Business Reporter
A TOTAL of 72 insurance practitioners received diplomas and certificates during the Insurance Institute of Zimbabwe annual graduation ceremony held at a local hotel on Friday last week. Of the 72 graduates 21 were inaugural recipients of the Associateship diplomas under the Associateship programme that was introduced by the institute in 2009 while 45 received certificates of proficiency and the remaining 16 received IIZ diplomas in insurance.
This was the first time that graduates of the three disciplines, that are offered under the institute’s examination board, were graduating at the same time.
Insurance and Pensions Commission chairman and ZB Financial Holdings chief executive Mr Elisha Mushayakarara, who was guest of honour, commended IIZ for taking steps to train people at a time when the industry was being resuscitated.
He, however, challenged the institute to ensure that it incorporates elements that promote good governance and morals in the courses.
“It is a fact that Zimbabwe lost a lot of skills during the past 10 years hence efforts must be made to close the gap. It is therefore encouraging to note that IIZ is playing its part in this regard. The scandals that keep recurring in our financial services sector are a cancer, which must be nipped in the bud.
“It is therefore my fervent hope that IIZ programmes place great emphasis on core courses that include business ethics and good corporate governance to enable graduates to be imbued with a high sense of morals,” he said.
Mr Mushayakarara said that as IPEC they would intensify their supervisory role of the sector through various measures including amending the insurance legislation to ensure that insurance companies are run on sound corporate governance principles while ensuring that the interests of policyholders are protected.
“I appeal to directors and managers of all insurance companies to uphold the principle of utmost good faith in the conduct of insurance business.
“In addition, I call upon the industry to quickly and wholeheartedly embrace the philosophy of treating customers fairly. Other markets are doing so and there is no reason for us not to do the same,” he said.
Speaking at the same occasion, IIZ president and Fidelity Life group chief executive Mr Simon Chapereka said the institute would continue to raise the bar in training by continuing to explore ways of improving the quality of the programmes on offer.
“It is in this vein that we are in the process of developing an advanced programme — the Fellowship.
“This programme is going to be the pinnacle of the institute’s qualifications,” he said.
Mr Chapereka reaffirmed the institute’s commitment to offering courses that are relevant to the industry that will ensure that clients get better service.
“The insurance industry in Zimbabwe continues to raise the bar every year in terms of service quality and the products being offered to the consumer.
“Because of the efforts the industry is making we are seeing more and more of our fellow countrymen appreciating the need for and importance of insurance in our daily lives.
“Nothing gives us much joy than the role we are playing as the insurance sector.
“We have been able to play our part because we have prioritised capacitating of our staff with key skills through the IIZ,” he said.
The IIZ Associateship diploma is recognised by the National University of Science and Technology for entry into the Master of Science in Risk Management and Insurance degree programme.
In addition, holders of the Associateship diploma are eligible for admission as Associates of the Insurance Institute of South Africa.
On the other hand, the IIZ Diploma in Insurance is recognised by the Chartered Insurance Institute of the United Kingdom as equivalent to their own diploma.