Scholars recommend creations of insurance clubs, involvement of higher learning institutions

A second year students and coordinator of insurance association at the Institute of Finance Management (IFM) Mr. Samwel Anderson Mbeyela (pictured) advised higher learning institutions to grab the opportunity of offering insurance degree programs,  he said doing that adds value ton the efforts of expanding markets. Currently, there is only one institute(IFM) that offer such programs.

Emanuel Fissoo, a third year students at IFM who  pursue Bachelor degree in insurance and risk management (BIRM), he also chairman for Insurance association at the campus. he urged the authority under Commissioner Dr. Musa Juma to formulate insurance clubs at school levels to boost the awareness to the public.

By Selemani Magali

You will agree with me that the markets of insurance products is vast but till now practitioners have yet managed to utilize the markets effectively.  They say about 70% of Tanzanian are remained unserved especially in remote areas.

The commissioners general, Dr. Musa Juma has openly said there are regions which are completely lacks the availability of insurance companies, sadly, even the insurance agents are not accessible. Due to that your favorite journal IJA made a journey up to IFM premises and have talks with insurance students, the aim being to collect their view, what do they think are proper solution to the challenges and their vision at all. The followings are conversation with them,

IJA: Our readers would like to know who are you and tell us shortly about your history.

Student: I am Emanuel Fissoo, a third year students at the Institute of Finance and Management (IFM) who taking Bachelor in insurance and risk management (BIRM), apart from being a students also I managed to be appointed as chairman of insurance association at the institute. I with my fellow are working hard to make sure the associations becomes stronger and known to the public.

IJA: As young professional in insurance industry what are your expectations and how do you think they will be covered.

Emanuel Fissoo: I have a big dreams, first I would like to make sure that people become aware with ideas of insurance, currently the level of knowledge to most of people is extremely low, it is my desire to see people get assisted when they face calamities and that is possible if we have insurance cover.

Other challenges I observed to the markets, is that, we still have the problem of languages, thanks to new commissioners Dr Musa Juma for taking initiatives of issuing notice to all prayers to make sure within two years they have to make sure that they translate all of their policy to Swahili Language, I hope this will speed up the efforts of disseminating knowledge to the community.

When I was attending my field attachment at CRDB banks, I noticed that people do not know other products of insurance, they only know health insurance, other products like life insurance, motor insurance, death insurance, theft, marine, aviation to mentions few are not known, we as student have a role to play to boost the industry.

IJA: You mentioned the challenges surroundings the industry, what should be done to fix them.

Students: To my understanding I think insurance companies are required to send fund aside for promotion services, they did not play their role to make their products known. The volume of noise should be increased, when it heard from each corner the community will change their perception and take the covers.

Again, for authority wise, the efforts of disseminating information should not stop, they must think on establishing clubs at school levels, like they do PCCB and other organizations. When people start to know from childish level, it add value, sales and knowledge may rose.

Likewise at individual level, they have to change the way they think, they have to know that it is not true every day you become robust, it will reach a day you may become weak and you cannot do anything, the friends that can help you is your cover that you are paying its premium today. I have seen many people searching for their solutions of the problems at the last minutes that is not good thing. Let us build promising bright future by having insurance cover.

To his side, Samwel Anderson Mbeyela a second year students and coordinator of insurance association at the institute, said when he comes to an end of his studies he look forward to introduce an insurance agent to satisfy the demands in the markets.

He elaborated, he is not satisfied with the way the service provided, he irked with the concentrations of insurance agent in big cities, he said no one should leave behind, nothing impossible if you have good team of marketing you can penetrate anywhere.

My call is to the learning institution like Dar es Salaam University, Mzumbe University, Sokoine University of Agriculture and others to join the race of offering insurance degree programs, by doing so we can push forward the insurance industry.

I trust, the level of knowledge to people will increase as the number of academics increase, in that way, also the expansion of markets increase.

Ends.