Workshop for Insurance Agents Opened

A training workshop titled “ Entrepreneurs in  Insurance Agents Business” organized by the Capital Market Authority in collaboration with the Public Authority for the Development of Small and Medium Enterprises (Riyada) opened on Sunday.

The five day workshop ( 18-22 December 2016) targets national cadres working for insurance agents to acquaint them witih the technical and administrative skills for distributing insurance agents is held at the premises of Riyada in Ghala.

Khalid Safi Al Haraibi, Vice Executive President of the Public Authority for Development of Small and Medium Enterprises and Ahmed Ali Al Mamari, Director General of Insurance Supervision, CMA participated in the opening ceremony in addition to a number of officials from CMA and Riyada.

The opening ceremony included speech by the Vice Executive President of Riyada who expressed his happiness for the cooperation between CMA and Riyada to avail the opportunities in the insurance market which is a vital sector contributing to the GDP of the Sultanate at 1.6% at the end of 20145. He pointed out that the  role of insurance brokers is vital for enhancing such contribution adding that Riyada is ready to provide programmes and services supporting the success of insurance agents entrepreneurs  to ensure safe business path to compete in the market.

Ahmed Ali Al Mamari, Director General of Insurance Supervision said that insurance agents are important element in the structural system of the insurance sector and act as ambassadors of the sector playing a role in correcting the  stereotyped image of the insurance sector by  drawing real image showing the philosophy of the insurance products. He added the role of insurance agents goes beyond the process of distributing  insurance products to the awareness role of the importance of insurance and how to avail its services to provide coverage of the risks the individuals and institutions are exposed to.

Al Mamari pointed out that enhancing the administrative skills is the  backbone  of any commercial activity. Insurance agents entrepreneur needs the ability to adapt with the difficulties of the work and how to invest in the opportunities beside the need to acquainting the skills of dealing with the  clients, managing the employees and the finances, thus we cooperate with Riyada to develop the capabilities to insurance agents.

Al Mamari talked about the future of insurance market and how to cope with the  requirements of the coming period for sustainability and continuation. He said the world is changing rapidly and the role of the insurance agents will not continue in view of the online services provided to the clients which would have impact  on them as well as the expansion of the role of insurance agents who have branches in the various wilayats of the Sultanate which would create competition with insurance agents.

He added the nature of the clients is also different as they are not looking for motor insurance only but other products as well as the quality of the service.

Al Mamari said the competition will be fierce  and the insurance agents must be ready to overcome such challenges by enhancing and improving their industry through knowledge and proficiency of the business beside gaining the required  administrative and technical skills through innovations and enhanced marketing techniques.

CMA is keen to promote the profession of insurance agents as it attracts the entrepreneurs of small and medium enterprises as well as a response to the requirements of the Insurance Agents Regulations which directs the sector toward Omanization of insurance agents’ profession for added value to the national economy and achieving the partnership with the private sector to be able to accommodate national cadres.

The  workshop would enhance the spread of insurance agents at the licensed insurance companies for its importance in spreading  insurance coverage in the various wilayats of the Sultanate.

The workshop is part of CMA’s endeavors to achieve the visions to enable the Omani youth  working for insurance  companies, brokers and agents to take administrative and technical roles and to enhance their skills to upgrade the sector.