By ANNELIA NIXON

Tribune Business Reporter

anixon@tribunemedia.net

The Insurance Commission is working with the University of The Bahamas to finalise a course that “will strengthen the university’s curriculum in financial services education”.

Administered by the insurance regulator through its licence with the Cambridge Centre for Alternative Finance, University of Cambridge, and with the support of the Bahamas Institute of Financial Services (BIFS), the InsurTech Compliance, Innovation and Regulatory Practices (ICIRP) course has already graduated 60 students in January 2025.

A second group of students is expected to sign-on by October 4, 2025, as registration is currently open. And, although not yet part of ICIRP, officials at the Insurance Commission said “discussions with UB (University of The Bahamas) are forward-looking and are being explored for the 2026 cohort”.

Rodney D. Bain, the regulator’s manager of communications, business intelligence and consumer awareness, said the Commission is “actively exploring opportunities” with UB to make the ICIRP course available as part of the latter’s curriculum. While the online course runs for six weeks, “the longer-term partnership with UB is intended to be ongoing, with each cohort building on the success of the previous one”.

“The aim is to institutionalise this knowledge locally and expand access for students and professionals alike,” Mr Bain said. “Once finalised, the partnership with UB will bring the course into UB’s academic environment, either as a credit-bearing programme or a professional development module.

“This will strengthen the university’s curriculum in financial services education, provide local students with access to world class resources, and further position The Bahamas as a hub for innovation and insurance regulation.

“The intent is for UB to integrate the ICIRP course within its offerings, either as a specialised elective for students or as part of continuing education for professionals. This will extend the reach of the programme beyond the industry to those preparing to enter it.”

According to Mr Bain, the course created for insurance professionals, regulators and legal and compliance experts has a cost of $1,000. This grants a student access to Cambridge-led materials, online sessions and support from facilitators.

“The course explores key areas shaping the future of the insurance sector, including the insurance value chain and digitisation, emerging InsurTech technologies, innovative business models and critical regulatory and compliance considerations,” Mr Bain said.

“Participants will also gain insight into future trends and applications, equipping them with the tools to stay ahead in an evolving global insurance landscape. With expert instructors, a flexible learning format and valuable networking opportunities, the ICIRP course provides a unique platform for professional growth and sector-wide advancement.”

Referring to the course as “a landmark achievement”, Michael Halkitis, economic affairs minister, said: “This is the kind of leadership that builds resilience, attracts global investment and secures our place in the next chapter of financial services.”

“The launch of the InsurTech Compliance, Innovation and Regulatory Practices course in partnership with the Cambridge Centre for Alternative Finance from the University of Cambridge, and supported by the Bahamas Institute of Financial Services, is a landmark achievement.

“It positions The Bahamas as a thought leader in digital regulation, and equips our professionals with the tools to navigate a rapidly evolving financial ecosystem. The first cohort of this course saw over 60 registrants, with one registrant based in Turks and Caicos. So the reach is extending.”