Takaful News - Saudi Arabia: 2,000 motor loss assessors to be trained
Source: Middle East Insurance Review | Jul 2016
Saudi Arabia is reportedly planning to create 2,000 jobs by the end of 2017 for locals as loss assessors of vehicles damaged in accidents.
Those selected will start training from the fourth quarter of this year, reported the local media. Under the scheme, the Saudi Authority for Accredited Valuers (Taqeem) intends to establish an academy where assessors will be trained.
“The centre will prepare the training programmes for the Saudi assessors and issue vocational certificates. The programmes will be established on four levels starting from an associate member, member, first-rank member and then fellowship,” said Taqeem Deputy Secretary General Hani Al-Dahan.
Meamwhile, the Taqeem initiative will work with the national traffic department to create an electronic system linked to government and private agencies and reduce waiting times for clients.
The new process would reduce fraud and errors and cut out car dealers, which are currently involved in the assessment process. All decisions made by the assessors would be binding.
The scheme is expected to reduce financial waste by more than 30%, according to the official, who added that fines of SAR200,000 (US$53,300) or a one-year prison sentence would be imposed on assessors who violate a code of ethics.
The final phase of the project is intended to almost completely digitise the processing of assessments reducing the need for customers to visit insurance companies for their claims.
A trial of the project covering more than 4,500 accidents in three months achieved compensation for 11% of customers within a week, 22% within two weeks and 22% within three weeks.
SAR1 = US$0.27