Insurance professionals, lawyers, and academics have established the Australian College of Insurance Studies (ACIS), a new education provider that aims to lift educational standards in the general and life insurance sectors in Australia and restore consumers' trust.
Backed by the University of Western Australia and the University of Queensland, ACIS claims to be Australia's first comprehensive, tertiary-level education and vocational training program designed specifically for insurance professionals and service providers, including policymakers, actuaries, claim managers, and regulators.
Dr Ian Enright, Fred Hawke, Professor Rob Merkin QC, Greg Pynt, and Samantha Traves – who provided guidance on the industry and called for reforms to the Financial Services Royal Commission – will lead the faculty.
“The level and amount of complexity in insurance has increased significantly over the past decade and continues to accelerate, but education and training have not kept pace, creating potential issues for customers, shareholders, and other stakeholders,” Dr Enright said.
From March 2021, ACIS will offer online and on-campus courses through the University of Western Australia and the University of Queensland as single subjects, graduate certificates, and graduate diplomas. It is also developing a Masters of Insurance Business, which will cover governance, risk, accounting, actuarial, pricing, underwriting, and claims management subjects.
“In the near future, due to FASEA's higher education requirements, the financial planners and brokers who recommend insurance are likely to be more highly qualified than those who develop and manage insurance products. In order to restore trust in the sector, consumers need to be confident that insurance leaders and key suppliers to the industry understand the fundamentals as well as the more sophisticated and complex elements,” Dr Enright said.
