Insurance institute focusing on initiatives to be competitive
KUALA LUMPUR: The Malaysian Insurance Institute (MII) is focusing on some key initiatives which will raise the insurance industry to a higher level so that it can compete globally and build a level of professionalism that is on par with developed economies.
This includes enhancement to the current Competency Framework for the Insurance and Takaful industry and greater utilisation of the capacity-building fund to raise the level of services and competency in the industry.
Its chief executive officer Khadijah Abdullah told Starbiz that there were plans to expand the type of job profiles in the framework beyond the current six different job families, which included underwriting, customer service, claims, management and sales, compliance and insurance broking.
“MII has plans in the near future to expand the job scope of the framework to meet the requirements of the industry.
“From our survey conducted last year on the feedback of the framework, some industry players have requested us to expand the job families but we will have to give it a couple of years for the existing six to run through and see how we can expand on it,’’ she said in an interview.
The framework, which was launched in March last year, serves as a standard reference guide in human capital development in the industry. Prior to that individual insurers had their own internal standards of doing things.
Besides this, Khadijah added that it would raise the bar for the industry as the framework would provide consistency standards in the industry based on international standards.
The framework is also used as a foundation in the development of MII’S education, training and accredited programmes to meet the industry’s demand for knowledgeable and competent insurance personnel.
To ensure that the framework is on par with other international standards practised by the developed insurance market, MII works together with LIMRA LOMA consultants from US, and the Australian and New Zealand Institute of Insurance and Finance.
MII, via funds from the capacity-building fund, would utilise and channel it for the development of human resources and services for the insurance industry.
Since its launch in 2009, she said Rm8mil was utilised from a total of Rm44.8mil approved in principle from the fund.
It would be disbursed to MII according to the progress of the projects. Its new data centre would provide insurance education, training and the latest digital solutions to meet customers’ growing needs.