The Insurance Institute of India

As we all know, every industry requires trained professionals and experts for proper functioning and growth. Insurance is no different. The Insurance Institute of India was established to fulfill the purpose of training insurance professionals. It helps them gain expertise in various subjects related to insurance. Formerly known as the Federation of Insurance Institute, The Insurance Institute of India serves as the ultimate guide for professionals.

Let us dive a little deeper and know more about the renowned institution:

Formation

The thought of imparting the knowledge about insurance had prevailed in the minds of the insurers for a long time. It was one of the sole objectives of the Indian Life Assurance Offices Association (ILAOA). The association wanted to create a body that would help to impart knowledge about the principle of life assurance.

In the annual meeting of the ILAOA in April 1934, the concern regarding the deficiency of skilled professionals in the field of insurance was raised. This led to the appointment of a committee in the same year that was supposed to find out ways and methods of imparting education in the field. Universities were reached to include insurance as a subject in their existing syllabus. Ultimately, it was decided that a separate institute should be formed on the same lines as the Chartered Insurance Institute of London. Further proceedings took place and an institute for training professionals in this field was formed.

Objectives

Here are few objectives that the institutes work to fulfill:

• The main objective of the Insurance Institute of India is to run a college, conduct examinations, oral and written in insurance theory, practice, and related subjects. They award certificates, diplomas, and degrees to interested and qualified candidates.
• Offering necessary tuitions and supply reading material regarding various subjects of the insurance industry.
• Granting scholarships, grants, and prizes for research and educational purposes related to insurance.
• Ascertaining the laws and practices relating to all the matters relating to insurance and imparting knowledge regarding the same to the interested candidates.
• Assisting the insurance industry to acquire the necessary expertise and skills needed to fulfill the demands of the multiplying customers.

Mission and Vision

The mission behind the formation and working of the institution is to impart systematic knowledge and training in the field of insurance. It also aims to create avenues for research and development in the respected field in order to convert unskilled individuals into highly efficient and skilled professionals to serve the insurance industry.

The institution is led by the following visions:

• To become a prestigious name in imparting education in insurance, health, actuarial, and risk management in the Afro-Asian countries.
• To raise the bar of efficiency and knowledge in the insurance industry around the globe.
• To set up visual learning facilities to make insurance education unhindered.
• To provide precise research, documentation, dissemination of information to the individuals, corporates, regulators, and the users of insurance.

Now that you know about the Insurance Institute of India, you’ve got a clear idea about where you must head-on if you’re looking forward to building a career in the insurance industry.