The International Labour Organisation (ILO)’s Impact Insurance Facility has forged strategic partnership with Nigeria’s College of Insurance and Financial Management (CIFM) and two other insurance training institutes based in Kenya and Senegal, to build their capacity to offer ILO-developed microinsurance training courses to insurers and their partners.
The two other institutes are College of Insurance (COI), Kenya and Centre Professionnel de Formation en Assurance (CPFA), Senegal.
The partnership, which is a part of the facility’s broader capacity building programme, aims to make knowledge and skills development stronger and more sustainable at the local level, through training and certification of trainers, co-organisation of trainings, and mentoring and coaching for continuous improvement.
The partnership was necessary because in spite of growing knowledge on how to provide insurance solutions to the bottom-of-the-pyramid, the majority of insurers and distributors in emerging markets struggle to offer insurance products that are viable for them and valuable for consumers. Capacity gaps among managers are inhibiting the progress.
Again, while at the local level, often training programmes are unavailable and training providers have limited technical capabilities to address training needs, at the global level, the growing body of knowledge on inclusive insurance is yet to be organised into a formal programme that follows rigorous standards.
To address these capacity building gaps, the facility says it searches for promising training institutes in markets where it operates and partner with them to help them develop more skilled trainers and provide them with high quality ILO-developed training modules that can form part of their core training portfolio and contribute to a sustainable business model.
In doing this, the facility co-organises ILO training courses delivered by ILO trainers during the partnership period, as well as train and certify local trainers who can deliver ILO training courses after the engagement period.
The facility equally mentors and coaches the institute and its trainers in order to provide more guidance as needed post-partnership. After the engagement period, the organisation tracks performance of each training given, and hold regular follow through activities to discuss improvements when necessary.
College of Insurance and Financial Management (CIFM) was established five years ago as the training arm of the Chartered Insurance Institute of Nigeria (CIIN). CIFM aims to develop the human capital of Nigeria’s insurance sector through training seminars and workshops. The College runs a nine-month Diploma Programme to prepare students for professional exams conducted by the CIIN and part-time Certificate courses.