News Middle East14 Oct 2020

Morocco:Reinsurer announces action plan for 2021-23

| 14 Oct 2020

Morocco's leading reinsurer, Societe Centrale de Reassurance (SCR or Central Reinsurance Co), has drawn up an action plan for 2021-2023, called "Transform Tomorrow Together".

The plan follows the STRONG II Transformation Plan, which was launched in 2016 and expires this year, the company said in a statement.

Capitalising on the achievements of the STRONG II Transformation Plan and taking into account the current context of the SCR, the new plan aims to strengthen the operational positioning of the SCR and to accelerate its growth in a pragmatic way both in Morocco and internationally. It will finalise the last projects of STRONG II and takes into account various recommendations of the Court of Auditors. The company also aims to contributing to the development of the Moroccan insurance market and secure more favourable conditions for all national reinsurance cessions in order to reduce foreign exchange expenses for the country.

Strong II was notably based around 4 axes:

  • Growth and visibility;

  • Technical expertise and risk management;

  • Operational excellence and customer satisfaction;

  • Corporate culture and improvement in management style.

SCR said that at the end of STRONG II, the company had, among other achievements, carried out a latest generation ERM deployment and launched the Academy SCR, strengthening the role of SCR as a technical expertise centre serving local and regional insurance companies, especially in Africa and the Middle East.

STRONG II also included the development of a new procedural manual and the implementation of a process of improvement in the quality of service including a semi-annual customer satisfaction barometer.

Furthermore, under STRONG II, SCR strengthened its HR system and managed to slash manpower turnover.

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