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Designing success for the financial services industry
Case Studies
© COHESION Design Services Limited
Insurance People Magazine Identity and Design
Designing success for the financial services industry
Case Studies
© COHESION Design Services Limited
Insurance People Magazine Identity and Design
14 insurancepeople January 201014 insurancepeople January 2010
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JackBrownhill WOrLD MOTOr COnSuLTanCy
Wheredowego fromhere?Jack Brownhill of World Motor Consultancy looks back at the decade from the motor insurance perspective and speculates about the future
It seems hard to believe that it was ten years ago that the
insurance industry - and seemingly - the rest of humanity came to the conclusion that the end of the world really was nigh, and that every computer, plane, motor vehicle, traffic light and kettle would go in to meltdown when the atomic clock clicked over to the 21st century. y2K and the Millennium Bug became all consuming, and prompted what must surely count as one of the largest worldwide IT spends in modern history. In the moments leading up to the dawn of the new millennium we held our collective breath, only letting out a sigh of relief when the strident tones of Big Ben rang out bang on schedule.as we consign the first decade of this millennium to the history pages of Wikipedia, this seems an opportune time to reflect on the recent past and to attempt, perhaps unwisely, to see what the future may hold. One thing is very clear - over the last ten years we have continued to splash gallons (sorry Brussels, litres) of red ink across the pages of the motor returns sent annually to our supervisors in Canary Wharf and Gibraltar. I wonder where we will be sending our returns in the future if there is a change of government at the next election?Thankfully the last twelve or so months have seen some vigorous rating action, although I use the word ‘vigorous’ with some caution as there are a fair few people who remain far from convinced that what we have done so far is anywhere near adequate.
Investment opportunities have been much thinner on the ground of late and although accident frequency appears to have reduced during the recession, the average number of claimants per claim appears to be on the increase. The prophets of doom have also speculated that much of the market is beginning to scrape the bottom of the prior years’ reserves releases barrel, and that there needs to be a much firmer focus on current year trading. With a market as competitive and crowded as that in the uK, strengthening rates has always been something of a challenge particularly in those customer segments that are heavily fished by both direct and broker-based insurers.
THE A-TEAM The intensity of the competition has surely been propelled to new heights by the arrival on the scene of the a-Team - the aggregators. I’ve yet to meet anyone who is ambivalent on this issue, and whether you love them or hate them, there’s no escaping the fact that they have had a major impact on consumer buying habits. The commoditisation of motor insurance has broken all boundaries and is now heavily biased towards new business, and the constant annual recycling of customers. not quite everyone has bought in to these comparative sites, of course, and the need to maintain the flow of customer traffic through the sites has given rise to major media promotions funded by multi-million pound marketing budgets. It appears unlikely that
the final chapter has been written on this subject. not surprisingly, claims costs continue to dominate the motor insurance vista with personal injury awards, fees and credit hire hogging the limelight. Much has been done to address these issues and 2010 should witness further activity - I leave others to decide whether there is a bright enough light (or, indeed, any light) at the end of the tunnel. as ever, we have seen insurers come and go and there has been a sprinkling of name changes - for one reason or another. unlike professional football, the insurance transfer window is always open, and as hardly a year goes by without at least one new insurer appearing on the scene it is surely the case that 2010 will bear witness to further player changes.The environment has been one of the hottest topics of the last few weeks of 2009 with the Copenhagen Climate Control Conference attracting much attention. Global warming, greenhouse gases, and broader environmental issues will remain widely debated subjects for many years, but without doubt road transport will continue to be a key battleground. Going forward, and in a relatively narrow timeframe, the picture is likely to be very different with new environmentally friendly vehicles coming onto the scene in increasing numbers. Electric vehicles appear to be a particularly popular topic at the moment, managing to push eco-supporters’ hybrids into the shadows. Will tripping over the recharging cable become the motor insurance equivalent of broken pavements?
