Every industry by and large can bloom in the era of globalization through capitalization of talents at its own disposal. It typically endeavors to acquire a segment of the country’s talent with the tailor-made uplifting and promoting of its images to the young generation and their influencers – family, friends and mentors.
Afterwards the fresher are acquainted with the particular career during the internship or work-experience placement so as to provide them with actual understanding about the profession in question, and insurance is no exceptionin this regard. Therefore; country’s insurance sector requires capitalization of talents at least a tiny portion for her sound growth and advancement.
Insurance being a business of technical & global nature faces much technical impediments in operating with its international counterparts since its inception in Bangladesh while the country’s financial experts go on saying that a nation’s insurance sector can, in no way, run in a happy-go-lucky approach. So, the issue deserves immediate dealings in the greater interest of the land.
Looking into status of insurance professionals in the developed countries, the opposite picture is seen since there is expertise and professionalism among their insurance practitioners. Accordingly the insurance contribution to GDP (Gross Domestic Product) in the UK and in India is respectively 11.8% and 4.1% whereas the rate in Bangladesh is 0.9% (0.7% in life and 0.2% non-life insurance business). This indicates the vast scope for the insurance sector of Bangladesh.
A professional career in insurance for the future talent of Bangladesh is, at the present time, promising than ever before with the huge unexplored potentials. Our insurance sector essentially has a lot to offer to the youth upon whom the success of this very financial sector of the nation fundamentally banks. In parallel, the soundness of the financial services market of a developing country like ours undoubtedly rests with the strengthening as well as enabling roles played by the insurance industry as a whole.
In addition to that there are market players in our insurance sector creating direct employment for about one million people across the country and, no doubt, all of which need professional training and education for the smooth operation of this pivotal financial sector of the country.
Insurance, a prosperous route to financial professional career, inevitably requires a certain level of professional expertise & skills which, so far as observed, is lacking in majority of our insurance professionals partly because there is no compulsion from the employer group for qualifying particular insurance qualification and mainly because there no little insurance education in our college/university curriculum.
The Proposed BBA, MBA and Professional MBA Courses in insurance & risk Management will largely contribute to building up the foundation on insurance. Almost all types of non-life & life Insurance subjects including Takaful (Islamic Insurance) have been included in the course covering major areas of insurance business such as underwriting, claims & reinsurance.
Moreover; the course will cover major issues of non-life insurance like fire, motor, marine, engineering insurance etc, and of life Insurance issues like insurance of the person, life insurance practice, administration, financial mathematics for life insurance, health & group insurance etc.
An advanced & detailed discussion of different aspects of non-life & life insurance like advanced claim, advanced underwriting, advanced reinsurance, liability insurance, aviation insurance, agriculture insurance, actuarial basis of insurance, life contingency etc have also been included in the syllabus. So, the students who want to build up their career in insurance are expected to have a comprehensive knowledge of insurance after successful completion of the said course(s).
Therefore; it is likely that the proposed BBA, MBA and Professional MBA courses in insurance & risk management will play a vital role for the students in discharging their duties in a very skillful manner in their professional life. These courses are expected to develop the following competencies as well as skills among the students who would acquire the proposed degrees:
Expected Competencies: Disciplines, Enthusiasm & Endeavors, Cooperation, Punctuality, Reliability, Responsibility, and Good behaviors with the public.
Expected Skills:Professional knowledge, Performance Standard, Monitoring and Managing, Relationship with colleagues, Decision-making, Execution & Implementation, Written communication, and Verbal Communication.
The Expected Benefits of proposed insurance education for the Bangladesh Economy:
Technical advantages for the insurance companies
Prudent underwriting of the risks
Better Management of Reinsurance Portfolio
Improved standard of risk management for the steady economy
Ensuring professionalism in the companies’ corporate management
Ensuring professional services for policyholders and stakeholders
Improved insurance marketing skills leading to lead generation in rural areas of the country
Fulfilling World Bank’s Human Development Score for being a middle income country
Exporting insurance professional abroad
Opportunity for online freelancing in insurance services
At least a tiny segment of our country’s talents needs to receive academic qualification in insurance because academic degrees like BBA and MBA in Insurance & Risk Management would develop a technical and supervisory skill for future insurance professional working across all sectors of the financial market and, thereby ensuring students to have the means in order to function effectively in a challenging environment.
04 (four) Year BBA course is appropriate for:
Students wishing to be an insurance staff in support functions wishing to develop their knowledge of the insurance business</li>
Insurance managers and those who aspire to be competent managers.
Anyone wishing to hold recognized & respected insurance degrees.
Anyone wishing to be a risk management professional in any sector
01 (one) Year Regular MBA course is appropriate for:
Students having a bachelor degree in insurance wishing to receive specialized knowledge in insurance and risk management.
Staff with aspirations to become insurance managers in the future;
Supervisors, team leaders and those with long-term ambitions of assuming managerial responsibilities in insurance companies.
Insurance managers and technical specialists;
02 (Two) Year Professional MBA course is appropriate for:
Those insurance employees who wish to demonstrate their professional standing in insurance;
Today’s insurance managers and specialists
Insurance employees without another professional qualification
Those who wish to build upon general academic qualifications in insurance such as obtaining an industry-specific qualification.
Staff with aspirations to become insurance managers in the future;
Supervisors, team leaders and those with long-term ambitions of assuming managerial responsibilities in
Insurance managers, journalists, and technical specialists;</li>
In fine, it is expected that the proposed 04 (four) year BBA, 01(One) Year Regular MBA, and 02 (two) Professional MBA courses would <strong>address the long-felt demand for the qualified insurance professionals</strong> in the financial market of Bangladesh, particularly in the insurance sector.
Provided that the professional development of insurance professionals is focused with due emphasis on the promotion of the insurance profession towards the young generation and their influencers – family, friends and mentors, the overall image of the insurance sector would move to a better height and be next door to the banking sector, which will, for sure, results in a developed Bangladesh in the days to come.
Md. Khaled Mamun, M.Sc, M.Demo, DDP, ABIA, FCII (London), the Chartered Insurer is the Chief Executive Officer of Reliance Insurance Limited.