ILO, CIFM to train participants on online Insurance

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By Favour Nnabugwu

International Labour Organization, ILO, and the College of Insurance and Finacial Management are set to train participants on online Insurance via Zoom.

The Impact Insurance Facility of the ILO and the CIFM will organize the training Product design for inclusive insurance on May 26 and 27, 2021.

During this, the institutions said that participants will learn about: the characteristics of the inclusive insurance market and factors that influence demand.

The business case for providing inclusive insurance responsibly; Designing inclusive insurance products; Standards and guidelines for building a value chain that can deliver inclusive insurance responsibly;
The role of distribution channels in inclusive insurance products; and industry standards and guidelines that make inclusive insurance offering more viable.

According to ILO, despite 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. At the local and regional levels, 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 organized into a formal programme that follows rigorous standards.

We work at the local, regional and global levels to address these capacity building gaps. At the local and regional levels, we search for promising training institutes in markets where we operate 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.

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