Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the UAE Insurance Authority, has approved the "Innovation Strategy in the Insurance Sector for 2018- 2021".
The strategy aims to promote the country’s stature as a global insurance centre in terms of innovation, as well as attract relevant investment, reports Emirates News Agency.
The goal also is to establish the foundation for the insurance sector’s future, through grooming a generation of young Emirati talents and entrepreneurs and providing them with knowledge in the advanced sciences and technology and the relevant skills, through developing an education system that focusses on practical subjects and creating the appropriate environment that motivates entrepreneurship in vital sectors.
The strategy builds on previous accomplishments in the insurance sector, that included the appointment of 50 Emiratis as executive directors of insurance companies and created a system that gathered 150 innovative development ideas. Eight ideas have already been adopted, including establishing innovation labs to develop the sector, utilising modern technologies such as blockchain and the Internet, and finding innovative solutions to challenges facing customers.