H.E. Eng. Sultan bin Saeed Al Mansoori adopts The Innovation Strategy in Insurance Sector 2018 – 2021
H.E Eng. Sultan Bin Saeed Al Mansoori, Minister of Economy, Chairman of the Board of Directors of the Insurance Authority has adopted the Innovation strategy in the UAE's insurance sector 2018-2021
This was on the side-lines of the Third Innovation Lab in insurance sector, which was recently organized by the Insurance Authority at Raffles Dubai Hotel on 14th May in the presence of a delegation from Dubai Police, Dubai Health Authority, Abu Dhabi Global Market Square and insurance companies operating in the insurance sector in the State.
In the same context, the attendees praised the adoption of the strategy, which in turn contributes to the promotion and development of innovation in the insurance sector.
The Innovation Strategy in Insurance Sector endeavour to lead the future in the insurance sector and to promote the UAE's position as a global platform for the development of the State's sector on the innovative side and the improving investment as well as promoting national entrepreneurship.
The strategy aims to lay the foundations for the future by preparing a generation of young national talents and capabilities and entrepreneurs for the fourth industrial revolution and providing them with knowledge in advanced science, technology and related skills through the adoption of an educational system that focuses more on the applied aspects, as well as develops an appropriate business-stimulating environment in the vital sectors.
The strategy includes the establishment of a secure and integrated data environment electronically to stimulate the fourth industrial revolution and linking it with artificial intelligence. It also includes the development of policies and legislation for the governance of the new vital sectors and related themes, ensuring privacy for members of the society and achieving social happiness. Additionally, it focuses on instilling a well-established system of values and ethics in future generations to ensure optimum use of the potential of the fourth industrial revolution and to address its implicit challenges.
The innovation lab has witnessed the review of the strategy's objectives, which included building the capability of staff in innovation/adopting the latest tools of innovation in insurance companies/sponsoring innovative talent.
It is also worth mentioning that the discussion included the "Blockchin" techniques in the insurance sector because of its innovative and smart solutions that would make a qualitative leap in the growth and development of the insurance sector. Eventually, this would have a positive impact on the experience of both its inhabitants and visitors.