The BIBF Concludes a Specialised Workshop in Biometric Underwriting for Life Insurance Companies

Tuesday, 4 April 2023

The Bahrain Institute of Banking and Finance (BIBF), the leading training and development provider in the region, concluded a first of its kind workshop in the region on biometric underwriting for life insurance companies, in collaboration with MenaRe Life.

The workshop, presented by a number of life insurance experts from BIBF and MenaRe Life, aimed to introduce the risk analysis technology in life insurance, which requires professionalism and accuracy in dealing with potential patients’ information. During the workshop, an actual training experience was provided to participants using a real pricing guide and a simulation of the daily underwriting process and life insurance risks.

The workshop presented an ideal opportunity for professionals and companies operating in the life insurance sector to familiarise themselves with new technologies and practical skills in the field of risk analysis in life insurance. It also presented an opportunity for practical training on real cases to improve efficiency and effectiveness in underwriting and risk analysis in life insurance.

A group of life insurance professionals from Bahrain and the Gulf region participated in the workshop and were provided with practical knowledge in the technologies related to risk analysis in life insurance, as well as an opportunity to discuss various related cases.

On this occasion, CEO of MenaRe Life company, Mr. Tawfiq Saroor stated: “Biometric underwriting workshops have always been distinctive in selecting attendees. With the increasing inclusion of insurance technology, digitalisation, and automation, all distribution channels are now able to actively participate in the life insurance underwriting process. Biometric underwriting is one of the complex, time-consuming, and demanding aspects, but possessing the appropriate knowledge, competence, and infrastructure will grant each distribution channel or risk-bearing company the optimum means to take the entire underwriting process. For this reason, we have decided at MenaRe Life to partner with the BIBF to make these materials available not only to specific customers, but to all insurance practitioners and active distribution channels in the region, whether that is banking insurance, insurance companies, brokers, or other alternative channels.”

On her part, Head of Insurance Centre at the BIBF, Ms. Manal Mashkoor stated, “This workshop comes as part of the institute’s efforts to enhance its partnerships locally, regionally, and internationally, and to provide training programmes and workshops aimed at enhancing competencies and skills in the field of life insurance. This step is an important initiative to improve the quality of services provided in this field.” She added that risk analysis in life insurance is an important aspect of the risk identification process in insurance and requires complex techniques and high accuracy in dealing with potential patients’ information, in order to improve the efficiency and effectiveness of the life insurance sector in Bahrain and the region.

Senior Lecturer at the BIBF Insurance Centre, Ms. Hala Naseeb stated: “The Life biometric workshop brought together Industry professionals with seasoned panelists for a practical, hands-on workshop over three days. Life Underwriting essentials, tools, and techniques were delivered along with over 20 real-life cases with actual documentation were presented for candidates to work on and experience firsthand what it is like to be a life insurance underwriter.”

It is worth mentioning that life insurance subscription is a multi-faceted system that includes all aspects of human life and requires a personal touch and accuracy in dealing with this information, especially customers’ medical information.