership, representing insurance professionals who have completed post-graduate qualifications in financial services and have strong technical knowledge of, and experience in, the industry.

CIP program

The ANZIIF CIP (Certified Insurance Professional) program is recognised as the standard of professionalism for the insurance and financial services industry.[5]

CIPs are insurance professionals who have obtained an ANZIIF qualification or recognised equivalent, maintain up-to-date technical skills and knowledge through a program of professional development and abide by the ANZIIF Code of Ethics.

Faculties

ANZIIF members are grouped into Faculties which focus on specific areas of expertise.[6] These groups get specialised content, forums to discuss and network, a tailored library of articles and are led by industry specific boards.

The Faculties are:

  • Faculty of Insurance Broking
  • Faculty of Risk Management
  • Faculty of Claims
  • Faculty of General Insurance
  • Faculty of Reinsurance
  • Faculty of Life, Health & Retirement Income

Member Services

Members of ANZIIF have access to a range of member benefits including: Online professional development, a library of news and articles, networking forums, Faculties with tailored content, scholarship programs, an industry journal, mentoring program, events & conferences and advocacy.[7]

Education

ANZIIF is a Registered Training Organisation (RTO) and provides education and training products and services to the insurance and financial services industries. AQF qualifications are offered via distance learning and online and are open to members and non-members of ANZIIF. They are offered in the sectors of general insurance, insurance broking, loss adjusting, life insurance, risk management and personal injury management.

ANZIIF runs Tier 1 and Tier 2 RG146 programs, the minimum training required by the Australian Securities and Investments Commission (ASIC) by individuals selling financial products.[8]

Corporate training programs and RTO options are provided for companies in the industry who do not have their own RTO or training arms.

On the short course level, ANZIIF provides a range of conferences, seminars, training and networking opportunities to members and non-members to support the careers of insurance professionals.[9]

In 2015 ANZIIF announced a collaboration with the National Insurance Brokers Association, wherein ANZIIF would become NIBA's preferred provider of broking education. NIBA College ceased to take new enrolments from this point forward.[10]

Community

Know Risk

In response to the large number of uninsured and under-insured people in Australia and New Zealand ANZIIF created Know Risk, a network of information, tools, applications, social media and websites.[11] The mission of Know Risk is to improve community resilience by providing easily accessible information and understanding about both practical and financial risk management in everyday situations. The initiative was launched by the Hon Bill Shorten MP in June 2013.[12]

Careers

A lack of understanding of insurance and opportunities to work in the industry prompted ANZIIF to create the Careers in Insurance initiative.[13][14] This initiative highlights the scope and size of the industry, as well the vast breath of work opportunities. 100,000 copies of a ‘Careers in Insurance' booklet were given to every high school, university, business school and TAFE in Australia and New Zealand. A website was also designed to educate the public on the importance of the insurance industry to the community and its career opportunities.

Industry Awards

ANZIIF hosts both the Australian Insurance Industry Awards and the New Zealand Insurance Industry Awards to honour the achievements of companies and individuals within the insurance market each year.[15]

References

  1. ↑ ANZIIF clocks up 11th win as Asia-Pacific's insurance educator of the year, Media Release, 2015, ANZIIF
  2. ↑ NAB boss takes ANZIIF CEO top spot, www.insurancebusinessonline.com.au
  3. ↑ "The Institute obtains a Grant of Arms". The Journal. College of Arms. 17 (3): 43. August 1994.
  4. ↑ ANZIIF membership levels, ANZIIF
  5. ↑ CIP (Certified Insurance Professional) program, ANZIIF
  6. ↑ Faculties, ANZIIF. Archived 4 October 2013 at the Wayback Machine.
  7. ↑ ANZIIF Membership benefits, ANZIIF. Archived 4 October 2013 at the Wayback Machine.
  8. ↑ "Regulatory Guide 146: Licensing: Training of financial product advisers (RG 146)". Australian Securities and Investments Commission. July 2012. Archived from the original on 5 October 2013.
  9. ↑ Institute events, ANZIIF
  10. ↑ "Landmark broker education deal announced". Insurance Business. November 2015.
  11. ↑ Know Risk, www.knowrisk.com.au
  12. ↑ Launch of ANZIIF Know Risk Initiative, billshorten.com.au. Archived 8 December 2015 at the Wayback Machine.
  13. ↑ Careers in Insurance, ANZIIF. Archived 5 October 2013 at the Wayback Machine.
  14. ↑ ANZIIF launches careers in insurance scheme, www.investordaily.com.au
  15. ↑ Niche insurer scores double win at ANZIIF awards, www.insurancebusinessonline.com.au
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