EDUCATION/HUMAN RESOURCE DEVELOPMENT

MII's Human Capital Development Fund (HCDF)

The Malaysian Insurance Institute had approached the industry associations (PIAM and LIAM) through BNM for financial support for its human capital development initiatives for the insurance industry. The HCDF contribution is based on 1% of staff salaries to finance the development needs of MII. As this was a joint industry effort for human capital development, the Management Committees of PIAM and LIAM had considered it important to stipulate some guidelines for the utilization of the HCDF. It was agreed that the utilization of the fund should be as follows:-

1. The contribution by members will be a one-off contribution of 1% of insurers' annual staff employment costs to MII for human capital development of the insurance industry.
   
   
2. A "Steering Committee" comprising 3 representatives from each association together with MII will be formed to evaluate, assess and determine the priority of the projects to be undertaken by MII for which the HCDF will be utilized.
   
   
3. The Steering Committee will be empowered to make recommendations, approve and reject the projects proposed by MII and to disburse funds from the HCDF accordingly.
   
   
4. The Steering Committee will also oversee the setting up of a trustee account by MII for disbursements of funds and decide on the mode of contributions by insurers to the HCDF i.e. whether in one payment or in tranches.
   
   

Human Resource Gaps Analysis, 2008

The PIAM Education Sub-committee had conducted a human resources gaps analysis in the general insurance industry. The objective of this survey was to identify the gaps in the insurance industry training requirements, marketing and branding of the insurance industry as an employer of choice and to address other human resources challenges faced by insurance companies. The Sub-committee also organized a brainstorming session of HR managers of member companies to discuss and propose some key initiatives and action steps for consideration and implementation by member companies, which will also address the industry concerns as a whole.


HR Managers' Brainstorming Session - "Addressing Key Human Resource Challenges in the General Insurance Industry" - Opening Remarks by Mr. Jahanath, Convenor, Education Sub-committee

The Sub-committee has also collated data to establish a channel for direct communications with the HR and Training Managers of member companies to communicate speedily with them concerning human resources issues in the industry.

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