2016 Incubating Program for Academy Local Research 

 

Achieving sustainable and comprehensive economic development & growth is included in national economic development plan of Laos. And it is well known that growth of finance and insurance sector is indispensable for the national economic development. Finance and insurance industry would contribute to nation's economic development & growth through effective capital supply as well as capital accumulation. However, in pursuing growth of finance and insurance sector, it is very important to educate and provide human resources with specialty in finance and insurance.

 

The purpose of this research is to investigate the necessity and feasibility of establishing insurance department at Souphanouvong University that could give student a higher education opportunity in insurance study. It will be very helpful to have an opportunity studying insurance for getting job as an insurance specialist.

 

For the above purpose, literature review was accomplished, in advance, in order to investigate economic situation and demand & supply of human resources in insurance industry of Laos. And field investigation was also performed to the government authorities, managers of finance and insurance companies, and interest parties (such as professors, administrators of international affairs, students) of Souphanouvong University through interview, FGI (focus group interview), observation, and survey selectively.

 

In conclusion, findings of this research are;

 

(1) The perception of insurance in Laos is very poor.

(2) The insurance industry and insurance market in Laos is expected to grow and develop, and                 therefore insurance professionals are needed.

(3) Undergraduate insurance education is necessary as well as urgent.

(4) The government agencies and Souphanouvong University are positive about the necessity of             opening and operating insurance department.

(5) In order to establish an insurance department at Souphanouvong University, close cooperation         between the parties is necessary. And it is very important to follow the procedures and meet the       requirements.

(6) To establish and operate an insurance department, curriculum development, training of                     pedagogues, and educational facilities (such as buildings, lecture rooms, educational equipment,       etc.) are also to be prepared.