With recycling and environmentally friendly manufacturing processes and materials in mind, vehicle manufacturers appear to be increasingly adopting new materials for their cars - hemp mirror mountings, parcel shelves made from wood chippings, and tyres from orange peel. and as for what we will be putting in our fuel tanks...! How long before we see the thatched convertible? although road pricing looks to have slipped off the active radar for the moment, it would seem unlikely that this will remain the case for the foreseeable future. Increasing numbers of vehicles are appearing on our roads with the necessary embedded telematics to make road pricing a more viable prospect, and it is of course very much the same technology that is required for the more basic usage based insurance (uBI) products.although the acronyms uBI and PayD are commonly used around the world, many of the associated insurance products are founded solely on a more precise calculation of the annual distance travelled and not all of these products even necessitate the fitment of any sophisticated monitoring equipment to the vehicle. The various uK schemes have looked beyond this however, and are focussed on not just how far, but more importantly where, when and how the vehicle is being driven. as technology costs reduce we will surely see more of these products becoming available in the uK. But I venture to suggest there must remain a question mark over how far such products can penetrate the traditional uK
marketplace for the mainstream customer and, indeed, what strategies will be adopted to permit more established pricing and risk selection mechanisms to remain competitive. Vehicle technology is also advancing in other areas with safety being a common thread. Vehicles are now being designed with an eye on the safety of vulnerable road users outside of the vehicle - pedestrians and pedal cyclists being very much at the forefront of this work. We are also seeing an increasing number of driver assistance devices becoming available - drowsy driver alerts, lane monitoring, active vehicle separation, and automatic speed limit monitoring to name just a few. Most modern aircraft are fitted with anti-collision equipment that automatically diverts them from converging paths - how long will it be before such equipment becomes commonplace on our roads? The availability of these new technologies will assuredly influence pricing and risk selection with an increasing rating emphasis on the vehicle and reduced emphasis on the driver.The last decade has been something of a success story as far as the fight against uninsured driving is concerned. The combination of the Motor Insurance Database (MID) and Automatic Number Plate Recognition (ANPR) technology has resulted in many thousands of uninsured vehicles being removed from our roads - many permanently.
While there is still much to do in this area - and it appears likely that a toughening up on data delivery to MID is on the cards - it’s clear that our achievements so far warrant a pat on the back. The introduction of Continuous Insurance Enforcement (CIE) will be a major addition to the armoury, although there remains some disquiet over the level of the fixed penalty fines envisaged under CIE.It’s now widely accepted that there is a strong correlation between uninsured driving and other criminal activity and it is not unknown for a driver of an illegal vehicle to be in breach of the driving licence requirements. nterestingly, there are ongoing discussions between insurers and the DVLA regarding easier insurer access to driving licence and driving history information. Will we eventually see this being validated at point of sale? What with the various other counter-fraud processes that insurers (and brokers) have introduced at both the policy inception and claim stages we appear to have reached the point where the concept of utmost good faith has run its course. It is surely no coincidence that a review of the Marine Insurance Act 1906 (the legislation that has underpinned material disclosure for more than a hundred years) is currently underway. Although this review has been triggered externally, the insurance market appears to be supportive, anticipating that any changes to the legislation will merely reflect
what is perceived as current insurer best practice. Will there be changes to the data collection process and to proposal form/quote system questions and defaults in the near future? I believe so. Are we in for a quiet decade? I think not. Insurance is very much a cyclical business and many past issues will, no doubt, come round again whilst others will remain
permanent features. The market will continue to face up to its challenges, not least of which is the constant struggle to convince the buying public that we really are here to help them in their hour of need.
“Unlike football, the insurancetransfer window is always open”
January 2010 insurancepeople 15
16 insurancepeople January 2010
January 2010 insurancepeople 17
Internet Opportunity
On my return to London, a
research project for Country
Mutual quickly allowed the
equation ‘Insurance plus Internet =
Opportunity’ to fall into place.
Quotiva then concentrated on
building internet applications,
leaving the drawing and colouring-
in job of brochure sites to others
better positioned. It didn’t take long
working with brokers and insurers
until we noticed the (then) hole in
the market for quick, cheap, reliable
quote engines. We therefore built
a system that allowed us to rapidly
build comparative quote engines for
brokers from any rating guide and
began selling. But we hadn’t banked
on the overwhelming ‘set-in-stone’
deal-killer response - “We don’t get
any business via the internet.”
I kept hearing it over and over
and, having seen the internet in
action selling everything from fake
eyelashes to financial products,
I knew it wasn’t a valid argument.
Sure, you might not get anything
from the internet today - but
tomorrow your competitor will be
eating your lunch when he puts
himself in front of the tidal wave of
people being educated by Google
et al to source everything online.
So we put our money where our
mouth was and started to use
the internet as a vehicle for new
business generation in insurance -
the Quotiva network was born
and became the first “Human
Powered aggregator”.
