The concept of an international insurance educational institute was discussed among leaders in the field of insurance education in 1996. These discussions included the executive officers of the Chartered Insurance Institute of Great Britain, the Insurance Institute of Canada and The Institutes.
As the marketplace for insurance and financial services becomes increasingly global, there is a growing need to educate insurance workers wherever insurance transactions take place. There is a pressing need to educate workers in every part of the world. Emerging economies require a workforce who has knowledge and skills in risk management and insurance applications.
There is also the recognition that standards are needed to assure consumers, employers and other stakeholders that insurance workers who hold themselves out as professionals are competent in their roles as insurance professionals. A global insurance educational institute would assist members in assessing the quality of various insurance educational courses.
The global institute would support the mutual respect and understanding between established Institutes and build on those relationships. It would also help the various insurance educational institutions around the world by offering assistance and guidance in needs assessment, course development and examination protocol. The global institute would also address the issues in the global marketplace by speaking with a strong voice on global education issues.
The global institute should recognize a member's national and local market practices, procedures and regulations and support members in their roles as educational providers.
Following the initial discussions, the need for such an organization was confirmed by the three organizing members in January 1997, and The Institute for Global Insurance Education was officially established.