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عرض الرسائل ذات التصنيف Articles in English

Do you see risk management as a professional discipline?

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The tentative of the Chartered Insurance Institute.... In 2013, the   Chartered Insurance Institute , a UK-based professional organisation for those working in the insurance and financial services industries, had its application for   Chartered Risk Manager   turned down by the   Privy Council , the body responsible for awarding professional status in the UK. Not discouraged, the Chartered Insurance Institute (CII) re-apply and has now received provisional approval for a   Chartered Insurance Risk Manager   status that it hopes to launch this year.

Have your Trade Credit Insurance before it’s too late: By Anthony Bechara

Have your Trade Credit Insurance before it’s too late: What is the best thing that companies are good at in our MENA region? “Nagging”  (This client defaulted his payment, this client went bankrupt, I can’t export my goods because too many financial guarantees required, etc). I just can’t understand why companies keep nagging of their receivables balance having additional zeros every month, while the solution is just a phone call away:  “Trade Credit Insurance”!!! In simple definition, Trade Credit Insurance = Accounts Receivable Insurance is a policy that protects the company’s assets against their own customers’ failure to pay their debts for whichever is the reason (subject not excluded in the policy).

Micro-Insurance in GCC / Opportunities & Threats - By : Anthony Bechara

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The GCC region has become over the past decade a worldwide economic hub in all sectors due to many governmental initiatives and investments to attract MNCs to the region. Some of these initiatives included the rise of the Free zones, financial centres, Industrial & Logistics hubs, taxation incentives, etc. Back then, all GCC governments were earning tremendous profits on high oil prices and balance sheets recorded an overflow of revenue. Without going into historical data, we are now in 2016 and Oil prices are recording historical losses (more to come after Iran sanctions ending, and additional Oil supply being put in the international  trading scene) putting all governmental budgets into a hard stress test, and affecting expenditures. Additional to that, is the new challenge rising for them on how to diversify economical activities especially that the world started its preparations for the Non-Oil Era.

Bancassurance… Out of the Box Thinking - By Anthony Bechara

Without going into the different Bancassurance definitions which the internet is full of them for the same meaning, I’d like to raise an issue that the market is facing but still a taboo since the Bancassurance deals in MENA region are still in the introductory phases. Whose responsibility is it for the operational profitability? The Bank, or the Insurer? Who should be making the marketing investment to ensure its success? Is it really a win-win situation for both entities? Traditionally, the insurance company uses the bank’s branches as an alternative distribution channel to increase its market share by targeting the bank’s database for different products: “Motor, Travel, PA, Saving Plans, etc”. In return, the bank earns a kickback as a profit for letting the insurer using its facilities, and its employees a certain incentive for promoting them.

SME Insurance Penetration - Here's how you do it!!!

Oil prices decrease is expected to continue for the 2016 period as latest economic reports show. The effects of this decrease are having dramatic effects on all governmental & private sectors. Large groups have high economies of scale to swallow the SME players drastically, which in their return will not be able to honour their financial commitments. This is already starting to be felt in the UAE, as the federal government is pushing towards a new bankruptcy law and a credit guarantee scheme to support the SME sector, in which Bad Debts have reached a record limit of 1.4 Billion Dollars this year.

3Solutions for the tough 2016 Insurance Year...

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Negativity, negativity, it’s all negativity when it comes to 2016 economic forecasts, especially in the countries where their GDP rely extensively on Oil and Petrochemical industries!! With the pessimism about oil prices remaining at their lowest intervals, and some governments decreasing their investment expenditures (even if not announced), all studies show that GCC will run on deficit GDP for 2016.

Reconsider the Insurance Strategies - or face the consequences...

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Globalization, boundaries wide open to each other, largest cultural interaction in human history, new & complex risks arising everyday (cyber, financial, commercial, political, etc) …. The big question is: “Is our insurance practice equipped to manage these new factors?” Talk of town these days is about the “Internet of Things (IoT)”, and its impact on all insurance principles thanks to Big Data usage especially for Actuary and Underwriting principles.

5Reasons why Insurance Companies should have an Operations Leader

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Disregarding all the risk management, marketing, and actuary principles, WE as Insurance Professionals have to be aware that are working in a very Noble profession established to cover the financial losses for individuals/organizations. Insurance Companies can suggest preventive measures to their clients, but no one can stop the unforeseen from occurring.

10 steps to make Profits from Your Claims Department

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The claims department can be a profit-making generator to the company rather than only settling claims, and increasing loss ratios for the client equally. There is nothing more satisfying to the clients than an efficient claims executive managing the file and fulfilling the promise made inside this piece of paper called “Insurance Policy”.

99.99%of Insurance claims is due to Miscommunication - What to do?

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This article doesn’t discuss fraudulent claims where their percentage ranged between 5% up to 20% worldwide depending on factors such as: “Line of Insurance, Size of claims, Region, Claims Expertise, Insurance company transparency in such figures”, rather than the reasons, consequences and solutions of  miscommunication  in daily insurance operations. Why most of the time, we hear from customers:  “No one told me that this is excluded? Why no one told me that I have this much excess in my insurance policy? And the list goes long… very long!!