From the start, I didn’t want to
follow the traditional aggregator
model. The logical endgame for
that business is prices pushed
to the limit; consumers buying a
commodity product on price alone;
and the middlemen removed from
the transaction. For some products
that’s inevitable - one big computer
will eventually make the rates up
as it goes along, changing on a
minute by minute basis as it reacts
to data flowing in and out. (and
guess who has all that data...)
But...
But niche insurance is a different
beast. unlike the automated direct
market that works within a fairly
fixed set of rating criteria, niche
business requires the specialist
knowledge of a broker - even
if that’s just the ability to talk
the language of the prospect.
The model at Quotiva is one of
matching risks with specialists.
We try to harness the power of the
specialist broker and the network,
hooking up disparate buyers and
sellers by using a huge real time
filtering system.
Brokers tell us what they want down
to the minutest detail, and we put
anyone who comes to us matching
their description in front of them.
We’re not a fire hose of leads to
switch on - some of our specialist
brokers only take a handful a
month. The interesting part has
been observing the different way
brokers approach the market in
terms of selling. Some have built
sales operations like finely tuned
traps that spring into action at the
faintest twitch of interest.
Others give the impression they
are owed something, that the
prospect should be grateful for
their attention at all, even if it arrives
two or three days after the enquiry.
Some have evolved to the post-
direct environment, while others
have roots that run too deep. The
internet consumer too is a different
beast that requires specialist
handling - few seem to respect the
fact that merely allowing contact
via the web does not equate to
instantaneous service provision.
unfortunately that’s our problem
to deal with in the industry and not
theirs, and one which brokers can
mitigate by carefully managing the
flow of information between them
and the prospect. For the most
part, I don’t believe the empty
theorists pushing brokers to Twitter
and other social media networks
as the panacea for the new market,
but I do believe that pre-sales and
customer service have moved to
the web without anyone noticing.
Our job is to provide the interface
between the giant collective
‘Insurance Brain’ and the ever
changing, fickle consumer.
See www.quotiva.co.uk
Christopher Wright’s route into the insurance world was not a direct journey. Insurance People
invited him to expand on his comments in this month’s ‘Market Talk’ on page XXX to say more
about the evolution of Quotiva.
Why did an internet company transform itself beyond those boundaries to fill roles that turned it
into an IT company; a lead generator; and an aggregator, complete with all the FSa trappings of a
broking intermediary placing business in the market place?
Having begun his career by setting up an online shopping site based in Tokyo, with a subsequent
learning stint in the uSa, Chris Wright returned to the uK to become a provider of internet software
feature
ChristopherA.Wright
ManaGInG DIrECTOr
THE QuOTIVa nETWOrK
38 insurancepeople January 2010
January 2010 insurancepeople 39
On themoveWho’s going where?
Composite Legal
ExpensesDuncan Wood, LLB is appointed
national business manager at
Composite Legal Expenses
responsible for business
development in the insurer,
insurance broking and legal
sectors and development of the
specialist schemes portfolio.
Cooper Gay
Sam Hovey is appointed chief
financial officer of Cooper Gay &
Co. She joined in 2008 as group
financial controller and was
previously at HSBC Insurance
Brokers and rattner Mackenzie,
formerly part of the HCC Group.
FusionTrevor Hillman is appointed Fusion
regional manager in Scotland. He
spent 30 years with rSa in both
operational and sales roles.
alan McKay joins as a senior trader
after 20 years with axa where his
most recent role was technical
development underwriter.
Ian Taylor also joins as a
senior trader. He has 30 years’
underwriting experience spent at
aviva nZI and Ga. His most recent
role at aviva was as a trading
underwriter.
Margaret Miller who has over six
years insurance experience has
joined Fusion as underwriting
technician.
Brian McDonagh is promoted to
trading underwriter in Scotland. He
joined over two years ago.
FWD
Financial services Pr and
marketing specialist FWD appoints
alexandra Thompson as a
consultant in its public relations
division. She has over seven years’
experience, most recently at the CII
where she was Pr team leader.
GaB robinsandrew Cavan re-joins GaB
robins uK after four years with
Crawfords where he was a major
and complex loss team leader
based in Manchester working in the
chemicals, pharmaceuticals, hotel
and leisure, manufacturing, retail
and education sectors.
