UAE’S Insurance sector ripe for Emiratisation drive

The UAE insurance industry is maturing and is significantly supported by increasing regulation and the potential for mandating insurance qualifications by the UAE government, the aim being to create a trustworthy, customer-centric sector, at the heart of which lies the confidence of the consumer.

A career in insurance is proving attractive to Emiratis, who are appreciating the personal development opportunities that are being offered through the provision of internationally recognised learning and qualifications, as well as a wealth of other benefits.   This is a profession where it is easy for them to see a bright and rewarding future that is key to attracting more recruits, ensuring the continued success of the Emiratisation drive within the Finance & Insurance sectors.    

The prospect of attaining esteemed and reputable qualifications is key to this initiative.  The Chartered Insurance Institute, a not-for-profit UK headquartered professional body, that exists to boost professional standards within the global insurance market, is working closely with the CBUAE and partners such as the EIF (formerly Emirates Institute of Banking & Financial Studies) to provide those embarking on a career in insurance with the relevant professional qualifications and learning pathways. The majority of learning materials are available in the Arabic language and are nuanced to suit cultural considerations. Efforts have also been made to provide digital learning systems, with students given the option to sit exams remotely.   The current cohorts of Emirati students who have taken CII professional qualifications are achieving the highest pass marks globally, not just within the Middle East region.   

Successful students, who are CII members, that study and qualify are able to display their qualification designations after their name and are provided with the opportunity to work at several prominent insurance brokers and re-insurance firms in the UAE, including multi-national organisations, where their ongoing career path aspirations are supported.  Having a CII designation after their name automatically elevates these professionals within their peer group and can also accelerate future job opportunities.  It also makes it easier for consumers to identify appropriately qualified individuals as opposed to those that do not hold these highly coveted qualifications.

Membership of the CII, an international professional body, offers consistent learning and development opportunities via events, online learning platforms, networking opportunities, webinars and other digital communications. The insurance sector also offers the opportunity for employees to diversify into specialist areas, a fact which is reflected in the wide range of courses and qualifications that the CII offers, with topics ranging from Claims Handling to Aviation and Space Insurance. 

Staying abreast of new legislation and products in response to a rapidly changing world is crucial in the sector, and for many, the opportunity to continually learn (CPD) in order to remain relevant is boosting the appeal of a career in Insurance.  

The emergence of issues such as Climate Change and the huge impact of Data & Analytics across many areas of business, is being reflected in the sector.   Never before has it been as important for Insurance professionals to be up to date with how these key issues can and will continue to affect the market and its customers. 

A good example is how the CII has recently introduced An Introduction to Data Science and Artificial Intelligence, a course which is delivered by the Southampton Data Science Academy, a partnership between the Web Science Institute and the University of Southampton and Cambridge Education Group.  We continue to work with the very best specialists in their respective fields, to create qualifications that appropriately address the market need and equip professionals in the sector with the ultimate accreditations.  This boosts the appeal of the sector as a career choice.   

It’s highly encouraging to see UAE government initiatives, and those of other Gulf nations, providing their indigenous population with an opportunity to play an instrumental role in a maturing insurance sector. We are looking forward to further developing our collaborations with entities such as the EIF and to further facilitate the Emiratisation endeavour, and indeed similar nationalisation programmes in other Gulf countries.  Working together, and with the valuable contributions of local qualified professionals, means creating a sector that is ultimately future proofed, and that will benefit all of society.