Education and skills development play a crucial role in the insurance industry, as they are fundamental to providing quality services and ensuring the expertise required for various insurance processes.
Doctor Ben Kajwang, the current President, CEO, and Director of The College of Insurance Nairobi, emphasizes the significance of imparting knowledge and developing skills within the sector.
Insurance is a service industry, and offering effective services necessitates a deep understanding of the products being offered. Therefore, education and skills development are essential in bridging the knowledge gap. The insurance industry is highly technical, and expertise is required at every stage of the value chain. While intermediaries and brokers may handle initial contacts, experts are needed for underwriting, reinsurance arrangements, and other intricate aspects of insurance. This highlights the criticality of developing expertise within the industry.
The Organisation of Eastern and Southern Africa Insurers (OESAI) has a significant role to play in the development of skills and knowledge within the insurance sector. One of the objectives of OESAI is to enhance financial and technical capacity. To achieve this, OESAI organizes seminars, workshops, and conferences that focus on technical capacity building. These events cover a wide range of topics, including life insurance, general insurance, specialized classes like oil and gas, industrial all risks, business interruption, agriculture insurance, and cyber insurance.
The annual conference organized by OESAI serves as a platform for discussing topical issues in the industry. Renowned speakers with expertise and knowledge are invited to share their insights. These conferences not only contribute to capacity building but also serve as meeting grounds for potential employers and employees. The participants have an opportunity to showcase their talent and skills, enabling employers to identify promising individuals. OESAI plays a crucial role in talent development within the industry.
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The College of Insurance in Nairobi has a long-standing relationship with OESAI. It holds a seat on the Board of OESAI and actively collaborates in capacity development initiatives. The college participates by sending faculty and students as participants in the workshops and training organized by OESAI. Additionally, faculty members from the college have been identified as speakers or facilitators for these sessions. The college also contributes by providing study materials through its extensive library, covering a wide range of insurance-related topics.
To make the biggest impact in skills development, OESAI should consider establishing a training academy. Currently, the capacity development efforts are more ad hoc, focusing on seminars and workshops. By creating an academy, OESAI can offer specialized programs that provide participants with certificates upon completion. Collaborating with training institutions would ensure the recognition of the Continuous Professional Development (CPD) attained through these programs. Establishing a legislative framework to recognize the certificates would add further credibility to the professionalization of the industry.
While some progress has been made in skills development in the insurance sector, there are still significant challenges. Many African countries lack dedicated professional colleges for insurance training, and even the existing institutions often suffer from a lack of technical staff, resources, and infrastructure. The pace of skills development remains slow, and there is a need for concerted efforts from stakeholders in the industry to address this issue.
Enhancing skills development in the insurance sector would yield several benefits. It would foster harmonization, minimize talent gaps, and facilitate succession planning. A pool of well-trained professionals would reduce the reliance on foreign expertise for underwriting and other critical tasks. Furthermore, it would elevate the status of the insurance profession and enable the industry to address risks effectively within the continent.
In conclusion, education and skills development are vital for the growth and success of the insurance industry. OESAI plays a significant role in facilitating capacity building through seminars, workshops, and conferences. However, a more structured and comprehensive approach, such as the establishment of a training academy, would further enhance skills development, especially if combined with collaborating with training institutions.