Welcome to our year-in-review, in which we look at some of our highlights, key strategic outputs and our financial report.
Your Future, Insured.
It goes without saying that this past year has brought an enormous amount of change – everything from how we work, live and study has been impacted by the pandemic. Once again our industry has shown great resilience in the face of adversity and I have seen wonderful examples of creativity and resourcefulness across our sector.
For us at the Institute, it has been a transformational year – like many other organisations we had to innovate and fast track our digital ambitions to ensure delivery of our core services to our members. Our exams moved entirely online with great success and positive feedback from all. Our CPD schedule, which relied heavily on face to face interactions, moved to a webinar format, and this resulted in an upsurge in attendance nationwide. We also saw online CPD engagement increase, with in excess of 100,000 hours completed.
As we look towards the year ahead there is of course an element of apprehension, however I can assure you that one thing is for certain – at The Insurance Institute we will continue to educate, inspire and connect our members – and I know for sure that brighter days lie ahead for us all.
Dermot Murray CEO
Once again our industry has shown great resilience in the face of adversity and I have seen wonderful examples of creativity and resourcefulness across our sector.
A year of progress - improving the quality of our core products and celebrating successes.
02Key Achievements of 2020
Exams move online
One of the first key areas we had to address in response to the pandemic, was our end of semester exams. These moved entirely online from the May sitting and due to the tenacity and resilience of our teams, the results of doing this were positively received by all members.
Our Higher Diploma in Insurance Management has arrived.
The Management Diploma in Insurance has been undergoing a transformation, culminating in the official confirmation of its metamorphosis into a Level 8, Higher Diploma from June 2021. As our most advanced professional qualification, it provides students with in-depth and more specialised insurance expertise as well as greater business acumen.
Here is a snapshot of what else happened this year.
The Apprenticeship Programme
Although the pandemic brought up a lot of recruitment challenges for us as an industry, our programme continued to grow albeit slower than we anticipated. We also celebrated our 2020 graduates, who again displayed phenomenal results and look forward to welcoming our sixth intake in 2021.
of employers have recruited more than one apprentice
Overall membership numbers are static year on year which is understandable given the prevalence of the Covid-19 pandemic, but members continued to study throughout resulting in a 4% increase in graduates.
year-on-year increase in membership
increase in qualified members
members with CPD requirements
Core business activity
At our core is the provision of a solid structure of education and CPD products to our members across the country. Here are some of the highlights.
With members located throughout the country and our Face to Face CPD season unable to proceed, we launched online with a series of webinars to continue to provide this invaluable service to members.
21,039 Number of CPD hours provided
1,200Average number of members engaging each week
36%Percentage of members who completed a portion of their CPD this way
For the duration of my presidency, my primary focus will be to help, guide and support The Institute team as it seeks to navigate its way through this crisis.
Sean McGrath, CEO Allianz Ireland and National President 2020 – 2021
Members accepted designations in 2020
Despite the many challenges faced by The Institute since the start of the pandemic, we are proud to share with you a brief overview of our key achievements.
Helping our members achieve their potential is the basis of our strategy.
Our Qualification Pathway
Our vision at the start of our strategic journey in 2018 was to deliver a clear education pathway that meets the professional development needs of both the industry, and the modern-day learner.
2020 saw the delivery of the final phase of the updated Management Diploma in Insurance (MDI) programme, moving it to a Level 8 on the National Framework of Qualifications and in return moving the award to a Higher Diploma in Insurance Management. The programme now offers students a mixed assessment method supported by online learning and supports at an advanced level and in line with the needs of all key stakeholders.
Our technological ambitions and capabilities had to be fast-tracked because of the pandemic, but this resulted in a number of successes, particularly within our CPD product stream and in line with the findings of our review in 2019.
Our CPD live schedule, which relied totally on face-to-face interactions moved to a webinar format early on. This change resulted in an upsurge in attendance, with a nationwide audience on average of 1,200 members for each event.
We also saw phenomenal engagement with our online eLearning CPD products, with members completing in excess of 100,000 hours in this way, with positive feedback around our latest, micro-learning product, which provides topics presented in easy to digest, 15-minute blocks.
Throughout 2020 we had to innovate – be more agile and dig deep to find ways to deliver our core services to our members and in a world that had become increasingly remote, digital enhancements played a leading role in this. One such example of this outside of our CPD sphere, was our end of semester exams, which we moved online in May. By year-end, over 4,500 of our students had sat their exams with us virtually and the feedback to date has been hugely positive.
We also continued to work on reporting improvements for both internal and external stakeholders and launched our Digital Membership Card, Virtual Library and relaunched our Corporate Portal.
The Institute normally operates to a three year strategic planning cycle. However, during the course of the development of the next Plan (which would have covered 2021-2023) it became evident that due to the volatility and uncertainty arising from Covid, it was agreed with the Board to pursue a one year strategy for 2021.
These strategic objectives will be delivered through distinct work streams, including system transformation, further development for our qualifications pathway and continued enhancement of our CPD products.
Did you know?
Over 10% of our CPD members log into a webinar each week.