‘Insurers expend less than 1% on training’

‘Insurers expend less than 1% on training’

Chuks Udo Okonta

An analysis of the statement of accounts of many insurance companies reveals that less than one per cent of their expenses were made on staff training as international best practice which is about five per cent.

Inspen gathered that most companies have resolved to slash their budget on training to mimimise cost.     

A member of staff of a company who does not want to be named said the company has embargoed management and training expenses.

President Chartered Insurance Institute of Nigeria (CIIN) Dr Wole Adetimehin, said the poor investment in staff training may account for the poor quality of personnel in recent times.

He noted that some operators see training as a favour to their staff and worst still a favour to consulting firms.

He said the quality of any output is dependent on the input; therefore, operators need to develop their personnel.

He said: “Very few companies have well established training departments and even engage in overseas training of our staff. Few offices also have well equipped up to date libraries.

“When last did our members attend a technical programme to update our skills and knowledge? When specific seminars designed to address specific areas of our businesses are organised, we hardly find professionals in attendance. We need to have a change of heart in this regard.”

Director General CIIN Adegboyega  Adepegba, said insurance companies have continued to slash their budget on staff training in recent time, adding that the reduction in budget posed great challenge to the development of the industry which needs qualified personnel to thrive.