The main statements at the conference "Professional competences for new generations of employees"

The International Conference "Professional competences for the new generations of employees", organized on Thursday, November 14, 2019, at the Hilton Bucharest hotel, presented a radiography of the financial services sector, one year after the implementation of regulations with significant impact on the operational processes - IDD, MiFID II, AML and GDPR. Last but not least, FinTechau-type solutions were analyzed in terms of efficiency and effectiveness in the field during panel sessions.
 
MAIN DECLARATION
 
Dan ARMEANU, Vice President, Financial Supervisory Authority:
- It has become a tradition for ISF to organize such conferences, whose central element is financial education and professional training.
- How important is financial education for the development of the financial sector or economy? Nature resembles us and education differentiates us. Education diverges between us, between countries, between behaviors. The studies also show a strong correlation between education and economic development.
- Financial education and professional training are two dimensions of investment in human capital. Human investment is a very important one. This investment helps us in sustainable, long-term sustainable development for both businesses and the economy.
- It is essential to have a highly trained human factor in the financial field, but also an educated consumer.
- The level of education incorporated in the demand and the offer gives you an image of the size of the financial market; the higher the level, the higher the financial market.
- We need digitization - the insurance market has already made its presence.
- ASF has been involved in the financial education of Romanians and we have several projects in progress in this regard.

Calin RANGU, President, ISF:
- The main objective of ISF for 2020, and beyond, is to professionalize the financial market. In addition to identifying trends, we must professionalize the trades in the financial market. We must establish and contribute to new benchmarks, new professional standards for occupations in the market. One of our projects is the introduction in the COR of the financial market trades.
- Our second objective is to be a center of excellence for the promotion of the highest standards of professional competence and practice. We also need to implement ASF policies and regulations - a fundamental goal of the ISF. Ensuring the examination and certification of the competences of the market is part of the framework imposed by the ASF. In four years, approximately 50,000 people were examined.
- Objective 3 - Optional training of courses - and in this area we have 76 courses and 200 readers with practical experience and 15 international readers. It is important that this evolution of the number of participants has been constantly increasing. If in 2015 there were 600 participants in this optional course, apart from the mandatory ones, in 2018 we had 2,728 participants in the ISF programs, including online platforms. We also have the Master in Actuarial.
- Objective 4 - Scientific research and academic interaction. Besides the Journal of Financial Studies with articles and opinions, we carry out, with our partners, analyzes, research studies, support in the financial-banking fields, financial management, technological innovations, intellectual capital, etc. We also have a Financial Stability Indicator (ISF), which also Professor Stancu follows and publishes.
- Objective 5 - Social involvement, and Objective 6 includes international representation.
- Among the strategic objectives are the support of the ASF in the process of professionalizing the financial market, applying the new regulatory framework; Contribution to the institutional construction of the new legal framework for the continuous professional training of adults in the financial sector; Promoter of financial education in Romania and of attracting and involving young generations - secondary education / universities / various organizations; Professional training provider in the non-banking field.

Adrian MARIN, President, UNSAR:
- We talk about professional skills for the new generations of employees. I looked at a top 10 Technology perceived by world leaders as having the greatest potential to develop medium and long term business. Here we meet several terminologies that we need to think about applying skills: technology, Internet of Things (IoT), robotic process automation, artificial intelligence, cognitive computing, machine learning, blockchain, robotics and automation, augmented reality, virtual reality and more. .
- They are competencies to which we must reflect. This is the pace of change and we must adapt. This is why we invest in financial education through our tools.
- At UNSAR level, financial education is a strategic pillar. We are constantly developing communication campaigns to increase the level of financial education and to support professionals working in our field. We address especially to a young audience, lately, and for this reason we focus our messages on digital channels.
- Because we are always concerned about raising the level of financial education and protecting consumer interests, we also conducted a sociological research through IRES, on a sample of 1350 people over 18 years old. More than half of the participants in this study stated that better information would motivate them to conclude an insurance. - This is just one of the reasons why information and financial education campaigns must continue to be strategic directions for both UNSAR and the stakeholders that support this. We intend to carry out this annual study in order to have a clear picture of Romanians' perception of insurance and, of course, to help us adjust our strategy accordingly.
- We also looked at the distribution area, where interaction with all customers takes place. Questions that are the main feature of an insurance distributor, 75% of the study participants said that it should be attentive to the needs of the clients, and 23% that it should be focused on presenting the insurance product. Also, 76% of respondents want a friendly sales person.
- Last but not least, we want to promote the idea of ​​a career in insurance and for this reason we are actively involved in providing courses, presentations and discussions and we appreciate the steps taken in the last period of ASE, by the University of Bucharest, where we had more frequent meetings.
- Now we are trying to get closer to the students and we have set a target to get to talk about a favorite employer. We must fight and put our energy into this.

Dorel DUTA, President, UNSICAR:
- UNSICAR considers that the year 2020 should be the moment 0, which marks the rethinking of the strategy of the insurance market to attract young people in this industry.
- We are not the only industry facing a labor crisis and I would like to point out the factors that contribute to this state of affairs.
The first of these is the education system, which, after 1990, is not coherent and has not developed a plan for the medium and long term. The strategy of the educational system in Romania is not based on a plan that makes predictions about the labor force needs, of the new specialties.
The second factor is related to the level of preparation of the majority of young people, who apply for jobs that they know little or no, do not know their own skills or cannot adapt to the demands of the job. And the last factor, but not the last, is related to the attitude of the employers, who offer salaries according to that belief already established that Romania has a cheap labor force.
- We have an aging workforce and we are facing a talent crisis, in the context in which the insurance industry is recording a rhythm of change never before.
- We should strive to bring it to the generation Generation Millennials, or Generation Y, which is made up of those born between 1980 and 2000.
- Of all the characteristics of this generation, I point out three of them, which I think our industry should take into account when building strategies for attracting the Millennials generation: flexible working environment, digital transformation and professional development opportunities.
- It is very clear that the new generations are looking at work with other eyes than us or those before us. They are barely discovering this universe and are not overshadowed by the experiences of the past before 1989. In the workplace, they value more self-realization and personal development, than those related to survival, safety and personal security.
- From our point of view, there would be 3 factors that could help us attract young people in this industry. The first of these is related to the modification of the legislation, which should introduce the notion of apprentice. Another factor would be promoting the insurance professions among the young people and the benefits offered by this industry. And the last, but not the last, factor is our real desire to know and understand the new generations.

Antonio SOUVANNASOUCK, President, PRBAR:
- PRBAR was established 3 years ago and has been involved since the beginning in financial education projects with ASF and ISF. I participated in all the debates and discussions regarding the elaboration of the legislation in the field.
- PRBAR laid the foundation of the ambition project PRBAR Academy, through which we have had over 1000 students so far. We started another unique project - the mentoring one - where there were over 35 mentors and we had 80 mentors - now the project is adapting to the new legislation and we hope that we will continue it successfully.
- PRBAR Academy has signed a partnership agreement with ISF and we are actively participating in all financial education projects.
- Going back to the competencies - if we refer to a summary classification, we think that they can be divided into cognitive, functional, personal and ethical competences, I think the basic competences of an insurance distributor are to know their consumer, to know their know the client, know the insurance products, act in the sense of drawing the best insurance solution to present by empathizing with the client and explaining very clearly and concisely how an insurance policy works and not being influenced by subjective interests.

Images from the conference are available at:

Paneluri