JLTrichard Harvey joins Jardine
Lloyd Thompson Group as a non
executive director. at norwich
union he was chief executive from
1998 to 2000 and subsequently
with aviva as group chief executive
from 2001 to 2007 and chair of the
aBI from 2003-2005. He was also
recently been appointed a non
executive director and chairman
elect of PZCussons and for 12
months after retiring from aviva,
worked in africa with development
charity Concern universal.
LibertyLiberty International underwriters
appoints Michael Hemesath to a
new position of claims manager
for Germany based in Cologne. He
joins from aXa Corporate Solutions
where he spent eight years, the last
six as senior claims examiner for
D&O risks.
Open GIOpen GI appoints Jason Potter
as head of insurer relations. He
was previously commercial lines
e-business & strategy manager for
allianz, and before that was senior
business developer and sales
management consultant.
QBEChris Tomkins is appointed senior
property underwriter at QBE’s
Birmingham operation. He joins
from ace European Group, where
he was senior property underwriter.
Prior to that he was at Catlin,
James Hampden, and Lloyd’s
Syndicate KGP 105 (John Poland
& Co).
nicola Marshall joins as senior
underwriter to the emerging
markets team of its professional
indemnity unit. She joins from axis
Pro Europe, and was previously
with Media Professional prior to its
acquisition by axis in 2007.
Martin nixon joins as senior motor
trade underwriter in Manchester.
He previously worked various
commercial insurance roles,
including positions at allianz
in motor trade development
underwriting and surveying.
SMSLloyd’s specialist facilities broker
Somerville Market Solutions
appoints Steven Bishop to review
and develop its Homeworks
product. He joins from Lloyd’s
broker nBJ united Kingdom where
he was business development
manager. Prior to that he spent five
years at nIG.
Sterling Sterling Insurance appoints
nicholas Hartley as senior
development underwriter. He joins
from aIG where he was a senior
development underwriter in the
South East.
andy Hulme joins as senior
underwriter from aviva where he
was a European underwriter for
their property owners team for over
three years.
Lee Venamore joins as a regional
development manager for the
South East region. He joins from
allianz Insurance where he spent
10 years. He is President of the Mid
Kent region of the CII.
Towergateamanda Blanc, formerly CEO
of Towergate’s retail Division,
becomes deputy group CEO of
Towergate Partnership reporting
to andy Homer. Her insurance
career began at Commercial union
in 1989 and she has held senior
posts in axa uK, Groupama uK,
joining Towergate in 2006. She
is also appointed to the board of
Broker network.
Towergate risk SolutionsDavid Cook joins Towergate risk
Solutions Teesside from Marsh as a
client facing business manager.
noel Stevenson, nick Wesson
and Mark Williams also join the
TrS Teesside team as commercial
account handlers.
Calum Macpherson joins as an
account executive responsible for
new business generation and was
previously business development
manager at Lockton.
Alexandra Thompson
Sam Hovey
Designing success for the financial services industry
Case Studies
© COHESION Design Services Limited
travelling conferenceMiddle Eastern societies host their first conference series
Earlier this year, the travelling conference series made its way to the Middle East for the first time, stopping off in Jordan, Bahrain, Dubai and Abu Dhabi.The theme of the conference was "Emerging
Investment Opportunities", with presentations from David Burkart, CFA
(“Commodities: The Complementary Role of Real Asset Beta in Your
Portfolio”), George Hoguet, CFA (“Financial Implications of Rapid Growth in Emerging Markets”) and Cliff Quisenberry, CFA (“Exploring
the Frontier of Emerging Equity Markets”). The three
US-based speakers, all of whom are part of the Speaker Retainer
Programme, with Cliff Quisenberry the most recent recruit, gained a
great deal from the experience and were impressed with the organisation of the events.
All of the conferences were well attended and appreciation of this
type of event in the region was evident from both verbal and written
feedback, with the speakers receiving high ratings from delegates in every case. The cooperative approach, though difficult to achieve, also marks a
milestone for Middle Eastern societies, and it is to be hoped that this will be the first of many such initiatives in the region.
In both Dubai and Abu Dhabi, CFA Emirates leveraged the event to attract participation from local regulators and, notably, Hawkamah, the Institute for Corporate Governance in the Middle East, North Africa, and Central Asia, with whom the society is working in partnership. Dr Nasser Saidi, Chief Economist DIFC and Executive Director of Hawkamah, was a guest speaker in Dubai and his presence attracted both society members and other local investment professionals.
