Many professions have banded together to hold themselves accountable to professional standards. These standards are understood by the public at large and maintained by the professions themselves. Examples include certified public accountants, the medical profession, lawyers and architects, just to name a few. It is time the property and casualty insurance business did the same.

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For example, let's examine the accounting industry and use it as a model for our business. First, people who wish to become Certified Public Accountants (CPA) must meet minimum requirements. These include having a BS or BA from an accredited college or university, passing a national exam and serving an apprenticeship. Second, so as not to eliminate competition in the public accounting arena, anyone can hang a shingle and do public accounting work. However, only CPAs can sign their names to a “reviewed” or “audited” financial statement. The public recognizes the difference in the level of professionalism between CPAs and non-CPAs within the accounting industry. And the public is willing to pay for a CPA's professionalism because the public knows that a CPA is a true professional within the accounting industry.

Using these similarities, I believe a model that closely follows the accounting industry would work in the insurance industry as well. We should establish two types of sellers, “insurance agents” and “Certified Insurance Agents.” A “Certified Insurance Agent” would be able to sign a “reviewed” or “audited” insurance program, based on the insurance industry's version of “generally accepted insurance standards” for that particular individual, business or SIC code.

To become a Certified Insurance Agent, a practitioner would have to meet minimum entry requirements such as a obtaining a BS or BA degree, passing a national exam and serving an apprenticeship. Generally Accepted Insurance Program (GAIP) Standards and a national code of ethics must be established and adhered to through a peer review process. Not all agents will want to become “certified,” and any insurance agent should be able to sell insurance products under today's existing rules and regulations.

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There are many problems must be resolved before we could launch a program like the one described above. It took the accounting profession more than 30 years before all states agreed and national standards were set. But these problems can be solved. In doing so, we will elevate the level of professionalism required to serve the increasing demands of insureds. Concurrently, we also will enhance our reputation and move the entire property-casualty industry into the next level of professionalism.