The Atlanta-based LOMA has been providing life insurance education in China for 10 years and, most recently, has partnered with one of China’s largest insurance companies to provide employee training programs there.
LOMA has more than 1,250 insurance and financial services company members and provides educational materials, training and examinations for life and health insurance professionals worldwide.
LOMA and China Life Insurance Company have created the China Life – LOMA Institute, providing training programs for the company’s more than 600,000 employees.
This type of training program can be adapted for other U.S. or Chinese insurance companies, according to Joel Basarich, Atlanta-based Managing Director of LOMA’s international division. Other companies in China have invited LOMA to evaluate their needs and design examination programs and sales training, he said.
“Multinational and local Chinese companies alike need training for their employees because China’s insurance industry is growing quickly,” Dr. Basarich told GlobalAtlanta.
“LOMA does more education in that part of world [China and the Far East] than in the U.S. because developing markets have the biggest need. Where economies and companies are growing rapidly, life insurance needs are growing rapidly, so LOMA is a perfect fit,” he added.
LOMA’s insurance education materials and exams are available in Bahasa Indonesia, Chinese, French, Korean, Portuguese and Spanish.
LOMA has been working in China since the Chinese insurance industry opened up to international companies in the 1990s, Dr. Basarich said.
Nine Chinese companies still control 85 percent of the insurance market in China, with the top three firms capturing 70-75 percent. Even so, Dr. Basarich said, multinational insurance corporations are gaining influence.
For more information, contact Meaghan Kenagy, senior marketing associate, at 770-951-1770, ext. 641 or visit www.loma.org.