The Hong Kong Federation of Insurers announced the official launch of their new Executive Certificate in Marine Insurance at the 5th Asia Marine Insurance Conference yesterday. This new curriculum is designed to promote and enhance marine insurance training.
“As IUMI’s Asia hub, we strive to promote marine insurance in the region and conduct quality training to uplift the professional standard across the industry,” said Mr Patrick Wong, Chairman of the Marine Insurance Association at the HKFI.
The course targets both current and future insurance professionals and consists of 45 hours of face-to-face learning and practical case studies. The curriculum is designed and taught by delegates of HKFI’s Marine Insurance Association and industry leaders with professional qualifications. Upon successful completion of the programme, the participant receives the Executive Certificate in Marine Insurance, awarded under the Hong Kong University system, with recognition from the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).
“It is important for us to upgrade our quality and professional skills in the insurance industry, in order for us to keep our place in the market, or we will all end up getting replaced by technology,” Mr Wong said.
This announcement followed on the heels of the special address earlier in the morning, given by Mr Dieter Berg, President of the International Union of Marine Insurers (IUMI). “From our perspective, digital technology destroys value in our current insurance value chain, but it creates complete new efficiencies. As insurers, we have to take on a new role, as clients expect more from us, they expect assistance and services instead of just financial compensation,” he said. “We have to deliver more to our clients; it’s about client support, personalised consultancy, risk management and loss prevention.”
He urged insurers to take on a stronger consultancy role, compensating for shrinking premium incomes with service components and charging for those components. “Clearly this will be a change in our business model, but I am very optimistic that marine insurers can and will cope with digitalisation. We are very well-positioned to transition due to three core competencies: providing expertise in this specialised field, providing specialised quality service and products, and we have built strong relationships with our clients through loyalty and trust,” he said.
The two-day 5th Asia Marine Insurance Conference, which ends today, is jointly organised by Asia Insurance Review and HKFI and is sponsored by QBE Insurance.