As per the deal, signature programs and a comprehensive competency framework will be developed.

 In a fresh move to strengthen their joint action, The Financial Academy (TFA) and the Mediterranean and Gulf Cooperative Insurance and Reinsurance Company (MEDGULF) have concluded today a strategic cooperation agreement. The deal is aimed to improve the capabilities of the Saudi financial sector workforce – a key target of the Kingdom’s Vision 2030.

The agreement has been signed by Mr. Mana bin Mohammed AlKhamsan, CEO of The Financial Academy, and Mr. Umar Al Mahmoud, CEO of MEDGULF.

The cooperation agreement includes providing strategic sponsorship for two signature programs, namely the Emerging Insurance Leaders and the High Potential Insurance Leaders. Accordingly, the two courses, offered by TFA in partnership with Swiss Re Institute, will be fully supported by MEDGULF.

Additionally, the two parties inked an agreement to develop a comprehensive career competency (Jadarat) framework tailored to MEDGULF. The framework, aligned with the global insurance industry criteria, will meet the insurer’s specific needs in terms of assessing and upskilling its workforce.

AlKhamsan commented that the partnership is inspired by TFA’s strategic role in developing and advancing the capabilities of the financial sector’s human capital, aiming to achieve the targets of the Financial Sector Development Program (FSDP), which is one of Saudi Vision 2030 components.

On his part, Al Mahmoud stated that the strategic partnership with the Academy is part of joint efforts to improve insurance workforce through specialized programs and internationally-recognized certifications. It highlights, he added, MEDGULF’s commitment to supporting and elevating the financial sector and investing in talents, especially future leaders, which contributes to the country’s economic and financial growth.

The Emerging Insurance Leaders program is designed to enhance the participants’ understanding of an insurance company’s strategic functions, providing them with valuable insights into its processes, challenges, and opportunities. The course offers an engaging, interactive and challenging experience that enables learners to further develop their insurance industry know-how. A special exploration of hot trending topics for the insurance industry will also give them valuable insights to prepare them for the future challenges and opportunities faced by the industry.

The High Potential Insurance Leaders program targets young leaders in the insurance industry who exhibit potential for future strategic leadership roles. The course aims to equip participants with the knowledge and skills necessary to navigate and lead in the evolving landscape of the insurance sector. The curriculum covers critical areas such as value creation, the impact of Artificial Intelligence (AI) and data, natural catastrophe management, and sustainability. It also addresses ways to develop strategic thinking and manage risks.

Those interested in registering for the two programs can check the following links:

The Emerging Insurance Leadersprogram 

  The High Potential Insurance Leaders program

The Financial Academy (TFA) is an entity with an independent, legal and administrative status. It is organizationally located under the Chairman of the Board of the Capital Market Authority (CMA). The Academy is mainly focused on qualifying the financial sector’s human capital, including senior managers and board members, by advancing their knowledge, capabilities, skills and culture. The FA also develops and promotes best professional financial practices, targeting all components of the financial services sector including banking, finance, insurance and capital market.