Nexus is working with the UK’s Chartered Insurance Institute (CII), to help improve the standard of professional certification across the region, it was announced today.
The move is an important step in helping to increase the level of training within the insurance industry and boost consumer confidence in the market.
Although insurance penetration rates have historically remained low in the region – around two percent compared to the average of 10 percent in European markets – industry analysts agree that changing market conditions are creating a major opportunity for growth.
The untapped status of many markets in the Middle East, rising awareness of the importance of insurance and a series of government initiatives taken by governments in the region are all resulting in a compound growth rate of 18-20 percent, according to the Research and Markets Group.
However, the ability of insurance companies in the Middle East to match and potentially even exceed the market penetration of other parts of the world will depend on whether the industry can build confidence and competency through training and certification of its advisors.
Nexus, the region’s largest independent financial advisor, is one of the pioneers in advanced training and development in the Middle East’s insurance market. The group has placed a premium on encouraging its representatives to pursue professional certification, and is working as the strategic partner with the CII in the Middle East.
“If the potential of the insurance market in the Middle East is to be realised, clients must have faith in the competency of advice they are receiving,” said Mahmoud Nodjoumi, owner and CEO of Nexus.
“Nexus believes our first responsibility is to the individuals, families and corporate customers who place their trust in us to provide the most appropriate financial solutions to meet their needs,” he added.
After at least one year of foundation training with Nexus advisers are encouraged and assisted financially to study for a professional qualification.
“Our vision at Nexus is to lead the market in certification and training – currently some 85 percent of Nexus advisers have achieved a major professional qualification,” Nodjoumi said.
The Chartered Insurance Institute is a United Kingdom-based professional organization for those working in the insurance and financial services industry. With more and more insurance professionals servicing the Middle East’s growing market, there is a real need for the respected, authoritative qualifications that the Chartered Insurance Institute provides.
About Nexus Group of Companies
Nexus is an exciting new force in professional financial services. Our unique approach will help you and your family to accumulate and protect your wealth today and tomorrow.
At Nexus, our expertise and independence mean we are perfectly positioned to deliver the first-class service you deserve. As qualified professionals in wealth accumulation and protection, we are a company you can trust to understand your unique financial situation.
