The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has been officially integrated into Malaysia’s Future Skills Framework (FSF) for the financial sector. This move is part of a broader initiative aimed at cultivating talent and enhancing professional skills within the industry.
The FSF represents a collaborative effort among several key Malaysian institutions: the Asian Institute of Chartered Bankers (AICB), the Islamic Banking and Financial Institute Malaysia (IBFIM), and the Malaysian Insurance Institute (MII). Its primary objective is to provide professionals with the necessary skills to navigate the evolving financial landscape. The framework emphasizes capacity-building, continuous education, and addressing skill gaps to fortify the industry’s resilience.
As a recognized capacity-building provider, ANZIIF will contribute to the FSF by offering industry-accredited qualifications and training to insurance professionals across Malaysia. ANZIIF’s Chief Executive Officer, Katrina Shanks, highlighted the organization’s dedication to enhancing the competency, knowledge, and skills of insurance professionals.
“It is an honor to contribute to the upskilling of insurance professionals alongside esteemed Malaysian institutes,” Shanks stated. “ANZIIF remains committed to elevating the standards of insurance practice through targeted education and training.”
In addition to its role in the FSF, ANZIIF has recently addressed the global IT outage that occurred on July 19 with the release of a new video titled “IT Outage: Are You Ready?” This resource aims to guide insurers on managing the aftermath of such outages and to provide strategies for mitigating business and cyber risks.
The outage, triggered by a problematic CrowdStrike software update, affected millions globally and led to numerous insurance claims. Fitch Ratings has projected that global insured losses could reach the mid to high single-digit billion-dollar range. Despite the surge in claims, Fitch anticipates that the event will have a limited impact on the financial results of global insurance companies.
Shanks underscored the critical role of knowledgeable insurance professionals during such crises. “Having a trusted insurance professional who understands your business and ensures you have the right protections is crucial,” she said. “In these times of rapid change, understanding client needs and providing appropriate insurance solutions is more important than ever for delivering peace of mind and effective coverage.”
