NADIA Global, one of the UAE’s leading providers of recruitment, training and HR solutions, has signed an exclusive memorandum of understanding (MoU) with India’s largest insurance certification organization, the Insurance Institute of India (III). The competitively priced certifications will empower greater credibility in the sector and improve the quality of interactions between insurers and their customers.
This agreement marks the first time that the Insurance Institute of India has brought their widely sought-after certifications to the Middle East, utilizing NADIA Global’s vast experience in the region to reach the UAE’s insurance market, which is worth US $16.3bn, according to latest estimates and are holding their first online exams in the UAE on 30th, 31st August and 6th, 7th September 2019.
As per the draft circulated by the Insurance Authority, insurance professionals must undertake a minimum of 10 hours of training before being able to interact with customers. The exam, which will be held in three locations across UAE, will provide access to globally recognized certification.
Given the strong ties between the Governments of India and UAE, Insurance Institute of India and NADIA Global are set to support the local insurance sector and provide certifications for thousands of insurance professionals per year.
Deepak Ahuja, CEO of NADIA Global said: “The UAE insurance landscape is becoming increasingly competitive, both for the companies involved in the sector but also the employees who work for these firms. That is why we are working with the Insurance Institute of India, to enhance the employment potential of insurance professionals by bringing some of the world’s most credible certifications to the market. Eventually this will help the overall UAE Insurance Industry and also improve the experience of consumers the buyers of Insurance products.”
Commenting on the MoU, a spokesperson from the Insurance Institute of India said, “We will be working hand-in-hand with NADIA Global to bring training, seminars and examinations to the UAE market in order to support existing insurance business regulations and enhance the provision of training and certification locally.”
The insurance industry in the UAE is set to grow by 15-20% during 2019, with the boost attributed to infrastructure spending from Abu Dhabi’s AED 50bn economy enhancement package, along with Dubai’s significant investment into Expo 2020 and associated activities. Following Takaful Emarat’s 2017 acquisition of Al Hilal Takaful, the belief in the market is that there will be further mergers and acquisitions in the UAE and wider GCC in the insurance sector. Bloomberg Intelligence analysts have identified increasing costs associated with regulation and technology, which could lead to consolidation in the sector. As such, Nadia Global believes that there will be more competition for jobs, leading to a greater demand in certifications over the coming years.