This was stated by Matthew Hill, Chief Executive Officer (CEO) of the UK Insurance Institute, during the Azerbaijan International Insurance Forum held in Baku.
According to him, a profession is a group of people whom the public trusts. "Professionals possess specialized knowledge and adhere to a value system or ethical code that serves a broader public purpose," Hill said.
He believes that traditionally, a high level of professionalism was ensured through membership in professional organizations, obtaining qualifications, and adhering to professional ethics standards.
"The existing model must adapt to new realities. One of the key drivers of these changes is the growth of global wealth. Over recent decades, average incomes have risen significantly, hundreds of millions of people have emerged from extreme poverty, and access to goods, services, education, and healthcare has expanded substantially.
Today, people around the world need more financial services and more qualified specialists than ever before," Hill stated.
He noted that in all the countries he visits, the issue of access to talented personnel remains one of the most discussed topics.
"From London to Hong Kong, it is the shortage of specialists that is most often raised during meetings. This means that the professional community in the financial services sector must more actively attract new talent and create conditions for new specialists to enter, while maintaining the high standards that build public trust.
The demand for financial sector specialists is growing and will continue to grow," he said.