INSURANCE COMPANIES

The insurance industry in the Middle East and North Africa continues to be very turbulent and challenging. In fact, it is now more challenging than it has ever been. Are you finding it difficult to navigate? Is it becoming increasingly difficult to set your strategy and business plans? Are regulatory compliance demands and the high governance expectations of regulators becoming burdensome? Are you on track with digital transformation? Are you distracted by too many demands? Are new regulations and corporate governance standards bringing in increased accountability?

Emerging regulatory frameworks and increased regulations, changes in country strategies, across the board accountability, nationalization of jobs in several countries, increased market and regional volatility, competitive pressures, emerging taxation, shortage in insurance talent, digital transformation and process automation, remote working, evolving customer preferences, cybersecurity, data management, corporate governance, risk management, compliance requirements, and new actuarial frameworks, mergers, and acquisitions, and many other challenges are real and will undoubtedly have far reaching implications on the insurance industry in the region. Companies should embrace this change and manage it and it is certain that the impact will be major. Those who do will emerge as the winners.

abc Transform can support you in navigating by our broad range of services at various levels and insights and knowledge gained over the years. We can provide support so that you can manage these requirements in order for you to find more time to devote to your core activities.

BROKERS, AGENTS, THIRD PARTY ADMINISTRATORS

Are you facing difficulties recruiting the right team and ensuring adequate training that will enhance the policyholder’s journey and interactions? Are emerging risks such as data management, cybersecurity, and digitization being addressed? Do you have a clear plan for delivering a superior policyholder journey as they raise their expectations and easily conduct more research online? Do you have a plan for utilizing CRM to better manage your relationships with policyholder? Are you controlling competition from insurance aggregators? Is your firm spending too much time on sales activity and current clients and not enough time on lead generation and business in the pipeline? Do you have structured, well defined and optimized processes that can help you deliver a superior customer relationship and better manage associated risks? As technology helps insurance companies reach clients directly at a lower cost and with abundance of information, do you have a plan to deliver policyholder value? Do your policyholders perceive your commissions or fees as a fair price for the value that you deliver to them? Are you concerned about rising costs? Are your expenses on the rise? As a third party administrator, are you threatened by AI and Machine Learning capabilities of insurance companies? Are you delivering optimal value to insurance companies, policyholders and insured individuals?

abc Transform can support you in managing these issues and more in order for you to deliver excellence and achieve your goals as you manage the associated risks.

POLICYHOLDERS – INSURANCE BUYERS

Company of all types often times struggle with insurance. Insurance is a technical industry with highly technical terms. Being a policyholder or beneficiary can be challenging. The following questions will help you identify some of the associated risks.

Are you over relying on your broker or agent? Does your insurance company possess the credit worthiness and the rating that will ensure their commitments to you are met during the insurance policy period and after? Do you know which reinsurance company or companies ultimately retain all or most of your risk and their credit worthiness and ratings? Are you aware of all coverage options available to you as a policyholder depending on your industry or nature of operations? Is your insurance management employee staff well trained in insurance to properly manage the legal requirements and obligations in your various insurance contracts? Are you meeting all required declarations and disclosures listed in your insurance contract? Are you complying with all conditions precedent to the liability of your insurance company and the warranties listed in your insurance policy contract? Do you understand all exclusions and excluded perils listed in your policy contract? Are the sums insured listed in your policy adequate and do you understand which methods of repair, replacement, or the amount of reimbursement that will be applicable for each type of loss that you may encounter? Is your insurance management staff aware of the claims obligations and steps that need to be taken at the time of a minor or major loss? Are you finding it challenging to select an insurance provider or broker based on reliable selection criteria? Are you surprised by last minute increases in rates and premiums?  Do you have a process for identifying your operational hazards and the appropriate type of coverages available and other options? Does you risk manager understand insurance risk and the current risk financing arrangements currently in place? Does your internal audit department have the technical knowhow to be able to identify risks in your insurance management function? Do you have documented policies and procedures for your insurance function including selection of brokers and insurance companies, bidding procedures, authorities, duties and responsibilities, clear job descriptions, reporting requirements, segregation of duties, and lines of approval that are documented and approved by your company?

We can help support you in order for you to be able to identify and manage these risks by our structured approach. Our deep understanding of the risks and challenges in insurance enables us to offer winning solutions.