This course will enable the participant to identify the main element in the Insurance industry, the associated insurance principle contract. Also the course will focuses on the most important participants in the Saudi Arabia Insurance market, and what are the main functions at Insurance companies, also the products that are designed to protect individuals and Corporates, and what are the most important risks and obstacles that can be faced by insurance companies.
Employees of insurance companies, employees of insurance brokerage companies, employees of insurance agents, employees of medical claims administrator companies, as well as insurance officers at medical providers and business establishments.
By the end of this course the participants will:
- Understand the concept of risk as the main element in the insurance industry.
- Determine the main principles that govern the relationship between the parties to risk and insurance.
- Determine the main participants in the insurance market in Saudi Arabia.
- Determine the standard insurance policies and procedures.
- Learn about Insurance products.
- Learn the principles of customer service in the insurance sector.
- Identify the most important risks and obstacles facing the insurance industry in the Kingdom of Saudi Arabia.
- Tests at the beginning of the training day and its end to measure knowledge and learning.
- Engaging trainees in the work of training through working groups.
- Participants will have access to exam simulator for one month from the last course date.
Module 1: Risk and Insurance
- Reinsurance: Concept, Purpose, and Types.
- Co-insurance and self-insurance.
- Insurance benefit.
Module 2: Insurance Principles
- Utmost Good Faith Principles.
- Insurable Interest Principles.
- Indemnity Principles.
- Subrogation Principles.
- Contribution Principles.
- Proximate Cause Principles.
Module 3 : Insurance contract
- Defining insurance contract.
- Insurance contract elements.
- Insurance contract elements.
- Insurance contract stages in a practical term.
- insurance contract characteristics.
- Content of Policy form and insurance proposal.
- The importance of warranties and endorsements.
- Cover notes and certificates of insurance.
- Importance and content of claim forms.
- Importance and content of policy renewal invitation.
- Long-term agreements
Module 4: Insurance products
- Insurance products.
- Individual Insurance products.
- Corporate Insurance products.
Module 5: Procedures and Policies of the Insurance Process
- The default organizational structure of the insurance companies.
- The most important procedures of operations in Saudi market.
Module 6: Risks and Obstacles of Insurance Companies’ Operations
- Product development risk.
- Underwriting risk.
- Pricing risk.
- Claims settlement risk.
- Solvency risk.
- Credit risk.
- Information technology risk.
- Defrauding insurance companies’ risk.
- Lack of qualified human resources.
- Insurance awareness and education.
- Reinsurance risk.
- Reputation risk.
- Non-compliance risk.
- Changes in country risk.
- Money-laundering and terrorism financing risk.
Module 7: Customer Service in accordance with the Insurance Market Code of Conduct Regulations in the Kingdom of Saudi Arabia.
- Section One – Introduction and Purpose.
- Section Two – General Requirements.
- Section Three – Market Conduct Standards.
Module 8 The Main Participants in the Insurance Industry in the Kingdom of Saudi Arabia.
- The Purpose of Insurance Industry Control and Regulation.
- Regulators and Supervisors.
- Cooperative Insurance and Reinsurance Companies.
- Insurance and Reinsurance Service Companies & Insurance Professionals.