Nidal Abu-Maizer of CFA Jordan, who took on the role of organising the first leg of the conference, said: “The speakers did a great job and the seminar had very good educational material that left everyone pleased with the knowledge they gained. We definitely look forward to more of such initiatives in the future.”
If you are considering collaborating with neighbouring societies to organise a travelling conference, please contact [email protected] or [email protected]
the travelling conference: a cFa Bahrain Perspectiveby Hamad Hasan, cFa, Board Member
At CFA Bahrain our first travelling conference, on 31 March 2008, was one of the highlights of our event calendar. Planning and executing a society event is always intense and very challenging, and this was no exception; the unique element to organising a travelling conference is the need for collaboration with other societies.
The vital elements for a successful travelling conference are frequent communication with the other societies involved and a common understanding
of the collective goals. CFA Institute was excellent in facilitating this, organising frequent conference calls and regularly sending progress reports.
One of the challenges of organising an event with other societies is to come to an agreement on the speakers. In our case, each society had its own preferences for both speakers and topics, and we all had to sit down and agree on the best option for the region and the conference as a whole, which naturally meant that everyone had
to compromise. There is an extensive and very rich choice of speakers and topics available for the travelling conference.
However, with great choice often comes great debate and it is a good idea to agree and prioritise the reserve speakers in advance.
If organizing such an event appears challenging, it is! However, CFA Institute provides an immeasurable amount of support and assistance to help execute a successful event.
8
top tips: generating Revenue
society of investment analysts in ireland (cFa ireland): Headhunter agreement
In return for sponsorship of the society’s Annual Awards Lunch and a number of other smaller functions during the year, we grant a leading local recruitment firm the following benefits:
n Recognition of the firm as the sponsor of the annual CFA Charter Awards Lunch held in November 2008, with appropriate access given for corporate branding at the event.
n The opportunity for a representative of the firm to give a brief welcoming speech to guests at the lunch.
n Advertising of the lunch sponsorship across the society’s website and on all e-mail and hard-copy communications in relation to the event to members and candidates.
n Placement of the firm’s hyperlink on the society’s website (www.siai.ie) for a 12-month period and recognition on the website as a corporate sponsor of the SIAI.
n Distribution of senior job advertisements through the SIAI website for a 12-month period. This is an exclusive arrangement.
n The sponsorship of the lunch enables us to invite new charterholders and guests to the awards lunch, with all catering costs and venue costs covered. This arrangement works well so long as the recruitment company respects the parameters of the agreement.
Contact Siobhan Funge, development officer for the Society of Investment Analysts in Ireland, [email protected] for further information.
n Durham Business School (UK)n The University of Manchester
Business School (UK)n University of St Gallen (Switzerland)
n University of Amsterdam (Netherlands)
n Koc University (Turkey)n Vlerick Leuven Gent Management
School (Belgium)
new cFa Program Partners
Speaker Retainer Program
cFa institute to hold its first EMEa Regional conference
On 2-4 December 2008, CFA Institute will offer its first regional conference in the EMEA region, the 2008 CFA Institute European Investment Conference: Global Strategies for Success. The conference will be held at Amsterdam RAI, Amsterdam, Netherlands, and will be hosted by the CFA Society of the Netherlands.
There is already an impressive array of general sessions and workshop sessions, with many more in development. Be sure to set aside these dates to attend the conference.
General sessions gLoBaL inVEstMEnt RisKs and oPPoRtunitiEs
Niall Ferguson, Professor, Oxford and HarvardBEHaViouRaL FinancE: insigHts into iRRationaL Minds and MaRKEtsJames Montier, Co-Head of Global Strategy, Societe Generale
Workshop sessions caPtuRing aLPHa and Managing RisKs in HEdgE Fund PoRtFoLios
Alexander Ineichen, CFA, Managing Director, UBS tHE WEaLtH ManagEMEnt industRy and today’s WEaLtH-oWning FaMiLiEs - FRoM cHaos coMEs oPPoRtunity
Philip Marcovici, Partner, Baker & McKenzie ZurichtHE EVoLVing stRuctuREd cREdit MaRKEts
Matt King, Credit Strategist, CitigroupundERstanding tHE PRiVatE Equity PHEnoMEnonTim Jenkinson, Professor of Finance, Saïd Business School, University of Oxford
XBRL for investment Professionals
Sponsored by CFA Institute, the European Federation of Financial Analysts Societies, and the International Accounting Standards Committee Foundation, this conference will explore the expected impact of XBRL across all realms of the financial reporting process. Comprising a combination of general sessions and focused breakout sessions, this event offers valuable insights into how individuals and organizations can best leverage XBRL. Space will be limited, so register early. The conference will be held on 26 September 2008 at the Chartered Accountants' Hall in London http://www.cfainstitute.org/memresources/conferences/080926/index.html
The Speaker Retainer Program is always looking for engaging and dynamic speakers to keep our members and candidates well-informed and current with best practices and emerging theories.
