| Abstract: | The main purpose of this study is, thus, to identify the key challenges and future prospects of the
EIFS, with special emphasis on insurance training. The mixed research approach is selected as
the data collected in this research is described both qualitatively and quantitatively. Descriptive
design is used owing to its ability to describe existing situation of the EIFS like any other social
science studies. Both primary and secondary data sources are used. The primary data was
gathered through structured interview, questionnaire and open ended questions. In addition, web
based review of the experience of selected oversees insurance institutes is used as a secondary
source to comparatively examine EIFS operations. The study has indicated that, the EIFS
mission and objectives are not well synchronized with current and future training development
needs of the insurance sector, the training program management is effective regardless of the
weaknesses in the training management system, trainees are satisfied by the trainings offered,
the EIFS operations are inferior and it lags far behind its comparators. Absence of policy and
strategy, weak governance and inefficient structure; absence of strong management are also
identified as problems of the EIFS. The study has also identified that the EIFS has ample
opportunity for future growth and expansion. In order to overcome the key challenges and to
capitalize on the opportunities, the researcher recommends the EIFS should: formulate policy
and define its mission and objective in line with the industry’s current and future needs, install
effective and up-to-date training management process, be re-established by a charter or law,
strengthen its governance and management and work towards a full-fledged insurance training
and education institute. |
