The Financial Regulatory Authority (FRA) announced in a statement last week that it had launched a comprehensive training strategy for the insurance sector to build future leaders, in cooperation with Egyptian insurance companies and a number of international universities and institutes.
Dr Tarek Seif, executive director of the Financial Services Institute (FSI), the FRA's training arm, said that the new strategy focuses on developing specialised training programmes and adopting modern curricula that keep pace with international best practices in areas such as digital transformation, risk management, governance, and financial innovation. He also noted the Institute's commitment to linking training to labour market needs and building partnerships with global educational institutions to transfer international expertise to the Egyptian market.
In the same context, Mr Alaa El-Zoheiry, chairman of the Insurers Federation of Egypt (IFE), emphasised the importance of the new strategy in preparing cadres capable of formulating and implementing advanced policies that enhance the sector's competitiveness locally and regionally. He noted that it focuses on building the second and third ranks of leadership to lead the future of the insurance industry in Egypt. An offering under the strategy is the "Future Leaders Programme," implemented by the FSI.
Dr Mohamed Farid, FRA chairman, emphasised that rapid global changes, led by artificial intelligence, will reshape the rules of work, production, and services, requiring human resources to keep pace. He added that investing in the human element is the greatest investment that insurers can make.
Collaboration
The FSI has signed a Memorandum of Understanding with Bayes Business School (University of London) to train and develop the capabilities of future leaders in Egyptian insurance companies.
The FSI has also signed a cooperation protocol with Egyptian insurance companies aimed at developing specialised skills and raising the efficiency of insurance employees. The protocol includes the preparation and implementation of general and specialised training programmes in various fields, including: underwriting, compensation, reinsurance, investment, internal audit, financial affairs, risk management, compliance, anti-money laundering, and actuarial expertise.
The FSI is coordinating with the Egyptian Institute of Directors to include the latter’s training programmes within the protocol, enabling insurance companies to benefit from an integrated package of accredited programmes, such as: the Certified Board Member Certificate, the Qualified Chief Executive Officer Certificate, the Board Secretary Role Programme, the Governance, Risk and Compliance (GRC) Certificate Programme, the Qualified Corporate Governance Professional Certificate Programme, the Qualified Risk Manager Certificate Programme, and the Qualified Internal Auditor Certificate Programme.