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The insurance sector is characterised by many small and micro businesses operating as insurance brokers.
These small businesses face many challenges and have a high failure rate,
At the same time, however, they play a valuable role in growing the industry and are potentially employers of other people.
In a bid, therefore, to overcome this uncertainty, the Insurance Sector Education and Training Authority (Inseta) will partner with the sector to address its most critical skills needs.
The industry has faced many changes in recent years – statutory and otherwise – leading to concerns over the future of small and micro brokers, who have not always had access to helpful skills development material.
Inseta CEO Sandra Dunn said Seta was partnering with the sector to address these needs through the organisation’s National Skills Development Broker Network, which was launched recently at Gallagher Estate.
The network’s purpose would be to enable skills development for small and micro independent brokers, helping them to grow jobs through more successful brokerages.
Inseta’s research showed that to date, many support programmes had either not reached small and micro brokers, or they have not been geared towards meeting the needs of small and micro brokers.
Dunn believes Inseta is uniquely positioned to be a catalyst in improving the support targeted for these brokers, and she is not alone in this belief.
CEO of the Financial Planning Institute, Godfrey Nti, agrees: “The establishment of the Inseta Network is much overdue and is a step in the right direction.
“There is a mistaken perception that the Insurance Seta is not accessible, and this initiative will go a long way to demonstrate that it can be fruitfully engaged, since the network will provide a more convenient and focused forum for independent brokers.”
While the challenges of making a difference are formidable, Inseta was encouraged by the positive response of partner associations, corporates and medium-sized brokers, who have agreed to support and actively participate in the network to revolutionise the small and micro brokers’ situation.
While the Inseta Network does not claim to hold all the answers or to supply the proverbial “silver bullet”, representatives believe that the initiative is an important step towards opening the doors to success for the many small and micro brokers out there.
l For more information contact Inseta at 0861 130 013.