Ensuring a secure future

Training regulation for insurance and financial services brokers updated

A car accident or a sporting accident, a break-in at home, or when making an investment – insurance and financial services brokers are on hand with help and advice. This sector is heavily focused on consultancy and sales, its range of services is constantly changing, and over recent years it has seen very dynamic development. Training involves an increasingly important role for new business models which are available via various digital channels and also for holistic, qualified and individual advice and assistance tailored to the customer for protecting a range of different life situations.

On behalf of the Federal Government, the Federal Institute for Vocational Education and Training (BIBB) has therefore worked together with the relevant federal ministries as well as social partners and experts from company practice to revise the training regulation for insurance and financial services brokers in order to be ready for the new requirements. This entered into force on 1 August 2022.

A broad core qualification has been developed with a focus on the future and incorporating, in particular, digital competencies, modern working and project methods as well as holistic and sustainable consulting. The core element of the training is the "Kundenbedarfsfelder" (client requirement fields) and the competencies to be taught are developed based on these. They include, for example, protection of residential property and home ownership, professional and leisure activities, mobility and travel; promotion of health; and coverage for illness and care requirements. Further areas of work involve capital formation, retirement planning, income protection and provision for surviving dependants.

The elective qualifications are now focused on the five areas of "Insurance claims management", "Implementing risk management", "Risk insurance for non-private customers", "Business sales management" and the new elective qualification “Digitalisation processes in the insurance industry," which combines specialist knowledge with IT content – the ideal basis for working at typical IT interfaces in the insurance industry and in the financial investment sector.

The new profile also provides insurance and financial services brokers with a broad range of occupations, in particular in insurance companies or in the financial services sector. With a total of more than 12,300 trainees in 2020, the occupation remains one of the most popular training occupations. Following training, the specialists have a wide range of advanced training opportunities available such as the Bachelor Professional in Insurance and Finance.

The updated training regulation for the company-based element and the framework curriculum for the school-based part – which is tailored to the company-based element – replace the existing training regulation from 2006.

Source: www.bibb.de, press release by the German Federal Institute for Vocational Education and Training (BIBB), revised by iMOVE, November 2022