IRDA accords approval for South India's first Web-based
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)
About C&K Management ltd.