Apprenticeships have played a growing role in work-based training and education over recent years. Open to anyone aged 16 or over who is not in full time education, they allow ‘on the job’ training, typically linked to a specific job role and supported by mentors from a recognised training businesses.
Insurance has not been slow to embrace this concept. One advantage is that mentors can see how students interact with their work environment and can help fill gaps in their understanding of insurance terminology or processes.
Apprenticeship are supported by the UK Government and students between the ages of 16 and 18 could be eligible for external funding.
Insurance apprenticeships typically run for 12 months. When operated in conjunction with an accredited training organisation, they can lead to a qualification. For example, an apprentice might supplement their NVQ by studying for the CII’s IF1 examination (Insurance, Legal & Regulatory) and then perhaps LM1 (London Market Insurance Essentials) or a specific underwriting exam - leading to the ‘Cert CII’ professional qualification.
Limited government funding is also available for over 19s. But here MGAs would need to ‘top-up’ the cost of funding apprenticeships.