In today’s fast paced and technology-focused world, people expect things to happen at the touch of a button, making it crucial that advisers can do the same for obtaining quotes for their clients. Our Quotes New Business Standards enables advisers to swiftly retrieve quotes from providers, platforms, and adviser portals in the marketplace, speeding up recommendations and decision-making.
The Occupation Codes List Standard is a key component in this process, standardising job roles across the UK with unique codes. When obtaining protection and annuity quotes, consumers choose from a list of jobs provided. These jobs have unique codes assigned to them, creating a universal language for categorising occupations.
How does the Occupation Codes List Standard work?
The process begins with client consultations, where advisers collect detailed information about the client, including their occupation. Using the Occupation Code List Standard, advisers then identify and assign the correct occupation code to the client’s job role. This code is inputted into their software or platform to request quotes from multiple financial product providers. Platforms and adviser portals, equipped with automated systems, recognise these standardised codes, and quickly retrieve relevant quotes from various providers.
The standardised occupation codes ensure that the quotes received are accurate and pertinent to the risks associated with the client's specific job role. Advisers can then compare quotes from different providers side-by-side, thanks to this consistency. When presenting the quotes to the client, advisers can communicate the information clearly and comprehensively, allowing clients to make well-informed decisions based on reliable data.
How is the Occupation Codes List managed?
As an independent industry body, Criterion is the custodian of the Occupation Codes list for the industry and provides governance services for this Standard in the form of the Occupation Codes List Working Group, collaborating with leading insurance providers to manage the list.
Like any database, the list must be regularly reviewed to ensure it is up to date and reflects the current job market, considering changes that have impacted specific job titles.
In the most recent version update, certain job titles were revised to be gender neutral e.g., policeman to Police Officer. Other updates included adding job titles that had previously not existed, such as ‘Influencer’ and removing jobs which have become redundant like 'Batman'.
What are the benefits of adopting the Occupation Codes List Standard?
The Occupation Code List Standard is an essential tool that allows everyone involved in the quotation and new business processes to be speaking the same language, enhancing consistency and efficiency.
Providing a standardised way to categorise job roles streamlines communication, reduces errors, and ensures that clients receive the most accurate and relevant quotes.
How do I find out more?
If you would like to find out more about these Standards, please contact us at [email protected].
