THE UNIVERSITY OF THE WEST INDIES ST. AUGUSTINE, TRINIDAD & TOBAGO, WEST INDIES

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1 THE UNIVERSITY OF THE WEST INDIES ST. AUGUSTINE, TRINIDAD & TOBAGO, WEST INDIES OFFICE OF THE CAMPUS PRINCIPAL Pro Vice-Chancellor Professor Clement Sankat, BSc (UWI), MSc (UWI), PhD (Guelph), FIAgrE, CEng, FAPETT Remarks by the Campus Principal Launch of the BSc Degree in Insurance and Risk Management Office of the Campus Principal, UWI St. Augustine Friday 14 th October, am Salutations Thank you Chairman, Dean of the Faculty of Social Sciences, Dr. Hamid Ghany Deputy Dean for Planning and Programming, Faculty of Social Sciences, Mr. Errol Simms Head of the Department of Management of Studies, Faculty of Social Sciences, Professor Surendra Arjoon Chairman of the Board of Governors, Trinidad and Tobago Insurance Institute (TTII), Mr. Douglas Camacho Financial Services Ombudsman, Ms. Susan Roach Representative of the Inspector of Financial Institutions, Ms. Neveen Lalla Other Representatives from Sponsoring Companies Colleagues from the UWI St. Augustine Campus Specially Invited Guests Members of the Media ******** Good morning! 1

2 It is with great pleasure that I am here to participate in the launch of this BSc Degree in Insurance and Risk Management! This is an initiative that began during my tenure as Campus Principal and I fully supported the work of the Faculty of Social Sciences in close partnership with the insurance industry. So, I am thrilled that we have achieved what we set out to do and the UWI St. Augustine Campus can now offer a Bachelor of Science Degree in Insurance and Risk Management! This is indeed an achievement! I wish to specially recognize the Chairman of the Board of Governors of the Trinidad and Tobago Insurance Institute (TTII), Mr. Douglas Camacho and all the other representatives from TTII, our leading partner in this initiative. Special welcome also to the Financial Services Ombudsman, the Office of the Inspector of Financial Institutions and all representatives of insurance companies. I am very pleased to have all of you with us this morning and to see that we have many captains of the insurance industry present. Thanks for your support. Let me also recognize Mr. Bertrand Doyle! Just yesterday morning, I was sharing with the graduating class of Hillview College that the UWI St. Augustine Campus in partnership with the Ministry of Science, Technology and Tertiary Education (MSTTE) launched the Centre for 2

3 Workforce Research and Development Project aimed at addressing the gap between the skills that university graduates bring to the workplace and the skills needed in the labour market. Addressing this gap is not only a challenge here in Trinidad and Tobago, but across the Caribbean and internationally as well. Universities worldwide are therefore continuously developing new programmes to anticipate and respond to the changing demands of the labour market, as industry needs continue to evolve. Distinguished guests, today s launch is an example of the fruitful collaboration between the UWI St. Augustine Campus and the TTII to address the specific needs of the insurance industry. It is an industry that serves individuals, businesses and governments through insurance services, pension funds, asset management and savings products. In fact, I am advised that in 2006 the contribution of the insurance industry to the GDP of Trinidad and Tobago was exceeded only by the petroleum industries, the construction sector and distribution. Additionally, value added in insurance surpassed some of the largest industries within the manufacturing sector such as petrochemicals, food, drink and tobacco as well as agriculture, telecommunications and tourism. There is no doubt that the insurance industry plays a significant role in the economy of Trinidad and Tobago and the wider Caribbean! 3

4 I am, therefore, particularly pleased that through this programme the Faculty and staff of the St. Augustine Campus of The University of the West Indies continue to demonstrate our commitment to human capital development in key areas of national and regional importance, thereby contributing to the overall development of Trinidad and Tobago and the Caribbean. This BSc in Insurance and Risk Management is the only full-fledged degree programme in this discipline to be offered in Trinidad and Tobago and the wider Caribbean. So we are definitely pioneers here and charting a new course for teaching, learning and scholarship in this discipline. For the degree programme will not only address the knowledge and skill needs of the insurance industry, it will also allow for indigenous technical know-how and experience that are unique to the insurance sector of Trinidad and Tobago and the Caribbean, to be integrated into the delivery of the programme. And this is the value added and comparative advantage gained from pursuing the BSc in Insurance and Risk Management at the UWI St. Augustine Campus. There are approximately 3,000 people directly involved in the Insurance Industry and there are also a number of self-employment opportunities including Brokers, Agents, Salesmen, Loss Adjusters, etc. An opportunity for growth and development of this is already in the system and it 4

5 will contribute to building a professional insurance workforce, people who instill confidence and trust in their clients. I would therefore like to thank the Deputy Dean of Social Sciences responsible for Planning and Programming, Mr. Errol Simms and the Head of the Department of Management Studies, Professor Surendra Arjoon for the conceptualization and development of this very exciting programme. I also wish to thank the Dean of the Faculty of Social Sciences for his support of this initiative. To the Chairman of the Board of Governors of the Trinidad and Tobago Insurance Institute, Mr. Douglas Camacho, and all contributing companies, the UWI St. Augustine Campus is truly grateful for your financial contribution towards this programme! 1 I would like to commend all of you for your firm commitment to strengthening the capacity of the insurance sector of Trinidad and Tobago and the Caribbean region. Without this type of collaboration between our institutions, responsive initiatives such as this one today would not be possible. We must therefore continue to build and strengthen the partnership between our institutions for the benefit of our students and other stakeholders. Once again, I say well done to all the persons instrumental in making today s launch possible and my sincere thanks to each and every one of you. 1 An annual commitment of TT$ 250,000 per year, for 3 years has been pledged. 5