UAE: Regulator launches electronic database to keep track of Emiratisation among insurers
Source: Middle East Insurance Review | Oct 2017
The Insurance Authority (IA) has launched a unified electronic system to monitor the adoption of the Emiratisation strategy in the insurance sector.
The objective of this electronic system is to collect data on employees working in the insurance sector and to work on establishing a database on employees in the sector, including Emiratisation targets and attainment.
The system will be able to issue instantaneous reports on the employment conditions of the employees in general and Emiratis in particular, a feature which would help to implement the new Emiratisation strategy.
Mr Ebrahim Obaid Al Zaabi, Director General of the IA, said that Emiratisation in the insurance sector has important significance in the IA’s strategy.
He added that the IA’s vision of Emiratisation consists of a comprehensive long-term approach not only to increase the number of citizens in the insurance sector, but also to train cadres in technical aspects at all levels, thus contributing to sustainable development.
He pointed out that the electronic system helps the regulator save time and effort in the performance of its functions and helps it to perform its supervisory functions in the implementation of the Emiratisation strategy.
Mr Al Zaabi also said: “The IA is addressing the gap in Emiratisation levels especially in certain technical positions through a points system that gives additional points to companies that employ citizens in specialised insurance professions.” Points will also be awarded to insurers according to their investment in the training and development of citizens.
The insurance regulator supports the industry through cooperation agreements with specialised organisations such as the Chartered Insurance Institute (CII) of the UK. It has launched an initiative called “My Skills” to offer free training to citizens in cooperation with the best international insurance institutes. Citizens are to be trained in specialised technical courses in cooperation with the CII.
By 2020, the government plans to increase the Emirati workforce in the insurance industry to more than 17%, mostly in senior management. Last year, the Emiratisation rate in the sector was around 10%. M