INSTITUTIONS OFFERING INSURANCE AND PENSIONS MANAGEMENT LISTED AT THE BOTTOM
WHAT IS INSURANCE AND PENSION MANAGEMENT AND WHO IS AN INSURANCE AND PENSION MANAGER?
Insurance and Pension Management is a core qualification for pension and insurance staff working across all sectors of the industry. It provides grounding in basic pension and insurance principles including the regulatory environment, key disciplines of underwriting and claims, in addition to popular products such as motor, household, healthcare and packaged commercial insurances. After successful completion of the course, graduates are expected to demonstrate competence in pension’s and insurance administration and management.
An Insurance and Pension Manager is professional who uses his/her excellent leadership and analytical skills to ensure that pension and insurance schemes operate effectively and sustainably.
WHERE DO INSURANCE AND PENSION MANAGERS WORK?
Many pension and insurance scheme managers work for large companies and organisations in the public such as National Pension Scheme Authority (popularly known as NAPSA in Zambia) and Zambia State Insurance Corporation – ZSIC. They also work for private companies that operate their own occupational pension schemes. Opportunities also exist with large insurance companies, where you may start work as a trainee and work in different fields before specialising in pensions work. They also work for investment management companies and consultancies that provide pensions services for, and on behalf of, other companies. Most graduate positions are based within large companies or organisations. Smaller companies are more likely to operate either externally-managed schemes or stakeholder schemes, with the company secretary or finance director dealing with decision-making. Smaller pensions providers usually recruit experienced pensions staff.
You can work anywhere as Practitioners and Professionals in the Pensions and Insurance Industry, Pension’s Trustees, Managers of Pension Funds, Lawyer, Accountant, Asset Managers, Banker, Financial Advisor, Investment Manager as well as Human resource Practitioner.
WHAT TASKS ARE INVOLVED IN THE WORK?
Insurance and pension managers perform common tasks in all companies they work for. The main task is to manage a pension fund, a large pot of money paid in by companies and individuals over many years to provide benefits in retirement. You may coordinate schemes that are managed by a company or employer, a benefits consultancy, a public sector pension’s provider or an insurance company. You might also be involved in the strategic development of schemes, developing new schemes or managing related funds. All the tasks you perform will be to satisfy the target audience.
WHAT IS THE WORK SCHEDULE OF AN INSURANCE AND PENSION MANAGER?
You’ll usually work from 8am to 5pm, Monday to Friday. However, you may work extra hours occasionally – to attend evening meetings, for example. Insurance companies typically remain closed on weekends and public holidays.
The common working hours of the pensions and insurance companies in Zambia are-:
08.00 hours – 1300 hours Morning
- OO hours – 14.00 hours Lunch
14.00 hours – 17.00 hours Afternoon
Any hours beyond this is considered as overtime for all unionized employees.
WHAT DOES THE JOB MARKET LOOK LIKE?
There are good career prospects for Insurance and Pension Managers, although pensions departments within companies in Zambia are often small and you may need to change employers to progress. With experience, pension scheme managers can manage larger departments or schemes, moving eventually into roles such as deputy head of pensions and, ultimately, director or head of pensions. You can also move into related areas such as insurance or actuarial work or specialise in the area of pension management. There are also opportunities to work freelance or self-employed as a pension’s consultant.
Experienced pension’s professionals can work on a consultancy basis. The job may be challenging due to the level of responsibility and demands of working at a high-profile level in a fast-developing industry. You won’t usually need to travel or stay away from home overnight. However, if you’re working for a company with locations throughout the country, you may need to travel to attend meetings or meet with trustees and fund beneficiaries.
It’s also easy to find internships or work placements or try to get work as a pension’s administrator while in your final year of study. And the degree can earn you a job that is not even relate to pension and insurance in any company or government.
WHAT SORT OF CAREER-PERSONALITY MATCH IS REQUIRED?
To enjoy this career, You’ll need to have excellent interpersonal and relationship management skills, strong communication skills, both written and verbal, analytical skills and the ability to interpret and pass on complex information, strong influencing and negotiation skills, a good level of numeracy and IT literacy, the ability to lead and motivate a team, good judgement and decision-making skills, organisation, planning and time management skills, meticulous attention to detail, the ability to work well under pressure, common sense and personal integrity.
INSTITUTIONS OFFERING INSURANCE AND PENSIONS MANAGEMENT LISTED AT THE BOTTOM
WHAT SUBJECTS WILL THE PROGRAM COVER?
When you enrol to study Insurance and Pension Management you are expected to learn the following subjects, introduction to Insurance and Pension Management, Introduction to Risk Management, Historical Development of Insurance, Fundamentals of Insurance, Insurance Contracts, Principles of Insurance, Pension, Social Insurance, Non-Occupational Life Insurance Arrangement, among other subjects.
WHAT ARE THE ENTRY REQUIREMENTS?
To qualify for this program, you need to have 5 O’ level credits inclusive of Mathematics and English.
WHAT OTHER PROGRAMS OF STUDY CAN MAKE SOMEONE AN INSURANCE AND PENSION MANAGER?
Although this area of work is open to only graduates of Insurance and Pension Management, a degree in one of the following subjects are alternative qualifications and may improve your chances: investment management, business management, economics, finance, law, mathematics and statistics.
WHAT ARE THE FUTURE ADVANCED QUALIFICATIONS AVAILABLE AND WHY?
Once you study Insurance and Pensions Management, you may decide to pursue Master of Science in Insurance and Pensions Management (also offered at UNILUS), or business management or economics or actuarial work or mathematics and statistics or investment management. A master’s degree gives you an upper hand when it comes to finding new jobs in competitive environments especially abroad. It’s a sign that apart from general skills, you have taken keen interest to master one area of your job more than other people. With a master’s degree one would become a university lecturer as well.
INSTITUTIONS THAT OFFER INSURANCE AND PENSIONS MANAGEMENT
UNIVERSITY OF LUSAKA
Programme duration: 4 years (degree)
Mode of study: Full-Time, Part-Time and Distance Learning
Admitting school: School of Business and Management
Intakes: January and July
Location: Lusaka
Contacts
Tel: +260 972 832671 / +260 976 075850
E-mail: registraracademic@unilus.ac.zm
Website: www.unilus.ac.zm/fees.php
ZAMBIA COLLEGE OF PENSIONS AND INSURANCE TRUST
Programme duration: 3 years (National Diploma in Insurance)
Mode of study: Full-Time and Distance Learning
Admitting school:
Intakes: January, May, July and October
Location: Lusaka
Contacts
Tel: +260 979 446457 / +260 954 848128
E-mail: marketing@zcpit.ac.zm
Website: www.zcpit.ac.zm/fees