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By Henry Uche, [email protected]
Recently, Daily Sun deliberated on why Insurance as a course of study has remained unpopular in higher schools. However, in this interview with some students studying at higher education in different levels, who are studying the course gave a pep into the future for the course, noting that the fate the discipline insurance going forward, then expert opinion.
Excerpt:
Blessing Olaiya
A 200 level student of Insurance, who was offered Insurance against her wish has this t say. “I applied for Accounting and Economics as my first and second choice but I think because of indigeneship, I was transferred to Insurance department. My initial feeling was a good one because at least I was not going to waste another one year at home. The fact that I was just given admission was enough for me to celebrate despite the course I was offered.
How have you been fairing? I’m not 100 per cent satisfied because I’m not where I’m supposed to be academically. To me it’s too bulky. Some times it’s annoying. I’m trying my best. We do different courses in Insurance, like business law, history and other courses.
“I thought I would switch to accounting, but unfortunately I even failed the accounting as one of our courses under insurance. Though it was my preferred course. My mother has encouraged me to remain here.
Prospect: I see light at the end of the tunnel. My last result was okay. I’m aiming to make good grades. I’m motivated by my result so far.
How do you feel when you in the midst of Accountants? I feel somehow inferior. I will still go back to do Accounting and ICAN.
Proud of Insurance? Not really.
Proposed specialisation: Risk manager/advisor.
Performance level: I’m doing well anyway.
Would you be proud ambassador of Insurance? Well, Yes.
Rebecca Jacobs
A 400 level student who chose to study insurance, said, “Fiirst, I did primary Insurance in secondary school. I never liked Accounting, I narrowly scaled through in Accounting in my SSCE. For Business Administration, I do not know much about it. I avoided it too because I felt I would meet Accounting and some calculations. So I felt Insurance would have no much calculations. But I have seen that Insurance has more calculations.
How have you been coping?
In fact, what I was running from, I eventually met it, then what would I do than to know it by self discipline. There are calculations from first year till now and it will never end.
Performance: A bit above average.
Prospect: I have hope. I will professionalise and would like to work for an insurance company as a broker. And I’m not studying to teach in any school.
Coping for those compelled to study Insurance on: I have no option but to educate and motivate them.
Challenge/problem you want fix? Misconception about insurance among most Nigerians. Limited presence of insurance companies in Nigeria especially in the hinterland.
In my state for insurance, hardly would one see any insurance company.
Students from other departments smear at the discipline, how do you respond? In fact, they do that a lot. But I let them know we do more than them. They major in one field like Accounting, Banking & Finance, but for us, we do a whole lot in Insurance.
Any impact of insurance in your life? Insurance has made me better than other students in other departments. As I speak, I’m not afraid of risks. Insurance has made me a sound decision maker, firm, bold and fearless adventurer, a critical thinker and a go- getter.
Rabiu Nurat opeyemi
A final year student, Insurance department, who is studying the course “unwillingly”. She share experience.
“I initially chose Banking & Finance but I was struck to see myself in Insurance. At first, I disliked it, but now I have moved on.
What kept you going?
My mother’s motivation, others.
Performance level: I’m on average.
Any regret? I think I would have been better doing Banking & Finance
Prospect: I don’t know what would be my fate for now. However I remain hopeful.
Rate your Lecturers: They make us love the course.
Challenges: So many, but we have to cope.
Proposed specialisation: Broker or Claims Investigator.
Would you return to initial choice? No I have no option than to remain here.
Kohra Oluwasegun
A 300 level student, who was given” insurance against his wish.
Initial choice: Accounting.
Why not Insurance? I have no knowledge about it from secondary School.
First reaction. I felt not really bad and today I’m happy with it.
Why were you transferred? I think that’s what God wants for me. I count myself lucky. I don’t think twice. Because I have been earnestly seeking admission. The admissions even came late.
Coping & performance: I’m adapting. An not really doing well, just a bit above average, but I will get there.
Prospect: Yes positive
Motivation: None for now. It’s self motivation
Specialisation: To be an actuary-a professional who specialises in the field of analysing financial risks by implementing statistical, financial and mathematical theories. Actuaries aid in assessing risks which help companies in the estimation of premiums for their policies.
Your stand in the mist of Insurance haters. I withstand their aspersions. I tried convincing them that Insurance is a good way to go.
Challenges: Nothing is missing actually. But in my 2nd year, some lecturers of compulsory subjects are not really impacting deep knowledge in me.
Any regret? No
Wasiu Mubarak
Is a 100 level student of Insurance who “Chose” to study the course.
Why Insurance? I decided it in my secondary school days. But most importantly, Nigeria and the world is a precarious place especially in world of business. So we need Insurance. Since many people don’t like Insurance, for instance; we were just 23 students in our department initially. So I decided to go into that field people dislike.
Prospect: I remain auspicious. I want to be the best graduating student in my set.
Any regret? No.
