The Business Year

Hadi Alkurd

CEO, Arab Insurance

Our strategic position is effectively what we do not focus on, which has led us to a segment in which we are one of a handful of companies. We stopped motor insurance five years ago, allowing us to focus on areas that other insurance companies are not, namely the retail part of the business. Within the retail space, we are mostly in the individual life busines. Of the active policies in the market for individual life insurance, we have approximately 80% of the market share. This is what we have focused on for the last 10 years or so and is where we continue to grow double digits; it is where the future lies for us. Our medical insurance app was launched toward the end of 2017 but went live to our clients in mid-2018. It effectively renders the entire process within the medical network paperless from end to end. Our medical claims department estimates 50% of our claims are received via this platform, and we expect to achieve 90% by the end of January 2019. Not only does it improve our productivity and optimize costs, but it will also be a convenient solution for our clients. Product innovation and IT innovation are important for us. Because we focus on the retail aspect of the business, differentiating ourselves not just on the product but also on service and productivity is critical.

Yacoub Sabella

Vice Chairman & General Manager, Al-Nisr Al-Arabi Insurance

Over the past few years, modernization and client retention have been the main highlight of Arab Insurance. That requires a huge effort moving it forward to meet the requirements and needs of modern-day corporations and sophisticated individuals in a highly competitive market like ours. In addition, a large focus went toward the retail aspect of the business. While the Jordanian insurance sector is highly dependent on corporate business, we filled a huge gap in the market where individuals were not nurtured and focused on the right way. In 2015, we established Safehouse, the retail arm of Arab Insurance. It is a high-end branch located at one of the capital’s premier locations, designed and staffed in a way that caters to the needs of a certain segment of the market. That has proved to be a huge success for the company, where a profitable retail business opened the door to the corporate side of the sector based on the service level, rather than pricing. We are also keen on technology and digitalization. If harnessed properly, technology can actually help us better connect with our clients. To that end, Safehouse clients have access to different mobile applications that ensure our services are always between their hands and keep us a “touch“ away from serving them in their time of need.

Sa’ad Farah

CFO, Sa’ad Farah

Gig-Jordan and its sister company Jordan Kuwait Bank have been partnering for more than 15 years through a bancassurance agreement whereby Jordan Kuwait Bank sells our insurance products on a commission basis. This partnership will provide customers with different financial services under one roof and bring a new distribution channel. Moving forward, insurance companies will look for new partners either to boost revenues or minimize the operating cost. Today, we are looking to partner with technology frims. Technology can boost one’s revenues by selling insurance through our website and mobile app; one can sell insurance to anyone, anytime, and anywhere. On the other hand, technology can be our partner to minimize the operating expense. For example, look at how different payment channels will gradually replace the traditional collection cost. Technology will be everyone’s future partner. Indeed, 63% of Jordan’s population is below the age of 30. This is a whole generation that considers technology an integral part of their lives and has strong demand for automated industries. When the public and private sectors support digitalization and e-business, this will lead to more competition between companies operating in the ICT sector and result in a more professional workforce.



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