Insurance industry representatives of five ASEAN countries have gathered to discuss a regional qualification framework and development of insurance education, so as to increase insurance talent in the region, especially actuaries.
The five countries are Indonesia, Malaysia, Philippines, Singapore and Thailand. The remaining five ASEAN states are not involved because their insurance market is still small, reported Kontan.
Mr Bern Dwyanto, executive director of the Asean Insurance Council (AIC) said that currently insurance penetration in the ASEAN region is still low due to limited human resources in meeting the needs of the insurance industry.
"Regionally, we have a goal to have the same HR reference for insurance in each country. One of the pillars of integration in ASEAN is that there is free flow of talent and investment.
Therefore, the same talent benchmarks are needed at the regional level, so that standards are uniform.