The UAE’s Minister of Economy has approved a strategy that 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.

Sultan bin Saeed Al Mansouri, also chairman of the Insurance Authority, approved the "Innovation Strategy in the Insurance Sector for 2018 – 2021” on the sidelines of the third Innovation Lab in the Insurance Sector in Abu Dhabi, reported Emirates news agency Wam.

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 the advanced sciences and technology and the relevant skills, through 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.