HOW IFM BROUGHT ABOUT REFORMS IN TANZANIA’S INSURANCE SECTOR
- December 21, 2016
- Posted by: admin
- Category: Articles
But the institute is not resting on its laurels, and will in 2016/17 be rolling out at least four more undergraduate and postgraduate programmes. Dr Baghayo Saqware, the Dean of the Faculty of Insurance and Social Protection at IFM, said this was in recognition of the role of education in bringing about desired changes and growth in the insurance sector. “When done correctly, insurance education can lead to industry reforms and growth. The IFM curriculum signifcantly prepares candidates to investigate and solve problems both at a personal and industry level. The classroom education represents a microcosm of the human relationships that constitute the larger community,” said Dr Saqware. The government established the Institute of through Act no.3 of 1972. This was for the purpose of providing insurance education and taking a lead role in preparing Tanzanian citizens for active participation in the insurance sector. During its 44 years of existence, IFM has offered insurance courses at various levels, deliberately designing and conducting them in a practical manner that would nurture good industry practices. Tanzania’s insurance industry has undergone a radical change over the past 20 years. As part of fnancial reforms, the government enacted the Insurance Act No.18 of 1996 (repealed), which opened up the sector and attracted private insurers into the industry. The Act therefore provided a legal and regulatory system for supervision of insurance companies and intermediaries operating in the country. This dramatic change also led to a greater need for insurance knowledge in the industry, enhancing the role of IFM. The thousands of alumni from IFM took a leading role in shaping the sector; they are to be found in various responsibilities
ranging from sales executives to chief executive offcers. For example the table 1 below indicates roughly the contribution of IFM as far as insurance education is concerned on various levels since 2005. Taken together, then, these graduates are the engine of the insurance business in Tanzania. For this reason we can safely argue that IFM is the leader of insurance education in the country. Education being a powerful driver of development and one of the strongest instruments for the growth of any sector, IFM has assumed the leadership of insurance education in Tanzania. To date, there are a total of 31 insurance companies (including one reinsurance company) licensed to transact insurance business in Tanzania. These companies are supported by an intermediary workforce made up of over 100 insurance brokers, over 400 insurance agents, and 49 loss assessors and adjusters. The employees of these organizations, to large extent, have historical attachment to IFM. This was not by accident, but by purpose. The insurance education offered at various levels has been set up and continuously improved ever since the institute was established in 1972. The Department of Insurance was established the same year, followed by the Department of Social Protection in 1982, and fnally the Department of Actuarial Science in 2010. The sole objectives of the faculty were to conduct training programmes leading to professional qualifcations in insurance and risk management, social protection, and actuarial studies at various levels. Since its establishment, the faculty has been able to conduct various courses leading to awards of Basic Certifcate, Ordinary Diploma, Degree and Postgraduate Diploma in Insurance, Social Protection and Actuarial Science to an average of 400 students every year. The faculty human resource capacity to train insurance professionals is comparatively above that of many other higher learning institutions. The faculty
has 20 permanent members of staff. Four of them are PhD holders, 10 are master’s degree holders, fve are bachelor’s degree holders and one is a diploma holder. Flexible insurance education The faculty currently runs Insurance and Social Protection programmes and expects to establish the following programmes in future: Beyond the classroom IFM runs a special programme to enable sharing of knowledge with industry and practitioners. The Professional Public Lecture is a newly-established platform for the industry to share with students on best practice, in the process allowing industry professionals to discover talented students for potential placement. This programme has proved to be an excellent platform for knowledge sharing. Recently, the Tanzania Insurance Brokers Association (TIBA) signed a Memorandum of Understanding to conduct Professional Public Lecture Sessions at the institute. On behalf of IFM management, I wish to welcome the general public and ITM readers to the Faculty of Insurance and Social Protection. The faculty provides information and will support you to successfully navigate your way to the insurance and social protection programme of your choice. To succeed in competitive environments, including the insurance industry, the world today requires skills, knowledge and passion. We want our students and general public to gain not just an education, but also discover their purpose. Whatever your reason is for wanting to join IFM, we will provide quality insurance education to help you achieve that purpose.