The Chartered Insurance Institute’s (CII) Education and Training Trust has given £25,000 ($31,227, €27,574) to the Insurance Charities to ensure around 100 professionals suffering financial hardship as a result of covid-19 can obtain qualifications.
On behalf of the CII’s Education and Training Trust, the Insurance Charities will administer applications for the full funding of training and reimburse eligible applicants for the costs of learning upon provision of a receipt from a relevant education provider.
Applicants do not need to be members of the CII to request funding for their learning and development, but they must have worked in the insurance sector and wish to complete studies to further their career in this profession.
To qualify for the assistance, the applicant must be a current or past UK or Irish insurance/financial planning employee plus be looking to engage in independent study, which will be of direct benefit to their insurance or financial planning career and which is not financed by an employer or is not free at the point of delivery.
The applicant must be unable to finance the studies from their income and have less than £8,000 in savings.
Secure future
Annali-Joy Thornicroft, chief executive of Insurance Charities, said: “We exist to support employees working in insurance during challenging times.
“This new fund will help employees impacted by the current pandemic by not only contributing to their personal development, but by offering a stepping-stone to a more secure future in these uncertain times.”
Simon White, independent chair of the CII’s Education and Training Trust, said: “At this critical time, so much relating to education and studies is either paused or on hold.
“We feel it is important to be able to offer financial support relating to studies for those in the insurance and personal finance sectors. Those who wish to but may not be in the financial position to do so, will be assisted to undertake a course of study to maintain and develop their knowledge.
“The intention being that they will be enabled to increase their skills and capabilities to better serve their customers in the future.”
Learning materials
For those who do not qualify for the scheme being administered by the Insurance Charities, the CII will continue to offer a 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.
This discount, which is available while the government’s furlough scheme remains in operation, applies where the individual’s learning costs were not funded or subsidised by their employer.
In just one month, more than 203 CII members have received a discount code from the professional body 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.
