USAID Supports World Class Insurance Certification in India

May 23, 2007

NEW DELHI –The Birla Institute of Management and Technology; LOMA, the world’s leading insurance and financial service trade association; and the U.S. Agency for International Development (USAID) today launched a certification program for the Indian insurance industry.

A customized Indian version of the prestigious Fellow, Life Management Institute Program will help improve professional accreditation standards in the Indian insurance industry and increase the number of accredited insurance professionals.

“With India’s insurance market headed for fierce competition, companies’ ability to gain market and consumers’ trust will depend on the quality of professionals it hires and is able to retain,” said Elizabeth Hogan, USAID India Deputy Mission Director at the launch.

A group of LOMA professional staff and a panel of Indian insurance industry experts from life insurance companies and academia worked together to add India specific supplements to LOMA’s globally recognized courses.

The new program will provide Indian professionals with critical knowledge on how the insurance industry operates through an introduction to industry terms, functional areas, processes, and area and product-specific knowledge in marketing, administration and financial reporting.

Indian students who successfully complete the program courses will be awarded the Fellow, Life Management Institute certification by LOMA, creating a new body of professional health insurance managers, underwriters and agents in the country.

Related Link: Read full text of the speech