Response to those who hate Insurance. I’m already am apostle and ambassador of Insurance. Laugh’s
Challenges: Yes but if those ahead of us made it, I too can make it. In my secondary school, I’m the only one who said I would do Insurance among every other students. Accounting would have been very easy for me because I know Accounting very well, but I opt for insurance.
Performance: Very good.
Jimoh David
It also a 100 Level student, Insurance department but he was “Given” Insurance to study. So far, he affirmed.
“I actually chose Accounting, but was denied. Though I felt bad at first, however I’m not regretting it. My performance level I cannot qualify but I’m optimistic I will do very well. I can say that I can be a good representative of Insurance as a profession. When I see Accounting students anywhere I don’t feel bad. Everyone on his Lane. By the way, our lecturers are doing well to impact the requisite knowledge we need to soar in this feild.
Challenges: Though there are challenges like, some subjects like “Intro to Law” is difficulty to comprehend, but with time, I will surmmount it.
Prospect: The future is bright. And I don’t think I would go back to study Accounting as initially thought.
Wood Victoria
A 400 level student of Insurance who “Willingly” chose to study Insurance has this to say:
Insurance as a subject from secondary school appealed to me. My father is knowledgeable on insurance. But mother has no choice because she lack the knowledge, so couldn’t make input as to my choice.
Motivation: My late grandfather worked in Insurance company. So it was a motivation.
Coping with your Course mates who were compelled to study Insurance and those who are putting off the idea: For those of my Course mates, I tried encouraging them and today they are better off. Then for those prospective students, I believe they are having a rethink. I discovered something, those who were given Insurance are more studious than those of us who chose Insurance. Because for us on this side, we feel we are in our comfort zones, we don’t feel like working hard because we believe we know it, but for those who were sent from other departments like Accounting, Banking & Finance would work very hard to meet up academically since they had no interest nor knowledge of Insurance ab inito. But those who felt they can’t cope gave up the admission to pursue their dream course of study.
Performance level: I’m an average student. But I shall improve
Prospect: To graduate in good grade and professionalise as a Loss Adjuster.
Would you be proud to share knowledge by lecturing? No. No passion for it. I may consider it but I won’t be proud to do it as a means of living.
Challenges: Yes they there, but because I willingly chose Insurance, I’m prepared for them. With hard work, God on our side, we shall get there.
Reacting, Dr Ajemunigbohun Sunday Stephen, a Lecturer, Department of Insurance, Lagos State University has this to say to both students who are studying insurance willingly and those on whom insurance was imposed by the school as well as every other stakeholders in the industry. “The negative performance recorded over the years with respect to our students can be assisted by the following recommendations:
“Stakeholders must positively change the wrong public perception of insurance: both the insurance industry players and the insurance teachers/lecturers must collaborate and put their strength together to have wrong public perception of insurance changed for good. The poor claims settlement coupled the low financial ability being experienced by the consumers of insurance had affected negatively the enrollment of students for insurance as a course of study.
“The need to create more publicity for insurance as a course of study among secondary school teachers and students: The Chartered Insurance Institute of Nigeria and other stakeholders have tried their best in introducing insurance, as a subject, in secondary schools but much effort is required to create more publicity among some of these students who desire to venture into insurance as a course to study at the tertiary level. As for the teachers who teach insurance at the secondary school level, more training should be provided so that they can inspire the students towards choosing insurance as a trusted and profitable course of study. In line with this, the Tertiary Institutions in Nigeria should come with insurance education, as a course of study, in a bid to support the limited numbers of teachers at the secondary school level,”
Dr. Steven opined that providing scholarship for insurance experts in academics is a way forward.
“More academics are required in the field of risk Management and insurance. There would be need for industry bigwigs/ stakeholders in collaboration with National University Commission (via the Tertiary Education Trust Fund) to provide scholarship or sponsorship for insurance lecturers and students who are willing to study insurance in a bid to advance and broaden the risk management space for future generations in Nigeria.”
He maintained that Provision of study materials for both students and lecturers in the field of risk Management and insurance are imperative for students and lecturers of insurance to advance their knowledge. He noted that there is need to source for quality and sound study materials that could help attract students’ appetite for insurance as a course of study.
“Redesigning insurance curriculum in Nigeria to meet up the current challenges is also vital. The current curriculum of insurance, being used by many tertiary institutions where insurance is provided as a course of study, should be upscaled and redesigned to meet up with current challenges of the society. There is need for courses such as agricultural insurance, Islamic insurance, oil and gas insurance, supply chain risk Management, project risk Management, terrorism insurance, cyber crime insurance, and many more to be incorporated into our curriculum for the betterment of our students.
“All these initiatives being provided above can help change the narrative among our students to something positive and of greater height. I also desire to advise our students, either those who choose insurance or those being given, to be determined and committed to the study of insurance, hence it remains the path for a greater economy anywhere in the world,” he affirmed.
