UAE Minister approves innovation strategy
Sultan bin Saeed Al Mansouri, minister of Economy and chairman of the Insurance Authority, has approved the “Innovation Strategy in the Insurance Sector for 2018 – 2021.”
He approved the strategy on the sidelines of the “3rd Innovation Lab in the Insurance Sector,” which was organised by the Insurance Authority in Dubai, with the attendance of a delegation from the Dubai Police General Command, as well as the Dubai Health Authority, the Abu Dhabi Global Market and national insurance companies.
The strategy aims to create the future leaders of the insurance sector and promote the country’s stature as a global insurance centre in terms of innovation, as well as attract relevant investment.
The strategy also aims to establish the foundations of the sector’s future, through preparing a generation of young Emirati talents and entrepreneurs and providing them with knowledge in advanced sciences and technology including relevant skills, by developing an education system that focuses on practical subjects and creating the appropriate environment that motivates entrepreneurship in vital sectors.
The strategy has achieved previous accomplishments for the insurance sector, including the appointment of 50 Emiratis as executive directors of insurance companies and creating an innovative electronic system that gathered 150 innovative development ideas. These ideas include ten innovative ideas, eight of which have already been adopted, including establishing the innovation labs to develop the sector, utilising modern technologies such as blockchain and the internet, and finding innovative solutions to challenges facing customers.
The innovation lab witnessed a presentation on the strategy’s goals, which include advancing the capabilities of employees of insurance companies in terms of innovation, adopting the latest innovation tools, and sponsoring innovative talents.