Insurance firms compete to employ Saudis
July 5, 2017 | 12:00 AM
July 5, 2017 | 12:00 AM
Last Updated: July 5, 2017 | 12:00 AM
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Saudi Gazette report
JEDDAH – Insurance companies compete with one another to recruit qualified Saudi workers after Saudi Arabian Monetary Agency (SAMA) decided to nationalize their administrative and customer care jobs, said Adel Al-Eissa, spokesman of insurance firms in the Kingdom.
He said some companies have achieved 80 percent Saudization of jobs specified by SAMA while others have achieved not less than 50 percent after recruiting young Saudi men and women and providing them with intensive training to do their jobs in a professional manner.
“SAMA is determined to Saudize technical and leadership positions at insurance companies in the next phase of the Saudization program after initiating nationalization of administrative and customer care jobs in the first phase,” Al-Eissa told Al-Eqtisadiah Arabic daily.
The first phase covers jobs of vehicle claims department, claims reception centers, vehicle inspection centers, debris management, recovery functions, customer care department and complaints handling department, the spokesman said.
He said the number of jobs in the insurance sector did not cross 10,000 in 2016, adding that 33 companies in the sector have made commendable efforts to Saudize jobs in the sector during the past years, especially after the SAMA directive.
“The main challenge is to Saudize technical jobs in the sector,” Al-Eissa said. “Insurance is comparatively a novel sector for Saudis and they are not interested to work for insurance firms. They have to learn skills to get employed in the sector. We have only a few Saudi employees in the technical field.”
However, Al-Eissa expected that the number of Saudi technical staff would increase when they receive necessary training after attending intensive courses.
He disclosed SAMA’s plan to send some students abroad on scholarship for advanced studies at international institutes in cooperation with the Education Ministry to help them obtain necessary skills and take up leadership positions in companies.
“The insurance sector achieved a growth rate of only 1 percent last year, which is the lowest compared to previous years when it reached 20 percent,” Al-Eissa said. He attributed the fall to a sharp decline in oil prices, global economic downturn and new regulations.
Iyad Madani, an insurance expert, commended SAMA’s move to Saudize insurance jobs gradually beginning from simple administrative jobs after providing companies enough time to train and qualify Saudi workers to take up key positions.
“Training in the insurance sector is very expensive as it requires highly experienced trainers,” Madani said. He emphasized the need to protect the rights of companies by preventing drop out of employees.
“Small companies face problems as a result of Saudization as they fail to get qualified Saudi hands to comply with regulations of SAMA and the Labor Ministry,” Madani pointed out.
JEDDAH – Insurance companies compete with one another to recruit qualified Saudi workers after Saudi Arabian Monetary Agency (SAMA) decided to nationalize their administrative and customer care jobs, said Adel Al-Eissa, spokesman of insurance firms in the Kingdom.
He said some companies have achieved 80 percent Saudization of jobs specified by SAMA while others have achieved not less than 50 percent after recruiting young Saudi men and women and providing them with intensive training to do their jobs in a professional manner.
“SAMA is determined to Saudize technical and leadership positions at insurance companies in the next phase of the Saudization program after initiating nationalization of administrative and customer care jobs in the first phase,” Al-Eissa told Al-Eqtisadiah Arabic daily.
The first phase covers jobs of vehicle claims department, claims reception centers, vehicle inspection centers, debris management, recovery functions, customer care department and complaints handling department, the spokesman said.
He said the number of jobs in the insurance sector did not cross 10,000 in 2016, adding that 33 companies in the sector have made commendable efforts to Saudize jobs in the sector during the past years, especially after the SAMA directive.
“The main challenge is to Saudize technical jobs in the sector,” Al-Eissa said. “Insurance is comparatively a novel sector for Saudis and they are not interested to work for insurance firms. They have to learn skills to get employed in the sector. We have only a few Saudi employees in the technical field.”
However, Al-Eissa expected that the number of Saudi technical staff would increase when they receive necessary training after attending intensive courses.
He disclosed SAMA’s plan to send some students abroad on scholarship for advanced studies at international institutes in cooperation with the Education Ministry to help them obtain necessary skills and take up leadership positions in companies.
“The insurance sector achieved a growth rate of only 1 percent last year, which is the lowest compared to previous years when it reached 20 percent,” Al-Eissa said. He attributed the fall to a sharp decline in oil prices, global economic downturn and new regulations.
Iyad Madani, an insurance expert, commended SAMA’s move to Saudize insurance jobs gradually beginning from simple administrative jobs after providing companies enough time to train and qualify Saudi workers to take up key positions.
“Training in the insurance sector is very expensive as it requires highly experienced trainers,” Madani said. He emphasized the need to protect the rights of companies by preventing drop out of employees.
“Small companies face problems as a result of Saudization as they fail to get qualified Saudi hands to comply with regulations of SAMA and the Labor Ministry,” Madani pointed out.
