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An interview with Mohamed Atef M. Abdullatif (Chief Financial Officer - Arabian Shield Cooperative Insurance Co.)
Mohamed Atef, shares his views on "Innovation in Insurance"
Mohamed Atef M. Abdullatif
Chief Financial Officer (CFO)
Arabian Shield Cooperative Insurance Co.
1) Which innovations in the insurance sector do see becoming major industry disruptors?
I strongly believe the rise of the digital sphere will definitely transform the insurance arena in the next few years. Also, and as the insurers get smarter, I believe the dependency on the streamed analytical and algorithmic risk assessment tools will change the way insurance products are now being priced and promoted.
2) What are the key drivers for innovation in the insurance industry today?
The GCC insurance markets are characterized by being ultra-competitive with many insurers striving to shine and gain new grounds. This eagerness to outperform market peers is fueled by low operational margins and profitability levels, leading the insurers to find new way to improve their operational processes and communicate differently with their clients. Innovation is the only key for that ‘No. 1’ spot!
3) What latest insurance products do you see becoming popular in GCC in the near future?
Although corporate business penetration is still at relatively low levels, I believe all non-compulsory individual insurances products will boom. So far, the public awareness of the insurance importance has been very limited to those ‘forced’ products and shown very little interest in voluntarily ‘transferring their risks’.
4) How do you think this conference will benefit the attendees?
Change is coming. Insurers will be forced to change the way they think and operate. This conference will have the door wide-open to proactively think about the future and how to optimize the upcoming opportunities.
To know more about the event, click on the link below:
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