Course Details

Life Insurance Administration

Life insurance policies are benefit policies that entitle the beneficiaries to a given sum of money in case of the eventuality (death) of the insured. Group Life Insurance is the protection against the loss of income that would result if the insured dies. In the event of a death, the named beneficiary or beneficiaries will have access to compensation. Generally, the beneficiaries are the families of the insured; however, they can also be partners or creditors. 

The Pension Reform Act 2014 has made defaulting employers liable for claims arising from the death of their employees should they fail to arrange the compulsory group life insurance cover for them. In line with the guidelines for life insurance policies for employees, jointly issued by the National Insurance Commission (NAICOM) and National Pension Commission, an employer is required to fully bear all costs in relation to the procurement of this policy which makes is mandatory for all employers to maintain a Group life Insurance Policy in favor of each of their employees for a minimum of three (3) times the annual total emolument of the employee(s). 

This training will take participants through detailed and thorough sessions of the life insurance policies, its effective administration and how to overcome challenges that are often faced in the process.

Course Module

  • Underwriting, Pricing, Life Insurance applications and the Agents’ role
  • Life Claims Management
  • Risk Management and Needs Analysis
  • Insurance Ethics and Professional Practice Considerations
  • Consumer and Business Needs for Life Insurance
  • Bancassurance
  • Segregated Funds and Annuities
  • Investment products such as common shares, debt securities, mutual funds
  • Life Insurance: dealing with various insurance brokers
  • Life Insurance Policies and Processes
  • Benefit Plans Management
  • Current Market Issues and Trends

Who Should Attend

Underwriting Officers, Claims Officers, Insurance Sales & Marketing Executives, Client Service Officers, Brokers, Agents and others who perform related functions in the Insurance sector. 

Training Delivery Techniques

For learning to be more impactful and effective, we adopt a seamless combination of Lectures, Group Discussions, Case Studies, Individual/Group Exercises, Videos, and Role Play. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and this will aid attendees to apply the knowledge gained both at work and personally.

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