| GLEANER SUPPLEMENT
The College of Insurance and Professional Studies observed its 21 st Anniversary in 2003. As part of the activities observing its 21 st Anniversary, hosted a dinner at the Jamaica Pegasus Hotel on October 30, 2003. In addition the College published a Gleaner Supplement on November 2, 2003.
Thanks For Your Support
It
is with a great deal of personal satisfaction that I
write this message to celebrate the 21st Anniversary
of the College of Insurance & Professional Studies
(formerly the Insurance College of Jamaica).
The management team and the Board of Directors have
worked very hard over the last few years to overcome
difficulties we have faced so that we can focus on
the real purpose of the College’s existence -
the advancement of the students that pass through
our institution, and thus the advancement of our industry.
Much credit must be laid at the feet of the industry
who have been patient with us through thick and thin
and especially those companies and brokers who are
the shareholders of Insurance House, (our landlord).
We have worked long hours and re-focused on doing
the essentials well - the Programmes Administrator,
Ms. Glasmine Hibbert and our Senior Accounting Associate,
Ms. Shellion Heaven are to be especially commended.
We are blessed with loyal and dedicated staff who
take a genuine pride in the College.
Of course I must also thank our lecturers, who impart
their knowledge with dedication and caring, most of
whom have been associated with the College for many
years.
Our purpose, embodied in our Memorandum of Association
is:
To establish and carry on an educational institution
for the promotion of the efficient, educational and
professional development of persons involved in, concerned
with, engaged or employed in the business of Insurance.
The founding and current members of the College are
organizations that have visionary leadership and who
understand that the business of insurance is, for
all its complexity, its jargon and legalities, fundamentally
a business done for and by people and the quality
of the decisions made by the employees of the industry
affect the success or failure of the industry.
Recognition must also be made of the past chairmen
and directors- they are committed professionals, who
have given of their time and skills, and who believed
in the value of education and responsibility of giving
something back to the industry and society.
For the future, the Life and General Industries are
at an interesting point in their evolution and we
look forward to having the merged insurance associations
as neighbour, expanding our membership to include
the Life companies, and in providing some of the educational
needs of the Life industry.
We also look forward in working with the regulatory
authority, Financial Services Commission, in providing
the Sales Representative’s exams and whatever
other roles they would like us to fulfill in improving
the competence and professionalism of the industry.
Finally, the College of Insurance has an exciting
future ahead of it and a vital role to play in application
of knowledge and wisdom to the challenges of the insurance
industry, and to the ultimate satisfaction of the
industry’s clients.
Heartiest Congratulations
IT IS with more than a little pride that I write this message to the College of Insurance And Professional Studies on the occasion of its 21st Anniversary.
It was as chairman of the Education Committee of the Insurance Institute of Jamaica that the President, Mr. Herbert Edwards and I engaged the services of Dr. Lloyd Hunter to prepare a manpower survey of the General Insurance Industry a survey that laid the foundation for the formation of the Insurance College of Jamaica the forerunner of the College we see today.
In its early days the College survived many hard times with its “raised d’etre” being questioned by many.
It is only with the president efforts of dedicated principals, staff and directors that the college has thrived and become the established tertiary institution that it is today.
The challenges of the past, not the least being the fallout of the financial sector in the 1990s, have been met and overcome.
Many challenges are yet to come and opportunities to be grasped and I am sure that the professional staff of the College will be more than capable to meet all challenges and develop opportunities to see that the institution will reach many more milestones.
On behalf of the Insurance Institute of Jamaica, I offer the College of Insurance and Professional Studies my heartiest congratulation.
Graham McLeod
Charted Insurance Practitioner
Chairman- Insurance Institute of Jamaica
Eugenie Hylton (Long Serving Member Of Staff)
EUGENIE HYLTON is the only current staff member who has been with the College of Insurance since its inception. She has been an integral part of its growth, from its humble beginnings at Duke Street to its location on Ruthven Road then to Old Hope Road and finally to its own headquarters at 3-3A Richmond Avenue.
Eugenie was originally employed as an office attendant and was promoted to the position of clerk/typist in February, 1994. In 2002 additional responsibility were added to her position when she assumed duties in telemarketing.
She had the privilege of working with past and current chairmen and all the past Principals. She would like to thank all the chairmen, principals and members of staff with whom she worked with over the years, for their confidence and support.
Eugenie works flexi-time as, before leaving at 6:30 in the evenings, she ensures that the students who attend classes are comfortable.
Eugenie’s varied duties keep her in contact with HR/ Training Managers at various companies, students and lecturers. Many of the students through the years have relied on her monthly advice as she enjoys their successes and encourages them to continue with their education.
