Program Brief

This training program aims to prepare participants with the knowledge and skills necessary to pass the Insurance Foundations Professional Exam (IFCE). This exam is mandatory for all employees of the insurance sector in the Saudi market. During this program, the participant will learn about the elements of insurance and the principles associated with them. This program also highlights the main functions of insurance companies and the products they provide to protect individuals and companies from the risks they are exposed to.

Program Goals

At the end of the training program, the participant should be able to:

  • Gain knowledge and skills necessary to pass the mandatory professional examination for Insurance Foundations (IFCE).
  • Understand the concept of risk and main insurance principles in the insurance industry for the purpose of knowing what risks are insurable.
  • Determine the main principles that govern the relationship between the parties to risk and insurance
  • Highlighting the main participants in the insurance market in Saudi Arabia and the contractual relationship among them.
  • Determine the standard insurance policies and procedures in Saudi Arabia to ensure regulatory compliance
  • Learn about different Insurance products to enable the participant to know which one fits the customer needs best.
  • Learn the principles of customer service in the insurance sector to give an exquisite experience to the insured/customer.
  • Identify the most important risks and obstacles facing the insurance industry in the Kingdom of Saudi Arabia so we can deal with them or avoid them.
Program Agenda
Module 1: Risk and Insurance Management Foundations
  • 1 Insurance

    • The risk

      • Insurance as a risk transfer mechanism

        • Risk Classification

          • Reinsurance: Concept, Purpose, and Types

            • Co-insurance and self-insurance

              • Insurance benefits

              Module 2: The Nature of the Insurance Sector in the Kingdom of Saudi Arabia
              • 1 Objectives of Monitoring and Regulating the Insurance Industry

                • 2 Historical Background of Insurance Industry in KSA

                  • 3 Key Reasons behind Regulating Insurance Sector

                    • 4 Insurance Regulation in the Kingdom of Saudi Arabia

                      • 5 Regulatory and Supervisory Bodies

                        • 6 Cooperative Insurance and Reinsurance Companies

                          • 7 Advantages of Insurance Companies in KSA

                            • 8 Insurance Profession Companies and Practitioners

                              Module 3: Insurance Products and related services
                              • 1 Most prominent characteristics of the insurance products

                                • 2 Classifying insurance products in the Saudi insurance market

                                  • 3 Basic principles of effective customer service

                                    Module 4: Technical and Legal Principles in Insurance
                                    • 1 Legal principles of insurance contract:

                                      • Utmost good faith principle

                                        • Insurance Interest Principle

                                        • Indemnity Principle

                                    Module 5: Procedures and Policies of the Insurance Process
                                    • 1 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
                                      • 1 Product development risk

                                        • 2 Defrauding insurance companies’ risk

                                          • 3 SAMA’s role in fighting insurance fraud

                                            • 4 Obstacles Facing Insurance Companies in KSA

                                              • 5 Reinsurance risk

                                                • 6 Reputation risk

                                                  • 7 Non-compliance risk

                                                    • 8 Changes in country risk

                                                      • 9 Money-laundering and terrorism financing risk

                                                        Program Requirements
                                                        • N A

                                                        N A

                                                        Program Path

                                                        Names of the training programs that are integrated (enriched) with the training program:

                                                        • Not Available

                                                        Names of the training programs that after the training program:

                                                        • Not Available
                                                        Program Method
                                                        • Lecture
                                                        • Brainstroming
                                                        • Dialogue Teams
                                                        • Exercises and assignments
                                                        Evaluation Method
                                                        • Pre Exam
                                                        • Post Exam
                                                        • Simulation Test for professional exam
                                                        Training Type
                                                        • In Class Training
                                                        • Online Training

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