Gaenor Jones, Author at International Adviser https://international-adviser.com/author/gaenor-jones-3/ The leading website for IFAs who distribute international fund, life & banking products to high net worth individuals Wed, 11 Dec 2024 11:35:54 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://international-adviser.com/wp-content/uploads/2022/11/ia-favicon-96x96.png Gaenor Jones, Author at International Adviser https://international-adviser.com/author/gaenor-jones-3/ 32 32 2024: Year of progress for professional development in Middle East https://international-adviser.com/2024-year-of-progress-for-professional-development-in-middle-east/ Wed, 11 Dec 2024 11:35:54 +0000 https://international-adviser.com/?p=312795 As the end of 2024 beckons, reflections on the progress of professional development within the Middle East insurance sector paints a very positive picture, with various developments having taken place that augur well for the future, reports Gaenor Jones (pictured), regional director of the Chartered Insurance Institute.

As the international body tasked with boosting professional standards across the globe, the CII in the Middle East works closely with the region’s regulators and a variety of stakeholders to influence corporates and individuals to attain internationally recognised qualifications.

In the United Arab Emirates we have witnessed very encouraging signs that the mandating of qualifications will soon become a reality. This is a very welcome development as it will ensure that those advisors who have not attained the relevant qualifications befitting their designation take the necessary steps.

It will also shine a light on the crucial role that CPD (continuing professional development) plays in ensuring that advisors remain abreast of new, emerging and shifting trends affecting the sector and their clients. It is hoped that other GCC nations will be inspired to follow suit and as the market matures, make an official commitment to upskilling their insurance sector workforce via qualifications mandating.

The unexpected and devastating April floods experienced by the UAE were an acute reminder that professional development is a collective sector issue, not just an individual company one. The episode demonstrated that the once widely held argument by corporates that, “If we educate them, then they might leave” was no longer salient or relevant. Many companies were forced to recruit new team members to deal with the unprecedented barrage of claims, and their preference was to employ those who held internationally recognised qualifications, thereby providing immediate evidence of their technical knowledge.

In addition, at a time when both consumers and businesses were under great stress, the value for corporates of employing an advisor who could apply their “soft skills” in a challenging, often emotional scenario, was really important. These advisors were individuals who had honed their interpersonal and customer facing skills via CPD and they were able to apply what they had learned.

The importance of professional internationally recognised qualifications is also being fuelled by government legislation and directorates, including Nationalisation Programmes. The CII was pleased to have made a positive contribution to the ETHRAA initiative, an Emiratisation project introduced by the UAE government and operated by the EIF (Emirates Institute of Finance) to provide valuable career pathways for insurance sector employees.

Emirati students employed by several high profile corporates have bolstered their professional development by attaining some of the highest exam marks across the globe in their journey to achieving the CII Certificate, with a new EIF cohort now enrolled for 2025.

In the corporate arena, the CII’s International Professional Partner Firms initiative continues to flourish, attracting new companies each month, and is great testimony to how employers are realising the value of supporting their employees on their personal development journeys via CII qualifications attainment. These IPPFs also demonstrate their adherence to upholding the CII’s code of ethics, and are very diligent and committed in their approach.

We are able to report very positively on the maturing market in Saudi Arabia too, 2024 witnessing the forging of an agreement between the CII and the Financial Academy which reaffirms the entity’s commitment to professional qualifications attainment and the delivery of accredited learning for the sector’s professionals.

The CII has provided official accreditation for the Academy’s training centres; they now operate as Associated Professional Development Centre (APDCs). These are training centres which employ CII endorsed systems, processes and learning materials and which only offer CII accredited trainers who offer robust best practice teaching and learning support for students.

There is no doubt that developments in 2024 indicate a market that continues to mature, with robust professional standards and professional development positioned higher on the agenda than ever before. We look forward to fostering further collaborations and partnerships with key stakeholders, regulators and corporate organisation in 2025 and beyond; a new era of progress for the sector.