Eugenie enjoys her job and she has a wealth of knowledge on the day-to-day running of the College, which she would like to see grow and expand to include all aspects of insurance.
Do Businesses Really Need Insurance?
Participating in a recent CIR magazine virtual roundtable discussion, Gavin Buckley, operations director of the UK portfolio management team of Aon Limited, responded to the question: Do businesses really need insurance?
The Charted Insurance Institute tells us that the industrial revolution and the continued success of the businesses really need insurance?
Due to the increases in premiums experienced by many businesses over the last couple of years this is a question that many finance directors must be asking themselves.
The answer in some areas is “yes” as there are of course compulsory covers, such as employers liability and motor in the UK, and other covers that companies are contractually obliged to insure, such as consultants’ professional indemnity. These aside, do businesses need insurance to be successful?
To answer this question we need to understand the motivation behind why a business purchases insurance. What benefit does it expect to get form its insurance programme?
The answers of course differ according to buyer attitude to risk as well as the size of the business involved. Some frequently quoted answers are:
• Peace of mind- a manager can go home and sleep easy knowing that if something goes wrong, such as a fire or theft, his insurance policy will respond.
• A transfer of risk away from the business’s own balance sheet.
• A reduction in volatility- peaks and troughs are ironed out, to making the business easier to manage.
•Better use of capital- insurance, particularly in softer markets, can be a cheap way of providing for potential losses.
• Corporate governments – stakeholders in the business expect the management to take reasonable precautions to protect their interests. Insurance is a low risk way to protect, particularly post Enron et al, where other financial instruments are looked upon with distrust.
Answers that we would like to hear should be:
• Because my insurer partners really add value to my business.
• Because my insurer partners provide innovative solutions to my risk needs.
We don't hear these often enough!
The answer to the question “do businesses need insurance” is therefore “it depends”. Businesses need methods of protection.
Whether insurance is the right means depends on cost, alternatives, appetite for risk and added value. This means that insurers and brokers need to aware of what businesses want so that they can satisfy their needs in the future.
There is a need for innovation and flexibility.
Mr. Andrew Levy
Chairman of the College
An Example Of A Success Story
Yes, the college has come of age? Twenty-one years old. But how many of us now associated with this excellent example of a success story can recall the days of infancy?
Indeed, not many of us will recall that the College, like similar institutions, stared from an embryo; a seed blowing in the wind fertile, full of life, with a future, seeking fertile soil, its movements carefully monitored by its single parent- the IIJ. A lecture here, a lecture there, from the Sheraton to the Pegasus, to Companies’ boardrooms.
Not many of us can share the nostalgia that I now experience as I recall the great effort of the IIJ to ensure that ambitious persons in the General Insurance Industry, and who were so aware that “knowledge is power”, receive the assistance they craved.
It was my pleasure to give of my time to participate in these efforts of the IIJ; and it is not out of place to mention names here, for there were others- Herbie Edward, Vasle Atkinson, Jim Pawson, to name a few.
There was no doubt in the minds of the members of the IIJ that this seed blowing in the wind, would one day come to fruition and mature it did; for along came Dr. Lloyd Hunter, firm and resolute.
Astute Methods
There is no need to describe his astute methods of nurturing. Suffice it to say that he received the co-operation he needed, and deserved, from his many watering sources in the industry to carry out his mandate.
Today the industry boasts of its achievement in planting its own tree of knowledge; and I am unable to satisfactory express my pride at being able to support its objective to promote “Knowledge, Professionalism and Integrity.
It is clear that my association with CIPS and its administration, as lecturer, has been a long one. Over the years I have had the pleasure of seeing the bright, smiling faces of graduating students and share the mixed pride and admiration with the members often College administration and staff at annual prize-giving exercises.,/p>
I do believe that other lecturers experience the feeling of belonging, a feeling of having given a part of themselves to that entity; especially upon encountering a past successful student sitting in his/her own private office. Confessedly, I sometimes get the feeling of being out-stripped. But isn’t that all part of being an educator?
The matter of the public awareness of the existence of a College of Insurance is of concern to me; however, as I have had my pride punctured on a couple of occasions when being told by persons that they did not know that such a college exists. This needs to be addressed at the appropriate level.
When all is said and done, however, I believe the sentiments I have expressed will certainly be ratified by other lectures who will no doubt at some further date be able to relate even more interesting and enlightening experiences with CIPS as it grows in strength, influence and popularity.
Harold Janniere
Lecturer At CIPS
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