The program currently has 104 speakers, with 10 of the speakers based in the EMEA region.Although we have numerous speakers who are willing to travel to the EMEA region to present, we are actively working to expand the number based in the region. If you host a local speaker and are impressed with their presentation, please send us contact information for the speaker, evaluation feedback and a copy of their presentation (if possible).
Please send new speaker suggestions to [email protected] or directly to your SRR, Cortney McCoy. New speakers are added throughout the year and highlighted in Society Leader Quick Read.
Please note that providing evaluation forms is extremely important and can speed up the process of acceptance on the program.
We can provide you with evaluation form templates and would urge you to ensure that you encourage participants at your event to complete them.
Currently, the speakers we have on the program who are based in the EMEA region are:
n Francois Aubert (Switzerland)n Richard G. Barker (United Kingdom)n Sophie Blanpain (United Kingdom)n Christian Dreyer, CFA (Switzerland)n Stewart Hamilton (Switzerland)n Helmut Henschel (Germany)n Brooke Harrington (Germany)n Richard Hokenson (Netherlands)n Colin Kay (United Kingdom)n Andreas Sauer, CFA (Germany)
education
9
A delegate at the conference in Abu Dhabi
David Burkhart, CFA, Cliff Quisenberry, CFA, and George Hoguet, CFA, are all part of the Speaker Retainer Program
Chartered Financial Analyst Society Newsletter
interviewBorja durán, cFa, Vice President of cFa spain on the society's first careers Fair
CFA Spain has had a busy few months, with the Careers Fair and the Investment Research Challenge. What made you decide that this was the right time to organise such an event?I first heard of the idea at last year’s Annual Conference in New York. This was something I had never come across in Spain. It struck me that the concept fitted perfectly with the mission of CFA Spain to make the CFA charter the most desirable educational requirement for the industry in Spain, and it met all our strategic objectives. So, I took it back to my board, who took some persuading but finally agreed that we should go ahead.
How did you plan the event?Planning, budgeting, and sourcing speakers take lots of time—almost a year in our case. In Spain, football is a tough competitor for our events, so I had to be careful that the date didn’t clash with any big matches. The first stage is to get board support, so I wrote a plan and mapped out an agenda with our key audiences in mind. It’s important to remember that this is not just an event for students and universities—the agenda was constructed in such a way as to be relevant to everyone.
What else was involved in the planning stage?We decided not to charge for the event, but the board is understandably cautious about releasing funds, so I had to make a strong case for each budget element. It cost €7,000 in total, but this was largely covered by our exclusive event sponsor and our four annual sponsors—all of whom had the opportunity to exhibit and invite staff.
How did you market the event?We had a high-quality invitation designed by a marketing company. The first page was about CFA Spain, and the second outlined the event objectives, who should attend, and the agenda. The third page had information and statistics relating to CFA Institute and details of the CFA Program. The final page gave JobLine details, links to online career resources, and the CVs of the speakers. We also used this as a handout at the event. Advertising in the press would have been far too expensive, but the turnout and feedback were so good that we expect word of mouth to play a strong part in marketing next year.
How did you reach your target audience?Personal contact is crucial; this has been my experience with every event we’ve organised since I’ve been on the board. Mass e-mail doesn’t work on its own. Of the 100 or so contacts I made, 45 people responded positively. It’s really worth the effort, and people appreciate it. We hit all our target audiences, and the only surprise was the low number of charterholders—about 10 percent of the delegates. Next year, we’ll make sure we market the event with this in mind.
Can you tell me more about the format?It started at 6pm and ended with cocktails. We had six continuous presentations and divided the agenda into blocks. We began by focusing on the CFA Program and online tools. This was followed by a presentation from a representative of Spencer Stuart, the famous headhunting firm. Then we had a talk on how a global bank seeks talent. Finally, John Ciska, the first CFA charterholder in Spain and founder of the society, talked about career development and networking. The presentations were so well received that we placed them on our website.
