IFC in Insurance

[cq_vc_accordion contentcolor=”#333333″ displayfirst=”on”][cq_vc_accordion_item accordiontitle=”FC 01 – INSURANCE, THE MARKET, LEGAL & REGULATORY”]This programme is designed as a stand-alone qualification in Insurance. It is the first step for anyone who is entering insurance without any insurance background.

BACKGROUND
Objective: This course is designed to introduce participants to the understanding of the Insurance Market in West Africa, Basic Principles of Insurance Law and Regulation in West Africa.

Course Content
Insurance and Risk

• The Insurance Market
• Compulsory Insurance
• Contract of Insurance
• Statutory Insurance
• Agency
• Code of Practice
• Organizations
• Basic Principles
• Insurable Interest
• Utmost Good Faith
• Proximate Cause
• Indemnity
• Subrogation and Contribution

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Objective: This is designed to introduce participants to knowledge and understanding of basic communication procedure, information technology, report writing and management of meetings.

Course Content

• Methods of Effective Communication
• The Importance of Effective Communication
• Documents and Documentation
• Verbal and Non-Verbal Communication
• Information Technology
• Language and Insurance
• Report Writing

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Objective: This course is designed to introduce candidates to the understanding of basic General Insurance products underwriting, rating, claims handling and marketing.

Course content

SECTION 1 – INSURANCE PRODUCTS AND ASSOCIATED SERVICES

• Insurance Products
• Non-Insurance Products

SECTION 2 – UNDERWRITING AND POLICY WORDINGS

• Material Facts
• Underwriting Procedures
• Premium Payment
• Policy Wordings
• Renewals and Cancellation
• Reinsurance

SECTION 3 – CLAIMS

• Valid Claims
• Claims Settlement

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Objective: This course is designed to introduce knowledge to basic principles and practices of Life Assurance including Claims and Statutory Regulations

Course Contents

SECTION 1 – INSURANCE PRODUCTS AND ASSOCIATED SERVICES

• Life Assurance Products
• Non-Life Services
• Reinsurance

SECTION 2 – UNDERWRITING AND ALTERATIONS

• Material Facts
• Life Policies
• Notices
• Alternation Procedures
• Premium Collection

SECTION 3 – CLAIMS

• Death Claims
• Maturities and Surrenders
• Establishment of Title

SECTION 4 – STATUTORY AND VOLUNTARY REGULATIONS

• Statutory Regulation
• Code of Practice
• Organizations

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Objective: This course is designed to provide candidates with an understanding of the principles of marketing in relation to insurance and agency management. It also provides an understanding of the legal considerations in relation to marketing.

Course Contents

1. THEORY OF MARKETING

• Development of Marketing
• Differences between Strategic and Operational Marketing
• Theory of Marketing for Services
• Differences in the Marketing Mix for products and services
• Marketing in relation to Insurance

SERVICE MARKETING AND INSURANCE

• Definition of a product in the context of a service
• Inter-relation of elements of a service
• Importance of building good relationship
• Consumers’ perception of Insurance Services in West Africa
• Segmentation and its application in Insurance Marketing

3. ISSUES IN INSURANCE MARKETING

• Basis of direct marketing
• Marketing barriers and how to overcome them
• Delivery strategy in the context of the service mix
• Legal aspects of marketing

4. AGENCY MANAGEMENT

• Functions of salesmanship
• Sales presentation
• Time management
• How to face objections
• How to organize agency work
• Qualities of good agents

5. AGENCY ORGANIZATION

• Recruiting agents
• Financing new agents
• Training new agents
• Building agency network
• Ensuring agency performance

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