Politician Director Comes to Lead Youth Economic Education... Transformation of the Insurance Training Institute (Comprehensive)

원본보기 아이콘

[Asia Economy Reporter Oh Hyung-gil] The Korea Insurance Institute, which positions itself as an educational institution for insurance and financial professionals, is drawing attention in the insurance industry as it recently focuses on youth economic education. Until now, it had concentrated on job training, but this change came after Director Min Byung-doo, a former politician, took office. Opinions differ on whether this is an expansion of the educational institution’s scope or a means for Director Min to realize his personal political ambitions.

According to the insurance industry on the 25th, the Korea Insurance Institute plans to launch a youth economic education program called "Jangbogo Economic School" this September. The elementary school curriculum development is currently being finalized, with plans to develop a university-level course in the future.

Additionally, on the 21st, the institute signed a memorandum of understanding for educational business cooperation with JA Korea, the Korean branch of Junior Achievement (JA), which conducts youth economic and financial education in 95 countries worldwide.

Established in 1965, the Korea Insurance Institute was created to provide job training for insurance agents, insurance companies, corporate agencies’ employees, and loss adjusters. It is a representative insurance education institution stipulated in the Insurance Business Act.

Unlike banks or financial investment firms, insurance companies have historically lacked sufficient job training across various fields, from sales to actuarial work, loss adjustment, and asset management. Therefore, the Korea Insurance Institute has taken on the responsibility of providing specialized job training.

The long-standing role of the Korea Insurance Institute began to change with Director Min’s inauguration in January. Director Min, who has long been interested in economic schools, is actively promoting a new style of youth financial education. The Jangbogo Economic School emphasizes participatory education focused on enhancing problem-solving skills.

Director Min explained on his SNS, "Jangbogo Economic School is a training process that views and thinks about political, social, cultural, environmental, and international issues from an economic perspective and proposes solutions. The teaching method is learning by doing, completed through action, followed by discussions and projects after lectures, combining various techniques and tools, and students can even design the curriculum themselves."

원본보기 아이콘

However, some question whether the Korea Insurance Institute should engage in youth education. There are also criticisms that this might become a temporary project limited to Director Min’s term.

On the other hand, it is explained that the institute’s push for new educational projects stems from the changing insurance education environment. Unlike in the past when insurance companies relied on the institute for employee training, nowadays they conduct training internally, gradually reducing the institute’s role.

This has led to a decline in training fee revenue, making new business ventures essential. Some view the expansion into economic and financial education beyond insurance as an effort to broaden the institute’s business scope.

An insurance industry official said, "In the past, the position of the Korea Insurance Institute director was typically filled by former Financial Supervisory Service directors, and the institute had been focused on insurance education out of inertia. Providing youth education on finance, including insurance, could become a new business opportunity for the insurance industry."

© The Asia Business Daily(www.asiae.co.kr). All rights reserved.