Will CFA Spain hold another Careers Fair?Definitely! Ideally we would like to do this on an annual basis and perhaps also in a second location. It really exceeded our expectations in terms of reaching new audiences and creating awareness of the CFA Program and how serious a qualification it is. I would encourage other societies to think seriously about including this type of event in their programming.
Borja’s top tips:n Visualise the event for your board
n Personal contact is crucial in ensuring good attendance
n Remember that this is not just a student event
on 10 april, cFa spain held its first careers Fair in Madrid, attracting roughly 120 people, including students, candidates, charterholders, HR professionals, headhunters, and universities. spearheaded by the society’s vice president, Borja durán, cFa, the event was a resounding success and the culmination of a year’s work. Here, Borja shares his experience of getting this ambitious project off the ground.
Engaging the media is a useful way to build profile for the society and its members. Here are some useful tips:
public awareness
10 11
top tips: generating Revenue cFa austria: annual advertisement
The annual advertisement announcing new Austrian charterholders is placed in the finance section of Die Presse, one of Austria’s leading daily newspapers, with a readership of around 350,000. The ad generates revenue for the society each
year. We write to all employers of new charterholders asking them if they would like their employees’ names to appear in a large advertisement, accompanied by the company’s logo. Most employers agree and pay €500 (US$775), roughly 10 percent of the cost of the ad. Our costs are more than covered after including this amount plus the US$5,000 we receive from CFA
Institute via the public awareness budget. We always place the ad on the Thursday before the June exam so that we can also use the opportunity to wish candidates good luck.
Contact Harald Holzer, CFA, president of CFA Austria, [email protected] for further information.
tip 1 – What makes news?n Your announcement should be
new/significant (get the journalist interested).
n Make it as relevant as possible to the particular audience it is aimed at.
n Try to make your story interesting so it stands out from the crowd (come up with a meeting quote).
n Get to the point early on; be precise.n Have examples, facts, and evidence
ready to back up your case. Avoid being too generalist and nonspecific.
n Make your language as jargon free as possible (explain an acronym in full).
n Use clear and simple language and avoid the use of industry-speak wherever possible.
n It is best to put news to journalists early in the day. Get in early.
n Be on hand to respond to calls if you have put a news story out there.
tip 2 – some do’s and don’ts when facing the media
don Prepare well; memorise your key
statements and facts. Use the opportunity to get your statements across and make the points you want to make (see Tip 3 for key messages).
n Use questions to link your statements. For example, ‘I’ll answer that by saying …but what I really would like to get across is…’
n Stay in control and direct conversation where you want it to go and do not just answer the questions put to you.
n Support your statements with facts and third-party evidence where possible.
n Be positive in your answers but don’t be arrogant.
n Call CFA Institute PR team if you want advice.
don'tn Be embarrassed by long silences,
and don’t feel the need to enlarge your answers.
n Speculate, guess, or lie. Give an informed estimate or admit ‘you can’t say at the moment.’ Use links to move on.
n Talk ‘off the record’. If you don’t want it printed or broadcast, then it is best not to say it at all.
n Get lulled into a false sense of security even when the interview has finished.
n Promise to call journalists back and fail to do so. It ruins relationships and is counterproductive.
tip 3 – use cFa institute key messages
CFA Institute is the global association for investment professionals.We stand for: ethics, integrity, and excellence of practice (ethics, education, and excellence).
The uniqueness CFA Institute provides: The Global Body of Knowledge for investment professionals that is based on current practice. It is relevant for all investment practitioners at every level of experience.CFA Institute Centre for Financial Market Integrity is the thought leader for fair, transparent, and efficient markets, which provides investor protection.We stand for: Investment professionals who put investors first and act ethically, with integrity, and with the highest professional standards.The uniqueness CFA Institute Centre provides: Independent, expert thought leadership representing the views of professional investors.
cFa academy for Financial JournalistsOn 26 March, CFA Institute EMEA launched the CFA Institute Academy for Financial Journalists. The academy aims to help build relationships and educate journalists on the investment industry. The first event was attended by 26 members of the press, including FT, Thomson Reuters, BBC, and Dow Jones. The topic held over a breakfast briefing tackled ‘What are derivatives, how do they work?’ For a briefing sheet on how to run a seminar, e-mail [email protected]
