Insurance Industry Advocates for Educational Insurance during inauguration at InsureTek 2024 and proposes Legal Support for Students as Education consumers Through GAIP (Global Association of InsurTech Professionals)
Kingdom of Saudi Arabia, May 28, 2024 — Sir Sohan Roy, Co-Founder and Vice President of the Global Association of Insurtech Professionals (GAIP) and Founder Chairman and CEO of Aries Group of Companies, delivered a groundbreaking inaugural speech at the InsureTek 2024 event. His address highlighted the urgent need for the insurance industry to step into the education sector to ensure that students’ academic efforts are industrial oriented with proper career design as per talent and rewarded with proper industrial placement.
Sir Sohan Roy emphasized that a student invests approximately 50,000 hours in academics, and it is imperative that this effort culminates in suitable employment. He proposed that if a student’s educational pursuits do not lead to industry placement, the responsible entities should be held accountable and provide compensation.
He added that he aims at introducing a revolutionary concept that shall integrate insurance into the education sector to ensure that students’ academic efforts lead to successful industry placements. If a student should receive insurance coverage as part of their tuition fees, it will compensate them if they fail to secure industry employment after graduation. This approach would ensure that educational institutions are held accountable and responsible for the outcomes of their students.
To guarantee the quality of education, insurance providers would require institutions to employ industry-oriented educators, with at least 50% of the faculty having direct industry experience. This measure aims at making education more practical and relevant to current industry needs and ISO standards. Additionally, educators themselves would be required to pay premiums and obtain insurance coverage, making them accountable for their students’ success and fostering a more dedicated and effective teaching environment with Industrial Oriented Syllabus.
GAIP also called on the insurance sector to advocate for government policies that mandate educational insurance. Such policies would position students as consumers with the right to high-quality education and the assurance of achieving their career goals. In cases where poor-quality education results in unemployment, students would be entitled to compensation, enforcing quality control and potentially leading to ISO certification for educational institutions.
Through these initiatives, the Global Association of InsurTech Professionals (GAIP) aims to support students in securing their rights and provide legal assistance if they fail to achieve industry placement on time after completing their education. This innovative approach promises to bridge the gap between industry and academics and to emphasize that industry is the final destination of every student, ensuring that students’ investments of time and effort in academics are duly rewarded.
About InsureTek:
InsureTek is a global conference that brings together insurance professionals and organizations to exchange ideas and network with potential partners and clients. It serves as a platform for discussing innovative solutions and advancements in the insurance industry.
About GAIP:
The Global Association of InsurTech Professionals is a non-profit international organization dedicated to fostering innovation and excellence in the InsurTech industry. GAIP’s objectives include offering education and professional certification, driving research and innovation, establishing best practices, and advocating for the integrity of the insurance industry.
GAIP, under the visionary leadership of Sir Sohan Roy, Dr. Aftab Hasan and Mr. Fareed Lutfi as Co- Founders aims to support students in securing their rights and provide legal assistance at consumer courts if they do not achieve industry placement post-education. The organization continues to foster collaboration, innovation, and knowledge exchange within the InsurTech industry globally.