Stakeholders call for increased funding for human capacity building in insurance sector
To keep the insurance sector at pace with current developments in the financial services sector locally and globally and to enable the sector achieve its growth potential, operators must increase funding for training and human capacity building in the industry.
Stakeholders who spoke on training agreed that consumer taste is changing; customers are becoming more knowledgeable and therefore require that those who deliver insurance services are on top of their game to be able to attract respect and also accepted by the insuring public.
Richard Borokini, director general, Chartered Insurance Institute of Nigeria (CIIN) who spoke at the maiden edition of the Bancassurance Certification workshop organised by the Center for Insurance and Financial Management Studies (CIFMS) held at the College premises in Asese Village, Ogun State said there is no conscientious efforts to invest in staff training by majority of the insurance companies.
He noted that of the N400 billion total premium recorded in the industry in 2016, not up to one percent is allocated for training, stating this has to change for the industry to achieve its growth potential.
“We must budget for training and retraining of our staff. And to achieve success in the project of bancassurance business, the officers and mangers in the business must be properly trained”
Mohammed Kari, commissioner for Insurance, National Insurance (NAICOM) said the training is aimed at equipping the operators of the bancassurance scheme with the requisite knowledge needed for seamless bancassurance operations.
Kari represented by Pius Agbola, director, Authorisation and Policy in NAICOM said for any staff, employee of an insurance company to act as bancassurance manager or desk officer, the bancassurance mandatory course for 12 and 18 hours is binding.
“This is to ensure that those representing the partner insurer are competent and qualified. We strongly believe in the ability of the CIFMS to give competent training and certification that would be sufficient for any employee occupying this position alongside other qualifications stated in the guidelines”
Yeside Abiodun Oyetayo, rector, CIFMS said the College has been appointed by NAICOM as the certification body of the principal officers on the bancassurance business, that is the bancassurance officers and the bancassurance managers.
“We are happy that NAICOM reposed this confidence on us, and they have directed us to organise similar workshop in all the six geopolitical zones of the country so that distance will not be a barrier to those outside Lagos, Oyetayo stated.
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