Staff Writer
The Insurance and Pensions Commission says the industry needs to rethink how it trains and develops itself to navigate emerging complexities and continue to deliver value-added insurance 24 reports.
This comes as the insurance industry is undergoing tremendous transformation, driven by technological advancements, changing consumer expectations, and increasing risk complexity.
Addressing delegates during the launch of the IIZ new curriculum on Friday, Ipec Commissioner Grace Muradzikwa said to keep pace with these changes, the industry must develop a workforce that is not only knowledgeable but also adaptable and innovative.
“This calls for us to rethink how we train and develop our industry to navigate these complexities and continue to deliver value adeptly.
“To keep pace with these changes, we must develop a workforce that is not only knowledgeable but also adaptable and innovative.
“As we gather to launch the new educational and training curriculum for the insurance industry, we stand on the threshold of an exciting era.
“This initiative is more than just introducing new courses; it represents a significant step forward in equipping our industry with the skills and knowledge necessary to thrive in an ever-evolving landscape,” she said.
Muradzikwa said the industry was witnessing a transformation that demands new skills and knowledge.
The curriculum and programs, Dr. Muradzikwa said, must reflect these changes, ensuring that students become leaders and innovators who can navigate these challenges.
“We are looking into producing skilled professionals who are technically sound in all aspects. “To keep pace with the dynamic changes and navigate the complex challenges in the insurance industry, we must develop a knowledgeable, adaptable, and innovative workforce.
“The Insurance Institute of Zimbabwe is the training hub of the industry and has the mandate to address these challenges by adequately equipping professionals with the right skills,” Dr. Muradzikwa said.
She said this was important for the insurance regulator because a well-trained and competent workforce ensured compliance with regulatory standards, enhanced consumer protection, and promoted a stable and resilient insurance market.
She said regulators relied on industry professionals who understood and adhered to the regulatory frameworks, thereby upholding the integrity of the industry.
“For the industry, having professionals equipped with relevant skills and knowledge means effectively managing and mitigating risks, innovating with new products and services, and maintaining a competitive edge. This capacity to adapt and innovate is crucial for meeting the evolving needs of consumers and addressing emerging challenges in the global marketplace.
“By ensuring that our professionals are well-prepared and continually improving, we contribute to the overall health and growth of the insurance sector,” she said.
The emphasis on education and skills development, Dr. Muradzikwa said, was vital for fostering individual success, ensuring regulatory compliance, and driving the resilience and growth of the entire insurance industry.
She added that the new curriculum was designed to focus on creating and developing the skills required to navigate the challenges of the modern insurance environment.