CMA Concludes Human Resources Forum

Under the theme “Omanization based on Tamkeen in the Insurance Sector” Human Resources Forum was held yesterday under the patronage of HE Abdullah Salim Al Salmi, Executive President of the Capital Market Authority at the La Shangri-La Hotel attended by senior officials of CMA and insurance companies and the interested parties of the industry.

HE Abdullah Salim Al Salmi,, Executive President of the Capital Market Authority said that CMA aims to empower the Omani youth to lead the promising insurance sector and we will continue providing training programmes inspired and encouraged by the enthusiasm and ambitions of the youth and their desire to learn and upgrade their professional standards to lead the industry.

He added CMA has adopted a vision  to empower in coordination with the Ministry of Manpower based on representing national cadres in medium and senior technical roles rather than focusing on operational roles in accordance with specific ratios defined after  studying the realities of the manpower in insurance companies and brokers and the sector’s ability to attract national cadres in technical and leadership roles with the aim of reaching 50% in senior positions and 75% in medium positions and 90% in operational roles gradually until 2020.

HE  pointed out that CMA’s efforts to achieve Tamkeen vision started since three years through setting up yearly training and qualification packages for capacity building for the national cadres to acquaint them with knowledge to compete in taking the roles as well enhancing the work environment in the insurance companies to stimulate innovations and to enhance initiatives and competition to take better positions and to achieve qualitative Omanization ratio based on Tamkeen of the national cadres in the sector.

Ahmed Ali Al Maamar, Acting Vice President for  Insurance Sector  said in the opening speech of the Forum that CMA dealt with human resources  development  in the insurance sector as strategic dimension  and national  objective for progress to move the progress wheel. CMA is keen to qualify the national competencies and develop their educational, professional and technical  levels through training programmes on insurance business in coordination with  local and external training institutions. CMA has created a database for the purpose of monitoring training and qualification of the employees of the insurance sector.  Fifty training programmes were organized in the past three years with the participation of 1400 trainees in 2015,2016 and 2017.

Al Maamari added that  CMA represented by the Training Committee of the Insurance Business has created a comprehensive database for the employees of the insurance sector  and updated it, set up training and qualification plans, identified suitable training periods, selected specialized training institutions to execute the  training programmes, participated in  awareness and education events, evaluated and reviewed the training plans and programs, proposed the budget and followed up with the human resources departments the execution of the training programmes of the insurance companies.

He added that  coordination continues  with insurance companies to identify the  training needs and setting up annual training plans to raise the levels of competence of the employees taking into account that the insurance sector is of different nature and require exerting more efforts to enable the employees gain knowledge and skills required to perform their duties properly.

Al Maamari added that CMA attaches special attention to enhancing the role of the human resources managers in insurance companies and increasing their powers for effective  contribution  in creating stimulating environment and to develop the performance through  best use of human cadres to achieve the objects and purposes of the companies. We are looking forward  that  human resources managers  will be the connecting link between the  management and the employees on one side and the CMA and the companies on the other side.

Al Maamari explained that CMA coordinates with educational and academic institutions to prepare more curricula and add new subjects related to the insurance, reinsurance and actuarial sciences. He said, we hope, through mutual cooperation and endeavors, to achieve integration of insurance sector and education sector to achieve the sublime objects to supply the work market with national competences able to reach our objects.

We emphasize, in the presence of representatives of the insurance companies, the Ministry of Manpower, the Omani Human Resources Association and educational institutions, the  principle of  partnership and integration of the  roles and to adopt training (managerial, supervisory, technical, professional and specialized) that it is an urgent necessity taking into consideration the realities of the companies and their actual needs.

Al Maamari pointed out  that the key outcome of the coordination efforts with the Ministry of Manpower  is the issuance of the Decision of the Ministry of Manpower on 26^th March 2018 which adopted  Omanization ratios for the sector  in the years 2018, 2019 and 2020 to reach 50% in the senior management roles, 75% in medium management and 90% in operational and support positions  and hoped the decision will enable the Omani youth to lead the insurance sector and benefit from enhancing their capabilities and contribute to the process of progress of the nation.

Al Maamari pointed out that CMA attaches great importance to  enhancing Omanization ratios and building up qualitative Omanization policy based on enabling the national cadres in the three levels of employment in view of the development the sector is witnessing and recording good growth rates and approaching RO 500 million in size.  Further to the Government policy of applying compulsory health insurance for the employees of the private sector and visitors which would reflect positively on the size of the insurance sector in Oman.

The forum discussed  CMA’s vision for Omanization based on empowering  “Tamkeen” the national cadres working for the sector in various roles rather than operational roles through direct communication with the managements and human resources managers and reviewing the opportunities and challenges .

Experts and professionals of insurance from specialized colleges and universities in Oman and abroad  took part in the forum.