QATAR - Finance
CEO, Doha Insurance Group
With a long-standing track record in the insurance industry, both locally and regionally, Jassim Ali A. Al-Moftah is an accomplished executive that has worked on leading national insurance projects. Having joined Doha Insurance Group in 2017, Al-Moftah is responsible for driving the group to continue leading the market in Qatar as it strategically expands in the region and beyond. He works closely with the teams at Doha Insurance Group to carry on with the group’s mission, which is to be a trusted insurance partner for businesses and individuals, constantly striving to deliver innovative and discerning solutions that drive success for its clients.
There are many factors to be taken into consideration, such as premiums, top-line gains, net results, equity, or investments, in order to quantify our position in the market. Many national insurance companies have branches abroad as well, so their published results will include foreign businesses and revenue. For us, the best way to quantify might be top-line growth and overall insurance revenue. We are ranked second in terms of overall premium and this is due to our key and strategic accounts, which are our target. We like to portray ourselves as a quality rather than a quantity player. Being an (A-) rated company has enabled us to issue policies for organizations such as Qatar Airways, the Emiri Guard, the Qatari Armed Forces, and Qatar Petroleum. Additionally, we are working with other national insurance companies in a consortium for all the major FIFA World Cup 2022 projects. Doha Insurance Group has managed to achieve such feats throughout its history, making it one of the strongest players in the market.
Insurance has traditionally not been a major part of our education or business environment, which makes attracting national talent difficult. We are working on several projects where we sponsor Qatari students in universities and offer the required training and support, either through our subsidiaries or insurance partners, to get them suited for the insurance world. This is something we are working on currently and will start rolling out in phases in 2019.
Doha Insurance Group has gone through a rebranding process. What has been the outcome so far?
Our rebranding involved several efforts, and we are seeing excellent results. Shifting our organization from a company to a group was a major step in our progression. The main reason for that was to have all branches and subsidiaries under the head company’s umbrella, making workflow, risk management, and delegation of authority much easier. It gave us the platform to expand across the region, portraying us as an evolving regional and global player. Additionally, we have unified our corporate values—transparency, customer reliability, and performance—across the board.
All our geographic expansion is focusing on reinsurance. At present, the company is not planning to expand into any direct business abroad. We have investment interests in other countries in direct insurance, but being a full-fledged subsidiary wholly owned by our group, we are only focusing on reinsurance. We operate the MenaRe brand, which is our reinsurance syndicate for specialty lines, and MenaRe Life is our newly established office focusing on life and medical reinsurance support. MenaRe Specialty is another office that’ll be fully operational in 2019, with a focus on energy line in reinsurance.
We invest heavily in technology, not only to support our expanding local and international offices, but because it is simply the future. Within a few years, all insurance-related operations will be web-based. Doha Insurance Group is moving into this environment because this is where we see the demand from our clients. We are investing in information areas such as security, data warehousing, and developing new products. Notably, we have Barzan, an IT-focused company, under our group. It is located in Jordan to take advantage of the local talent in the field.
From a direct line perspective, we will continue developing our Doha takaful products in accordance with Islamic sharia principles. We recently received all required approvals from Qatar Central Bank to turn it into a fully fledged insurance company.
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