The American College's Programs are Now Available in China
The American College announced recently that it has entered into an agreement with the USAsia Center for Business and Financial Services Company, Ltd. The USAsia Center will serve as The College’s sponsor in the People’s Republic of China and will offer the LUTC Fellow (LUTCF), the Chartered Life Underwriter (CLU) and the Chartered Financial Consultant (ChFC) designations as part of The College’s on-going commitment to professional education in the financial services industry. Each program consists of specified courses to help develop educated, qualified, experienced, ethical and knowledgeable financial professionals.
Bryn Mawr, PA (PRWEB) March 21, 2005 -- The American College announced
recently that it has entered into an agreement with the USAsia Center for
Business and Financial Services Company, Ltd. The USAsia Center will serve as
The College’s sponsor in the People’s Republic of China and will offer the LUTC
Fellow (LUTCF), the Chartered Life Underwriter (CLU) and the Chartered Financial
Consultant (ChFC) designations as part of The College’s on-going commitment to
professional education in the financial services industry. Each program consists
of specified courses to help develop educated, qualified, experienced, ethical
and knowledgeable financial professionals.
Each designation offered
provides students with in-depth information on a variety of financial topics.
The LUTCF curriculum gives students the high impact sales training and product
knowledge necessary to build a solid foundation for their career. The CLU
designation provides students with the professional financial training to help
their clients manage a successful business achieve financial security through
life insurance, address business succession issues, and enhance the value of
their estate. Students enrolled in the ChFC curriculum learn about creating a
sound financial plan and how to achieve long and short financial goals through
investments.
In addition CLU, ChFC and LUTCF students must all agree to
subscribe to The American College’s Code of Ethics. Earning these prestigious
designations, qualifies students to become members of The American College’s
Alumni Association with more than 150,000 members worldwide.
“With a
population estimated at 1.3 billion individuals China represents an enormous
financial services and educational opportunity for our institution”, said Larry
Barton, PhD., President and Chief Executive Officer of The American College. “We
are delighted to work together with the USAsia Center to begin offering
financial professionals the opportunity to enhance their practices with the
sales skills and product knowledge available in the LUTCF curriculum”.
Upon completion of their studies, financial professionals in China will
join more then 65,000 designees who have earned there LUTCF through The American
College. Earning this prestigious designation qualifies students to become
members of The American College’s Alumni Association with more than 150,000
members worldwide.
Significance of the Life Insurance Industry in
China
The life insurance industry in China is rapidly evolving and growing.
As of 1989, the total gross written premium was RMB 9.8 billion (US $1.2
billion). By year 2000, the figure had increased to RMB 159.6 billion (US $20
billion), which was more than 15 times the gross written premium underwritten in
1989.
The life insurance industry has become extremely competitive where
companies are fighting for market share. As of May 2002, there were 6 domestic
insurers and 12 foreign insurers in China. With the exception of American
International Group, which is exempted from restriction on full ownership by
foreign insurers, all other foreign companies have entered joint ventures with a
Chinese partner in the form of 49/51, 50/50, or even 51/49, according to the
International Risk Management Institute.
Most of the domestic insurers
are authorized as national insurers who can conduct business on a nationwide
basis. China is already benefiting from export and trade with other nations and
the inflow of foreign direct investment.
The inception of The American
College’s designation programs in China will facilitate the growth of the
insurance industry and will help to create qualified and successful financial
advisors in that region.
Need for Trained Life Insurance
Professionals
One of the issues facing the financial services industry in
China is the lack of sufficient sales and product knowledge held by local agents
and their support staff and the lack of high-quality training opportunities to
improve the situation. At one time, in China, selling insurance was just a way
to earn an extra income rather than a full-time career. This led to the
perception that selling insurance did not require much training or education
beyond having a network of personal contacts. As the standard of living and
financial resources of individuals in China increases, it is becoming crucial
that the financial services industry produce a large number of highly
knowledgeable and well-qualified professionals to serve needs of this growing
client base. Potential clients investing in insurance have become more market
savvy and demand a higher level of professionalism and competency from industry
leaders.
In addition, financial education helps to address the high
attrition rate among agents in the Chinese insurance industry. Companies see
training as a key to retention incentive because it helps raise the prospects of
the individual agents’ success. Increased retention also reduces the
considerable time and resources required to orient and train new agents-
improving company profitability.
The American College is the nation’s
leading non-profit educator of professionals in the insurance and financial
services industry. Located on a 35-acre campus in Bryn Mawr, Pennsylvania, The
College is a public charity that serves over 35,000 students annually,
predominantly on a distance education basis. The American College offers an
array of specialized designation programs, Master of Science degrees in several
disciplines and customized continuing education programs for those pursuing a
career in financial services. For more information, visit www.TheAmericanCollege.edu.
Contact:
Noel P. Kirkner, Public
Relations
The American College
(610) 526-1453
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Source : http://www.prweb.com/releases/2005/3/prweb219890.htm