The Business Year

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SAUDI ARABIA - Finance

Rami Omar Alhoshan

General Manager, ACE Gallagher Arabia Insurance Brokers

Bio

Rami Omar Alhoshan has over 21 years of experience in the insurance industry working for several insurance companies in KSA mainly. Before joining ACE Gallagher Arabia Insurance Brokers as a general manager, He worked for Medgulf as Chief Commercial Officer, and was the senior VP for Marketing and Sales in Malath, and worked in different Sales positions with Tawuniya and SANAD insurance companies. He holds a Master’s degree in Business Administration (MBA) from Prince Sultan University and a Bachelor degree in chemical engineering from King Saud University.

“As the oldest broker in Saudi Arabia, ACE Gallagher acts as an intermediary between clients and insurers.”
TBY talks to Rami Omar Alhoshan, General Manager of ACE Gallagher Arabia Insurance Brokers, about the role the company plays at a regional level, current priorities, and goals for the year.
Can you elaborate on the role ACE Gallagher plays in the MENA region and specifically in Saudi Arabia?

As the oldest broker in Saudi Arabia, ACE Gallagher acts as an intermediary between clients and insurers. With our knowledge of the unique cultural, political, and regulatory environment, we help clients navigate complex insurance requirements and tailor insurance products that meet their specific needs. From Saudi Arabia, we have successfully expanded to the region. We use our knowledge of the local market to negotiate favorable terms and conditions for clients and leverages our longstanding relationships with insurance providers in the region to procure comprehensive coverage at competitive rates, ensuring clients are adequately protected against risks. I expect competition to continue to be tough as the Kingdom attracts many investors, including brokers, so we need to develop ourselves to stand out; however, what sets us apart is the importance we place on human connections. We conduct many trainings in partnership with UK-based Gallagher Global Brokerage to ensure our team remains up to standard. We have a regional program for the 16 offices around the GCC and other countries to ensure we stay ahead of the competition and always remain up-to-date in terms of products and solutions. The secret behind ACE Gallagher’s success is customization, namely by studying clients’ current and future needs and delivering tailor-made proposals. Now, with the new partnership, we have access to 150 countries and are able to offer our best practices and do benchmarks around the world for our customers. The partnership also gives us access to large and megaprojects that were only allocated to international brokers. Large projects require multiple insurance players to cover such projects. ACE Gallagher understands the risks and has the capabilities and access to the global market, which helps us cater to such projects. The collaboration has opened the doors for us to consolidate the business with existing clients while expanding our network with new ones.

How will the company capitalize on the mega and giga-projects, and which specific sectors are on your radar?

ACE Gallagher is a leading provider of tailored solutions, and is poised to maximize opportunities presented by mega and giga projects. With a proven track record in delivering customized solutions, the company stands as the foremost authority in meeting clients’ unique needs. As these ambitious projects often incorporate cutting-edge technologies, they necessitate a global perspective and expertise. ACE Gallagher possesses the means to develop and deliver innovative solutions for such endeavors. In light of the growing portfolio of projects with the oil and gas industry giants, the demand for expert brokers to navigate complex challenges has surged. ACE Gallagher is ideally positioned to guide these organizations in their search for optimal solutions. As emerging technologies introduce new risks, the support of seasoned brokers becomes paramount on both regional and global scales. We are fully equipped to provide this crucial support and ensure the successful realization of projects.

Where do you see an increase in demand for your services, and what is your current focus?

At present, we are observing a rise in demand for our services, especially D&O (Directors and Officers) and Cyber insurance. However, with the nation’s growing openness to foreign investment across various sectors, including tourism, giga-projects, sports, and more, we have identified several promising avenues for expansion. Our team envisions significant prospects in the realm of sports in the foreseeable future. As the country proceeds with the privatization of its football and other athletic clubs, ACE Gallagher, along with potential investors, is poised to seize ample opportunities. Moreover, the burgeoning tourism industry and the hosting of events in Saudi Arabia necessitate insurance coverage, such as public liability insurance, to safeguard against potential cancellations or delays. Additionally, the renewable energy sector and energy-saving technologies hold immense potential for growth. We have already initiated discussions and are actively tailoring a bespoke solution for one of our esteemed clients in this domain.

What are your main targets and priorities set for the year?

In 2023, our primary objective is to establish partnerships with one of the large development players in the market. We are actively exploring opportunities in various sectors, with a particular emphasis on financial lines, such as cyber, D&O, BBB. Additionally, we are venturing into unique product offerings, including event cancellations, sports-related products, and renewable energy solutions. These areas represent our core focus for the year. Adapting to the ever-changing needs of our customers is a priority for us. Given the dynamic nature of the economy, formulating a comprehensive plan for the next five years is challenging. Our primary focus is on retaining our existing customers and expanding our customer base through the introduction of new products. We understand that each customer has distinct requirements, and we aim to support them by providing tailored solutions. Moreover, digitalization remains a significant aspect of our strategy. We aim to align ourselves with the latest developments and proactively mitigate risks. By doing so, we can better assist our customers in comprehending the products they require. Our approach to customer support involves providing guidance and fostering a deeper understanding of our product offerings. We are dedicated to assisting our customers throughout their journey by offering expert advice, and sharing insights. By effectively communicating the value and benefits of our products, we aim to empower our customers to make informed decisions. Our ultimate goal is to ensure they have a comprehensive understanding of the products that best suit their specific requirements.

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