Mr. Randy Graham Msc Bsc
Mr. Randy Graham is currently the Director of Insurance and Pensions at the Financial Services Commission in Barbados and the President of the Association of Insurance Institutes of the Caribbean (AIIC). He was formerly the General Manager for Insurance Management and Professional Services (IMPS), a local Insurance Brokerage Firm. Mr. Graham is a Finance Lecturer at the UWI Cave Hill School of Business. He teaches various courses including Risk Management, Investment Analysis, Portfolio Management, Managerial Finance, and International Business. He also lectures for The Barbados Credit Union League and the Insurance Institute of Barbados. He has conducted several insurance related training seminars across the Caribbean.
Mr. Graham is a trained Risk Manager and a graduate of the Southwest Missouri State University with Suma Cum Laude honors and a degree in Insurance. He holds a Masters of Science Degree in Risk Management from St. John’s University in New York. His awards and scholarships include the Spencer Education Fund Scholarship, St. John’s University Graduate Research Grant, and the Deans Distinguish Scholar Award. Mr. Graham was the first person in Barbados to be conferred as a Barbados Chartered Insurer.
Mr. Graham’s research interests include the general insurance industry, the stock market and revolutionary financial tools in the risk management discipline. Mr. Graham has developed a number of risk tracking systems for small and medium sized businesses. Additionally, he has designed a simulation model to measure the probability of default for the general insurance industry. His thesis writings have been submitted for publishing.
Mr. Graham is a past President of the Insurance Institute of Barbados, and held the post of Chairman of the Education Committee for 4 years. He is also a former Chairman of the Supervisory Committee of the Barbados Public Workers Credit Union, The Corporate Secretary of the Board of Directors of Pasea Holdings Inc., and a member of the Board of Directors of Invest Barbados. He is a member of Beta Gamma Sigma Honor Society, The Barbados Golf Association, and The Carlton Cricket Club. Randy is married and he and his wife Maria have one daughter.
A Synopsis of the History of the AIIC
ASSOCIATION OF INSURANCE INSTITUTES OF THE CARIBBEAN
The Association of Insurance Institutes of the Caribbean was established as a result of the need for a Caribbean qualification in the region especially since the CII (Chartered Insurance Institute) of the UK had forged closer ties with Europe and it was found that the syllabus was becoming more irrelevant to the Caribbean and more importantly the cost was becoming prohibitive.
The inaugural meeting was held during the Conference of the Insurance Association of the Caribbean (IAC) in 1989, which was being hosted in Antigua and in 1990; a mandate was given to Mr. Sherrif Khan of the Academy of Insurance in Trinidad and Tobago and Mrs. Elaina Gonzalves of the Insurance college of Jamaica to prepare a document on the implementation of a Caribbean Professional Qualification.
This document was circulated to the industry members in the Caribbean. After meetings in several territories in 1995, the AIIC executive agreed to proceed with the plans based on the positive support given by the industry.
The original document has been altered to include introductory examinations leading to the Caribbean Introductory Foundation Certificate (CIFC) which was a two part examination as follows:
- Introduction to insurance and
- Introduction to Life Insurance or Introduction to Insurance Business Practice
It has now been remodeled and refined and the two parts are now :-
- Basic Principles of Insurance and
- Legal and Business Aspects of Insurance
(and it is now called the Caribbean Insurance Foundation Certificate).
The founding members of the AIIC were:
- The Insurance Institute of Barbados
- The Insurance Institute of Guyana
- The Insurance Institute of Jamaica
- The Saint Lucia Insurance Institute and
- The Trinidad and Tobago Insurance Institute
During the annual conference in 2003 held in Antigua the Insurance Institute of Antigua and Barbuda was formed.
Belize has now also come into the fold of the AIIC membership. The total membership now is 10.
The AIIC has since formulated new and informative courses which include:
CIPA – Caribbean Insurance Proficiency Award
CIFC- Caribbean Insurance Foundation Certificate
CIPC -Caribbean Insurance Property Certificate
CIMC- Caribbean Insurance Motor Certificate
CIHC- Caribbean Insurance Health Certificate
CILC – Caribbean Insurance Life Certificate
CACI – Caribbean Administration Certificate in Administration
Upon complete a combination of the above, CIFC being mandatory, you can continue to the following:
Caribbean Certificate of Insurance Practice (CCOIP)
In order to qualify for the CCOIP designation, candidates must complete the CIFC plus 4 more subjects. These four can be done in whatever combination the student wishes. The courses are
CACI (Stand Alone Certification)
Certificate in Insurance
The above will serve as credits towards the CCOIP upon completion of the CIFC.
The CCOIP designation is recognized from Jamaica in the North to Guyana in the South. Upon successful completion the participant will be granted the designation CCOIP to be used after their name, – For example Janine Browne, CCOIP.
Caribbean Certified Insurance Professional CCIP
To achieve this qualification, the candidate would have to complete the CCOIP designation then successfully sit 4 of the following courses.
- Caribbean Business Environment (EDIM)
- Risk Management
- Liability Insurance
- Fraud Management & Control
- Insurance and the Law (EDIM)
At least one of the first two subjects must be taken. EDIM denotes that this course is offered as a part of the Executive Diploma in Insurance Management offered by the University of the West Indies. Upon successful completion, the participant will be granted the right to use the designation CCIP after their name, – For example Jonathan Peters, CCIP.
The AIIC continues to pursue its aims and objectives with the assistance of the member institutes and UWI, hoping to formulate further courses in the interest of improve the education within our region.
Present membership of the AIIC
- Antigua & Barbuda
- St. Vincent
- St. Lucia