The requirements of the Insurance Distribution Directive will apply to firms from 1 October 2018; I was, therefore, keen to chat with RWA's IDD / T&C Scheme Specialist, Nicola Mathias, to explore how the Aviva Development Zone can help brokers get to grips with the IDD.
How can the Aviva Development Zone help brokers with the Insurance Distribution Directive?
“From 1st October 2018, the Insurance Distribution Directive (IDD) will introduce several changes to the working lives of professional insurance brokers. Amongst these changes are a regulatory requirement for individuals to accrue a minimum of fifteen hours of CPD per year and to demonstrate that they have attained the minimum necessary knowledge across eight core competencies.
“To help brokers meet the new regulatory requirements, RWA is pleased to announce the launch of the IDD pathway, which is a collection of around thirty bite-sized courses, designed to enable learners to get to grips with the requirements of IDD, help meet their CPD obligations and demonstrate that they have the minimum necessary knowledge, all via the award-winning Development Zone platform.”
What support is available?
“In my role as IDD / T&C Scheme Specialist at RWA, I have worked with hundreds of brokers throughout the UK, many of whom are already accruing far more than the minimum CPD requirement; what the IDD challenges each firm to do is to create a structure around the competencies their CPD activity covers, which is why the Development Zone is ideally placed to support firms.
“Furthermore, the team at RWA is on hand to help each firm to get the most out of the Development Zone. If you are not sure how to allocate learning, access courses, record CPD, or you have any other questions, simply get in contact with the customer service team who will be happy to help.
“We even offer a T&C service which includes client support visits in certain circumstances. As part of the T&C service, I will help the firm to structure a learning plan for their staff, which helps to cover the requirements of IDD in a manageable and pragmatic manner. These sessions, which can be delivered on-site or remotely, are designed to provide structure to learning and development plans, capture the necessary information to inform the plan, and ensure that the functionality of the Development Zone is maximised.”
Why should brokers take a broad view of the IDD?
“The IDD is a complex and broad topic. I have seen a lot of information, IDD ‘experts’ and services in the market, which focus on individual elements of IDD, such as PROD 4. While this is an important consideration, focussing in on one element risks losing the detail of the broader topic – you don’t want to miss the woods by focussing on a single tree.
“This is where the Development Zone is at its very best; the IDD course material takes a complex topic and disseminates it in a clear and logical manner, which allows all learners, regardless of role, experience or seniority, to move towards meeting the requirements of the new directive.”
Log in to the Aviva Development Zone today to access the new IDD pathway.