IRDA accords approval for South India's first Web-based
Training Institute
for Insurance Agents to TheManageMentor.com
31st May 2003, Hyderabad
In one of the most happening sectors in the post liberalization era, Insurance, another revolution is taking place. The Insurance Regulatory and Development Authority (IRDA) - the apex authority in India for regulation of the Insurance business - has accorded approval for South India's first Web-based training institute for Insurance agents. The Chairman of IRDA, Shri. N. Rangachary has formally handed over the certificate of approval and the blessings of IRDA for the project, on 30th May 2003, to Mr. T. Muralidharan, Managing Director, C&K Management Ltd and the chief architect of the unique online institute.
Since the establishment of Insurance Regulatory and Development Authority, through the IRDA Act 1999, and the subsequent opening up of the Insurance sector to private participation and foreign investment, Insurance sector has been the center of a lot of action. With the entry of as many as 23 new players into the market it is estimated that 5,00,000 jobs will be created in the next 5 years in Insurance. Insurance agents / advisors form the major chunk of this workforce. The big question facing the industry is quality training to Insurance professionals in general, and agents in particular.
IRDA prescribes a minimum of 100 hours of practical training for any candidate to become a Life Insurance agent; and approves training institutes to impart this training. However, so far the approval have been given to institutes providing offline (traditional classroom based) training. The traditional methodology requires all the students to be present at one location at the same time, and imparts training assuming an equal attention and receptivity level for all the participants. In a scenario where each new company needs at least 5,000 agents to be trained in a short period, the classroom model is not sufficient to cover large numbers. Added to this are the problems of finding quality faculty across India, inconsistent delivery mechanism, and the huge costs involved.
TheManageMentor.com's unique online training institute is not just an answer to these problems, but also an excellent flexi, alternative model of learning that packs in a lot of benefits to candidates as well as Insurance companies. The institute offers standardized course curriculum and methodology, across the country, through the IDIKA Learning Management System (LMS) e-learning modules covering 21 chapters. The 'self study online' and the unique 'interactive learning' approaches make the learning customized to each and every individual's learning habits and preferences. The web-based methodology allows the candidates the flexibility to learn from any location, at any time; at his/her own pace. The course offers a minimum of 150 hours of e-learning. But in reality, the number of hours of training is unlimited, as every individual has the choice to the amount of learning time.
For Insurance companies the web-based model offers a very cost-effective learning solution, as they no longer have to send their agents/advisors to a particular institute and location for a specified period. In addition, the quality of training they receive also enhanced greatly as - a standardized methodology is followed, latest knowledge in Insurance sector is hosted on the 'website', and possibilities are opened to learn from other people's experiences and share current knowledge. To compensate for one to one interaction possible in a classroom model, TheManageMentor.com is offering 'online mentoring' through "e-helpdesk" and "chat" facilities.
Chairman, IRDA - Shri N. Rangachary with the ManageMentor.com's team
About ThemanageMentor (www.themanagementor.com)
TheManageMentor.com is Asia's first Knowledge & Networking eClub and
electronic Continuous Professional Education (eCPE) tool for professionals
across domains, industries and geographical locations. Built on the principles
of adult education, the portal aims to keep professionals current &
contemporary in the chosen area of expertise. Launched in August 2000,
the portal has found acceptance & wide spread usage amongst 125 blue-chip
corporates in India, cutting across industries and domain areas. The portal
has also received endorsements and recognition from International professional
Institutions like CIMA Malaysia, CIMA Singapore, Institute of Chartered
Accountants of Sri Lanka and Dubai Quality Group. TheManageMentor also
has strong associations with top ranking educational and professional
institutions in India - ICAI, XLRI, ICFAI and ASCI to name a few.
About C&K Management ltd.
Venture funded by ICICI and TMI Network, C&K Management limited is
the first company in India to recognise the need for continuous knowledge
enhancement of working professionals. The company helps them remain current
and updated in their functional domain, value adds with cross-functional
knowledge, and hand holds them as a mentor. The power behind TheManageMentor.com,
C&K offers a range of products and services in Knowledge & Networking
portals, Researched Content, Knowledge Management, Intranet Solutions,
Custom Content and Knowledge Community formation.
About IRDA
The Insurance Regulatory and Development Authority (IRDA) was formed by
the IRDA Act, 1999 - an Act of Parliament. The Authority - a ten-member
team consisting of a Chairman, five whole-time members and four part-time
members - regulates, promotes and ensures the orderly growth of the insurance
and re-insurance businesses in India. IRDA endeavours to protect the interests
of the policy holders; specifies the code of conduct, qualifications and
practical training for insurance intermediaries and agents; promotes efficiency
in the conduct of the insurance business; regulates the investment of
funds by insurance companies; specifies the percentage of life insurance
and general insurance business to be undertaken by the insurer in rural
and social sectors; and adjudicates the disputes between insurers and
insurance intermediaries.
For further details, contact:
T. Muralidharan
Managing Director & CEO, C&K Management ltd., Career Centre, 1-8-303/48/12,
Prenderghast Road, Secunderabad - 500 003
Tel: +91-40-2783900 Fax: +91-40-2783725 e-mail: muarli.hyd@cnkonline.com
M.K. Geetha
G.M. Content - Finance, C&K Management ltd., Career Centre, 1-8-303/48/12,
Prenderghast Road, Secunderabad - 500 003
Tel: +91-40-2783900 Fax: +91-40-2783725 e-mail: geeta.hyd@cnkonline.com