The Insurance Authority has confirmed that there is a package of initiatives and programs implemented during the past period on "Emiratization in the insurance sector", which included training initiatives in insurance sciences, combating financial crimes and actuarial sciences. The Authority has set a plan to implement these initiatives, in cooperation with the best international institutes in insurance in order to attract UAE nationals and train them free of charge.
H.E. Sultan bin Saeed Al Mansoori, Minister of Economy and Chairman of the Board of Directors of the Insurance Authority, commended the directives of the wise leadership vision in supporting the efforts for Emiratisation, in coordination with government and private organisations, in line with the period ahead to attract national talent. He pointed out that the wise leadership gives Emiratisation a top priority.
Furthermore, The Authority places Emiratisation at the forefront of its strategic priorities and plans. The Authority is pursuing its efforts in unleash the potentials of UAE Nationals to lead the development process of the insurance sector. The Emiratisation strategy of the Insurance Authority has a holistic and long-range view that seeks not only to increase the number of UAE Nationals but also to introduce generations of specialized and professional UAE Nationals to participate effectively in the paths of research, entrepreneurship and the insurance market. The implementation of this strategy can be seen in the increase in the number of UAE Nationals in 2018 by 21% compared to 2017 as 228 UAE Nationals has joined the sector in 2018.The percentage of increase in the number of UAE Nationals working in technical departments reached 55%, knowing that there is no increase in the total number of workers in the sector. This indicates that the new Emiratisation strategy by the points system has resulted in an increase in the number of UAE Nationals working in the sector, especially in the field of technical insurance work.
Figure No. (1) the Development of UAE Nationals number within the past years:
The free training initiatives for UAE Nationals, launched by the Insurance Authority during the past year, contributed to increasing the number of UAE Nationals in the specialized professions. A number of 1136 of trainees from the national cadres were trained through 70 training programs in the first half of 2019 in "Maharati"initiative, 39 actuarial trainees, 25 trainees in combating financial crimes, 15 trainees in the Future Leaders Program and 26 trainees in the Innovation Diploma Program.
The Authority has paid special attention to the employment of UAE Nationals in the specialized and leading professions in insurance companies. This can be noticed in the increase in the number of UAE Nationals in the specialized, technical and leading professions.
- Anti-Money Laundering and Terrorist Financing Officers, who reached a number of 43 UAE Nationals out of the total number of 62 of Anti-Money Laundering Officers working in the sector with an Emiratization percentage of 70% of the total workers in this profession.
- Chief Innovation Officers: 56 out of 62 working Chief Innovation Officers are UAE Nationals, with an Emiratization percentage of 90% of the total number of officers in this profession.
- Sales Centres Officers, reached a number of 47, an Emiratization percentage of 100% of the total workers in this profession.
The number of insurance companies committed to apply the points system reached 42 out of 62 companies. The Authority has worked on the establishment of a system for financial rewards as well as penalties for companies not committed to the application of the Emiratization strategy.
Moreover, the Authority implemented an electronic platform for Emiratisation for insurance companies in order to review companies' compliance periodically, where the Authority can monitor the effectiveness of companies' application of the Emiratisation system. It also helps insurance companies to place their announcements for job opportunities on the Authority's website so that UAE Nationals can apply for these jobs and the submitted job applications will be reviewed.
Al-Bayan manged to gather the opinions of some national human resources, who are working in the insurance sector companies inside the State.
Mohamed Al Fardan
Qualification of the UAE National has an effective role in joining the labour market in the private sector
Mohammed Al Fardan, who works at American Life Insurance, pointed out the nature of his job from the technical side of the company and how the training initiatives of the Authority contributed to enhance Emiratisation in the insurance sector inside the State through a set of certified training initiatives in various fields of insurance, which in turn enable the UAE National to join the insurance market .He added that he worked in the company for 4 years and gained the experience to prove his presence in the team over the previous period.
Nouf Al Mazmi
Electronic Employment Platforms Saved Time and Effort
Nouf Al Mazmi, who works at Assicurazioni Generali Insurance company,added that the electronic platform of the Insurance Authority for the employment of UAE Nationals in the sector has contributed to saving time and effort for UAE Nationals wishing to work in the sector as it provided direct contact between companies and UAE Nationals. Moreover, they enabled them to view many different job vacancies in one place , which made it easier for both parties and contributed to supporting the Emiratisation in the sector.
Training and Development Promotes the advancement of Employee Skills to cope with the labour market
By the same token,Mr. Majid Balslah, who works at the United Fidelity Insurance Company said that the quality of training and educational programs provided by the "Insurance Authority" in cooperation with major international educational entities and institutes has a significant role in the development and enhancement of the occupational skills of the UAE National once he joins the labour market, which had a significant impact on Developing the Emiratisation system in the sector.
How the Insurance Authority Contributed to the Empowerment of Women in the Insurance Sector
Noura Askar, who works at the Saudi Arabia Insurance Company, added that she has achieved several training and qualification stages through "Maharti "Initiative and Combating Financial Crimes Initiative, organized by the Authority for the UAE Nationals of the sector. These initiatives are one of the most important reasons that encourged her as a woman to work in this sector in order to build her capabilities and expand her participation in the development.
