Introduction

Insurance is one of the most important financial tools that contributes to risk management and achieving stability for individuals and organizations. It is not limited to protecting assets and financial resources; rather, it represents a fundamental pillar in supporting economic development and enhancing social security. In the Kingdom of Saudi Arabia, the insurance market continues to grow steadily, with an increasing number of insurance companies and an expansion of services designed to meet the needs of both individuals and businesses.

This program focuses on providing a comprehensive understanding of the concept of insurance and its importance, while highlighting the nature of the insurance market in the Kingdom, including its key stakeholders, innovative insurance products, and regulatory policies and procedures. The program aims to enhance participants’ competencies in the insurance field by strengthening their knowledge of insurance fundamentals, market mechanisms, and best practices in customer service and risk management.

Program Objectives

• Enable participants to understand the concept and fundamentals of insurance.

• Help participants understand the concept of risk as the core element of the insurance industry and the principles associated with it.

• Explain the nature of the insurance market in the Kingdom of Saudi Arabia and its key participants.

• Enable participants to understand the nature of insurance services and how they meet customer needs compared to tangible goods.

• Introduce participants to the main functions of insurance companies and the challenges they face.

• Enhance participants’ understanding of the role of sales staff in achieving insurance company objectives.

• Provide participants with fundamental knowledge of customer service and market behavior.

• Prepare participants to sit for the professional certification exam Insurance Foundations (IFCE).

Course Modules

Risk and Insurance

• Concept of risk

• Risk and insurance

• Types of risk

• Insurable risks

• Non-insurable risks

• Insurance as a method of risk transfer

• Causes and factors affecting insurance

• Benefits of insurance

Insurance Principles

• Principle of utmost good faith

• Principle of insurable interest

• Principle of indemnity

• Principle of subrogation

• Principle of contribution

• Principle of proximate cause

Insurance Contract

• Definition of the insurance contract

• Elements of the insurance contract

• Essential components of the insurance contract

• Practical stages of the insurance contract

• Characteristics of the insurance contract

Key Participants in the Insurance Market in the Kingdom of Saudi Arabia

• Regulatory and supervisory authorities of the insurance market in the Kingdom of Saudi Arabia

• Cooperative insurance and reinsurance companies

• Insurance companies and independent insurance professionals

Standard Insurance Operations Policies and Procedures

• Organizational structure of insurance companies

• Key procedures and functions of insurance operations

Insurance Products

• Individual insurance products

• Corporate insurance products

Customer Service Principles in the Insurance Sector

• Core principles of effective customer service

• Fundamentals of the customer service process

• Effective communication mechanisms with customers

• Understanding customer rights and responsibilities

Selected Risks and Challenges in the Saudi Insurance Market

• Product development risks

• Underwriting risks

• Pricing risks

• Claims settlement risks

• Financial solvency of insurance companies

• Credit risks

• Information technology risks

• Exposure to insurance fraud

• Shortage of qualified human resources

• Insurance awareness and culture

• Reinsurance risks

• Reputational risks

• Non-compliance risks

• Risks arising from regulatory or governmental changes

• Money laundering and terrorism financing risks

• Practical applications and exam preparation exercises

Human Resources Development Fund (HRDF) Support

IFCE – Insurance Foundations Professional Exam

Issued by The Chartered Insurance Institute (CII)

The Insurance Foundations Professional Exam is a mandatory requirement set by the Insurance Authority to work in the insurance sector. The exam covers regulatory frameworks, operational controls, and the fundamentals of insurance operations. It contributes to verifying the eligibility of insurance sector employees by ensuring they possess the minimum level of knowledge and skills required to work in this field.

• Maximum reimbursement for certification costs: SAR 2,495

• Certification approval under the program: December 2025

Target Audience

• Employees of insurance companies

• Insurance brokers and insurance agents

• Insurance department staff in hospitals and medical centers

• Insurance department staff in companies and institutions

• Risk management professionals across various types of organizations

• Financial department employees whose work is related to insurance

• Individuals seeking to work in the insurance market

• Anyone seeking academic and professional qualification in the field of insurance