Dubai Women's College insurance program students in London

The study tour allowed the students to learn more about the operation of the UK insurance industry and to exchange knowledge with various businesses and organizations about the insurance market in the United Arab Emirates (UAE).

The Advanced Diploma in Insurance Services and Management Program has been developed to support the recruitment and development of UAE nationals into the insurance industry.

Presently UAE nationals represent around 4% of the insurance workforce with the government requiring that this be 15%.

The program is benchmarked against the UK Chartered Institute of Insurance (CII), a recognized professional body in the field.

This qualification is internationally recognized as being the industry standard in insurance.

The program, offered only at DWC, started last year and is currently recruiting qualified students for the second students intake in September 2008.

The study tour included insurance companies' visits and presentations which allowed the students to compare the local insurance industry to the United Kingdom.

Salma Ahmed, an Insurance Program student, said that the visit to London has allowed the students to see first hand the operation of UK companies and also to learn more about employee relations, FSA regulation and the work of the CII in promoting professionalism.

Salma added that it was important to see how different the working cultures are in the UK especially in relation to the employment of females.

The students met with Susan Divall, International Operations Manager at the CII, and discussed the role of the CII in promoting professional qualifications and supporting the career development of staff working in the insurance industry, wherever they may be in the world.

The students provided a presentation on the insurance industry in the UAE which also detailed the global growth opportunities for Islamic insurance.

DWC Insurance program students also visited Aon's Women's Insurance Network (WIN) in London where they were advised on how the UK industry can take advantage of growth opportunities in Islamic insurance, while learning about the Financial Services Authority (FSA), broking in the London market and differing employment practices in the UK.

The role of women in the Dubai insurance market, comprising of major international players such as Aon has changed dramatically over the last ten years to the point that men and women now routinely work together.

"WIN is not only about promoting diversity in Aon but supporting the careers of women in insurance across the world. By hosting the visit, we're learning more from an established Takaful market on how the global insurance industry can take advantage of new opportunities both in the Middle East and also at home in the UK. It is also bringing an insight into different working cultures as we meet the next generation of female talent in the industry," noted Diane Jenkins, Technical Director at Aon and Deputy Chairperson of WIN

Forecasts estimate an annual global growth of up to 20% for Islamic or Takaful insurance over the next five years.

Spending on insurance is about 1% of GDP in the Middle East, compared with about 9% in Europe and the US, but this is beginning to increase through compulsory motor third party liability and health schemes for both expatriates and nationals in the UAE.

"As affluence increases, so must the recognition that insurance is a part of protecting that wealth. To capitalize on these opportunities, the biggest challenge is overcoming misconceptions about the insurance industry and its ethical investments, while raising customer awareness over the suitability of the Shari-ah compliant policies. This applies both in the Middle East or if targeting the 1.6 million Muslims in the UK," said DWC insurance student Naeima Ali.

Lloyds was another site for the visiting students where they learnt about the history of the world's oldest and largest insurance marketplace from its formation from a coffee house whose patrons discussed the insurance of ships over 300 years ago.

At the Cass Business School students attended a lecture given by Chris Parsons, a Professor in Insurance on the subject of Environmental Liability.

The lecture was followed by a visit to the Islamic Institute of Banking and Insurance (IIBI) where they received a presentation from the Institute on Islamic insurance and the current issues in promoting Sharia'a compliant polices.

The students visited the offices of Principle Insurance, the first Islamic insurance company to be granted FSA regulation to operate in the UK.

The students were given a presentation on how Principle had been created and the marketing process that was used to identify the potential market, design the logo and company name.

Principle Insurance also explained some of the issues in creating an Islamic company in the UK market.