Insurance Education Initiative | Close window
Start date: 10/02 - Completion date: 6/03

In September 2003, The Directorate of Insurance (DI) within the Ministry of Finance, of the Republic of Indonesia and Dewan Asuransi Indonesia (DAI), an organization of insurance and reinsurance companies established pursuant to the laws of Indonesia and Yayasan Asuransi Indonesia (YAI), the educational affiliate of DAI having separate legal autonomy, and SECID, signed a Memorandum of Understanding to develop and promote an economically sustainable insurance and risk management education institute that focuses on improving professional insurance education at the Indonesian grass roots, intermediary and "chartered insurance" levels. The parties also share the goal of promoting public and private sector recognition and support to the aforementioned education institute wherein the institute is recognized as the official unit to offer an approved D3 and S1 insurance designation as well as other professional certification programs.

The parties, individually and subject to the availability of funds, contemplated activities to merge and support DAI's educational units under YAI, currently named Akademi Asuransi Indonesia (AAI) and Lembaga Pendidikan Asuransi Indonesia (LPAI), to form an Institute of Risk Management. This support will include, but not be limited to, technical assistance, technology transfer, curriculum development, and provision of professional certification programs to current and future insurance practitioners in Indonesia to improve intellectual capital, human resource development, professional capabilities and service to society.

This MOU was an outgrowth of a grant USAID provided to SECID in October 2002 to undertake a quick assessment of the Indonesia insurance educational standards and to provide a working blueprint for suggested enhancements to the current program.

In February 2004, SECID received $250,000 from the Starr Foundation to support the implementation of the Indonesia Insurance Education Initiative. The Starr Foundation was established in 1955 by Cornelius Vander Starr, and insurance entrepreneur who founded the American International family of insurance and financial services companies, now known as American International Group, Inc (AIG).