Helping children understand key concepts of insurance was a focus for Insurance Council of New Zealand (ICNZ) members, including IAG, during this year’s Money Week.
Money Week is held annually in early September and seeks to raise awareness of the need to improve the financial capability of New Zealanders. As part of the week’s activities, ICNZ partnered with developers of an interactive online tool called Banqer to launch a new insurance module for school children using the tool.
Banqer is an online platform that enables the teaching of financial education in primary and secondary school classrooms. Children are given their own bank accounts, and online login, and through the use of a classroom currency system get first-hand understanding of what it means to be in charge of their own personal finances.
IAG along with six other insurance companies helped Auckland Pasifika students from Kedgely Intermediate, Ferguson Intermediate, Robertson Road and St John The Evangelist School to develop their risk management and insurance knowledge by using the innovative software.
IAG media and community relations manager, Shelley Huang, attended the session, helping as a coach to different groups of students aged from 12 to 13 years old.
“I was impressed how quickly the children grasped the basic concepts of insurance,” Shelley said.
“We didn’t have to educate them much on the need to consider protection for the virtual homes they were buying. Most bought insurance in the first round of virtual games, but there were good discussions around cost and what else they could spend their money on.
“There were also good discussions around factors that influenced what they would have to pay for insurance, such as the style of home they were insuring and whether they had things like pools – which a lot of the children wanted!”
IAG, along with other insurance companies announced that each of the schools would receive sponsorship valued at $1000 to enable Banqer to be used at their schools for a 12 month period. It will allow students to explore differing levels of involvement with their finances, and differing levels of complexity. Current modules include Accounts, Income, Interest, Tax, and Real Estate, with the Insurance module the latest addition.
“It was incredibly rewarding to be part of the day and the children showed great enthusiasm and willingness to learn,” said IAG head of Corporate Affairs, Craig Dowling.
“I think we got as much out of it as the kids – and that included lessons in simplifying how we talk about insurance so that there are no barriers that restrict people’s ability to consider the role insurance plays to help with financial security.”
To know more about Banqer, please visit: https://www.banqer.co/