The Authority's procedures in Implementing the new Emiratization Strategy
Following the Cabinet's resolution on the new Emiratisation strategy, the Insurance Authority worked on developing an integrated plan aimed at the full implementation of the strategy in cooperation with insurance companies and related parties.
1. The Emiratization Unit in the Insurance Authority
A specialized unit for Emiratization was established in the Insurance Authority and it is affiliated to the Licensing and Registration Office.
2. Joint Workshops for Insurance Companies
During the past years, the Authority, in cooperation with the Emirates Institute for Banking and Financial Studies, has conducted workshops in Abu Dhabi and Dubai for insurance companies operating in the State aiming to explain the new Emiratisation system for insurance company officers.
3. Issuing the Emiratization Guide for the insurance sector
A guide on Emiratisation version No. (2) was issued. The guide clarifies the mechanism for implementing the Cabinet resolution concerning the adoption of the Emiratisation strategy in the banking and insurance sectors. It also dealt with a number of issues raised during the joint training workshops with insurance companies.
The most important aspects addressed in the draft guide are:
- Identifying the job titles for the different jobs and their distribution in the insurance sector to the three proposed management levels.
- Determining the professional and vital jobs which will be granted extra points.
4. Panels and Individual meetings with Insurance Companies
Business meetings were held with each licensed insurance company separately. Moreover, the team designated for Emiratisation from the Authority held (62) separate meetings with each insurance company for the purpose of discussing and studying the companies need to implement the new strategy.
The most important issues addressed in these meetings are:
- The mechanism of applying the new points system.
- The difficulties encountered by companies in implementing the resolution.
- The labour market needs of targeted professions and the supply-demand gap facing companies.
- Identifying the vital jobs for companies and for the Insurance Authority.
- Analysing the educational and vocational system by studying the training needs of the sector through a survey sent to the workers in the sector.
• The Most Important Vital Jobs in the labour market
Through individual meetings with insurance companies and insurance-related professions, a list of professions in which insurance companies are facing a supply gap. These jobs include professions of a special nature imposed through certain laws and regulations, such as:
- Insurance Mathematics Experts(Actuaries)
- Compliance Officer.
- Anti-Money Laundering Officer.
- Legal Advisors specialized in traditional and Takaful insurance.
- Officers specialized in general Takaful insurance.
- Officers specialized in Family Takaful Insurance.
- Sharia Controller in Takaful Insurance Companies.
- Reinsurance Officers and Managers.
- Risk Managers.
- Internal Auditor in companies.
- Loss and damage adjusters.
- Complaints Officer.
Signing a Cooperation Agreement with International Insurance Institutes
For the purpose of holding courses for international professional certificates for UAE nationals working in or wishing to join the sector.
National Qualifications Project for the Insurance Sector
Coordination with the National Qualifications Authority on setting standards for national skills and national qualifications in the insurance sector.
Preparation to sign a cooperation agreement with the Ministry of Education on sending UAE National students to distinguished universities or international institutes that award academic or professional certificates specialized in the field of insurance.
Coordination to Establish an Academic Section for Insurance
Coordination with the Higher College of Technology (HCT) to establish a Section for insurance sciences. A hybrid education system has been developed in collaboration between HCT and the Chartered Insurance Institute (CII), which helps to graduate students with both academic and professional certificates.
Preparation of specialized training programs for UAE Nationals targeting leading positions in order to develop a clear replacement plan for the senior and the specialized professions in insurance.
Establishing an electronic platform for Emiratisation "Tawteen Program" in order to monitor companies' commitment to the Emiratisation system
Abdullah Al Nuaimi
The National Human Resources Has a Distinctive Role in the Insurance Sector
Abdulla Al Nuaimi, Vice CEO - Support Services Sector at Abu Dhabi National Insurance Company, said that the company, in cooperation with the Insurance Authority, is working to develop human resources in the areas of leadership and management. This will be implemented by all means that are in line with the State's strategy in developing youth skills to prepare a generation capable of completing the comprehensive development process, as well as, contributing to supporting the Emiratisation process in the insurance sector. He added that in case of making the appropriate training programs in any sector available for the Emirati human resources, they will have an effective and vital role. They can be seen on reality in various areas of business.
Hamad Al Mehyas
Emiratisation in the Insurance Sector is Ongoing Without Interruption
Mr. Hamad Abdullah Al Mehyas, Vice CEO of National Health Insurance Company - Daman indicated that the company supports the Emiratisation file in cooperation with the Insurance Authority. He added that the company working on the implementation of the strategy of attracting and qualifying the national human resources to prove their professional and technical competence in the insurance sector.
In the same context, the Insurance Authority is conducting field visits to insurance companies to ensure that these companies apply the Emiratisation system. It is also worth mentioning that more than 20 field visits to insurance companies have been carried out since the beginning of this year.