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CII: ‘Encouraging signs’ in Middle East for take-up of internationally recognised qualifications https://international-adviser.com/cii-encouraging-signs-in-middle-east-for-take-up-of-internationally-recognised-qualifications/ Thu, 19 Sep 2024 12:19:03 +0000 https://international-adviser.com/?p=309643 As the professional body dedicated to boosting professional standards across the globe, the Chartered Insurance Institute is on a constant mission to foster and nurture close collaboration with corporate organisations and stakeholders. Regional director for the Middle East and CSA regions, Gaenor Jones (pictured), talks about the regional initiatives and strategies in place to accelerate professional development.

In its endeavours to remain relevant and buoyant the insurance sector has always thrived on facing and adapting to new challenges. This has undoubtedly brought about new approaches and ignited innovation, particularly evident in a post pandemic and digitally advancing world. It has also made the requirement for the sector’s professionals to be technically competent and consistently abreast of evolving market needs more crucial than ever before.

As the Middle East market matures there are encouraging signs from corporate organisations in the region that they are becoming increasingly mindful of the crucial role that internationally recognised qualifications attainment has on their employee’s career development and reputation.

The CII launched its International Professional Partner Firm’s initiative (IPPF) just under two years ago, its aim being to formally recognise those corporate organisations who support and invest in their staff, by encouraging them to be a member of a professional body, such as the CII and attain professional body/CII qualifications. Uptake of the IPPF initiative by corporates has been very encouraging, and comes from a diverse range of entities, including underwriters, re-insurance and insurance brokerages and wealth management firms.

The list of International Professional Partner firms now includes, Gargash, Lockton, City Marine, Chedid Re, Braxtone, Arma Underwriting, AHR Group, Fidelity and AES amongst others.

There is no doubt that corporates are waking up to the fact that the benefits for the business and the reputation of its employees for providing informed and competent advice far outweigh any considerations about potential absenteeism to allow for study work or exam taking.

The CII has long recognised this potential issue for employers and has worked hard on its digital offering to ensure a convenient and straightforward study and exam taking process. Via remote learning and invigilation, students who enrol on CII courses are able to fit their studies very easily around their day job, and in our feedback surveys they are always quick to praise the ease of combining both.

The importance for the sector of having an accessible talent pool of qualified, competent, technically knowledgeable staff to call on was highlighted in the aftermath of the UAE floods this year, where many corporates had to employ more advisors to meet the barrage of queries and claims and required the reassurance that new recruits had CII qualifications. The episode served to remind corporates that professional development was a collective sector issue, not just an individual company one, and that the once widely held argument that, “We will educate them, then they might leave” was no longer salient or relevant.

Securing continued collaboration and support from corporates means providing market-relevant courses, content and resources for employees and this remains a priority for the CII. Unsurprisingly, the introduction of courses and units that focus on emerging technology and the environmental agenda continue to remain popular with both employers and employees. These include, for example, the Introduction to Data Science & Analytics.

Developed in collaboration with the Southampton Data Science Academy, the course is an important first step in developing knowledge of data science and artificial intelligence (AI) , providing an overview of data tools and technologies to develop understanding of data analysis, data visualisation techniques, an ethical approach to AI and data science techniques for insurance.

Addressing the role of the environmental component within the insurance sector is covered in the Certificate of Climate Risk, where the aim of this single-unit qualification is to develop professional knowledge, understanding and skills relating to climate change, climate risk and sustainable finance, with a view to supporting customers, clients, colleagues, and communities with the transition to a sustainable, low-carbon world.

While the attainment of professional internationally recognised qualifications remains the backbone of professional development, continued professional development (CPD) relies on consistent learning and knowledge building. Membership of the CII provides education and insight on a wealth of key topics and issues, which we have strived to make easily accessible via our website, online resources, CPD platform, and events which are all free for members.

International Professional Partner Firms are encouraged to renew their CII IPPF membership every year, as are any individuals working in the sector as only current CII members are allowed to use the coveted CII designations, Cert CII, Dip CII, ACII and FCII. We continue to communicate to them how their feedback is highly valued in ensuring that we work in harmony, progressing together the common goal of raising professional standards across the region.

As the regional government regulators hint at mandating professional qualifications in the near future, this becomes even more crucial. Ultimately, robust and effective collaboration will future proof the Middle East’s insurance sector, guaranteeing a bright future for employers and their employees but more importantly for the end user and the consumer.

 

 

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