Insurance Institute uses competition, awards to professionalise sector

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About 16 insurance firms will this Friday fight for awards in a quiz competition by an agency seeking to professionalise the sector.

Insurance Institute of Kenya says the firms whose teams emerge top in the competition will get cash, trophies and a fees waiver.

Communications chief Christine Ronga said the quiz is part of the institution’s strategy to assess the skills gap in the industry.

Of key concern are challenging areas such as identification of risks and the covers that protect the insured from them.

At least 31 teams, composed of insurers, reinsurers and brokers, have been taking part in the competition which has exposed gaps, largely in life and health insurance schemes.

“We are still pursuing IIK’s legal recognition. The process is at the latter stages and we will regularly train the practitioners and deal with information gaps that have affected the sector,” Ronga said.

“This will ensure professionals in the  industry are updated on matters such as environment, laws, customers needs and demands, consumption and the technology that keeps changing.”

IIK is poised for legal recognition once Insurance Professionals Bill, 2017 is signed into law.

Director Birian Akwir earlier said the Bill will professionalise the sector that has been invaded by quacks.

Akwir said Kenyans have held the opinion that the sector is being run by fraudsters so it is time for streamlining.

The Bill also seeks to create an insurance disciplinary committee that will deal with misbehaving practitioners.

More on this: Insurance Institute banks on proposed law to rid sector of quacks

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