IIZ to set up insurance school

THE Insurance Institute of Zimbabwe is transforming into a fully-fledged training institution to cater for the dynamic needs of the industry with plans already underway to set up a school in Harare, IIZ president Dr Edward Gomba has said.

Dr Gomba told The Herald Business at the IIZ Winter School in Nyanga yesterday that the institute had already secured premises for the school.

“The institute has been offering training in collaboration with universities but we have since purchased property in Mt Pleasant where we are going to set up the school.

“We have also applied for accreditation with the Ministry of Higher Education and Tertiary and we hope that the accreditation will be granted soon,” he said.

The institute is also working on a new curriculum that responds to the changing needs of the industry, which is expected to be unveiled soon. Dr Gomba said the new curriculum would equip insurance players with new skills that commensurate with international practices.

“The current environment demands continuous review of strategies and techniques for survival and growth in the future and this conference is one such platform meant to sharpen the future of the insurance industry through the engagement of the insurance industry leadership, which is represented here,” he said.

He however warned that in embracing changes and innovation, there was need to adhere to proper risk management.

“The insurance regulations have rapidly moved towards the risk based foundations, which need to be adhered to as companies try to navigate the choppy waters of globalisation.

“We need to classify the levels of risks and ensure that the kind of cover offered is commensurate to the kind of risk that we are taking on,” he said.

Meanwhile different presenters here have underscored the need for insurers to be innovative to remain relevant.