Life Insurance Company of the Year
“For demonstrating market leadership during the qualifying period through innovation in products or practices, initiatives in boosting the image of insurance in society, narrowing the protection and savings gaps, and/or exceptional business growth through professionalism and sound management.”
Criteria
- Sets leading professional standards for other insurers to be measured against.
- Narrows the life insurance protection and savings gaps of the society.
- Demonstrates in-depth knowledge and understanding of the region through its strategies and operations.
- Responsive to the needs of both end-users and intermediaries.
- Industry leadership as shown through:
- innovation in products and procedures;
- pro-actively embracing digital and social media;
- transparency in the selling process;
- customer-centricity service;
- outstanding risk management and claims management experience;
- sound management and financial results;
- business growth; and
- enhancing the image of insurance in society.
General Insurance Company of the Year
“For demonstrating market leadership during the qualifying period through innovation in products or practices, responsiveness to end-users and intermediaries, initiatives in boosting the image of insurance in society, narrowing the protection gap, and/or exceptional business growth through professionalism and sound management.”
Criteria
- Sets leading professional standards that other insurers will be measured against.
- Offers extensive range of products and services catering to the needs of both corporate and individual clients.
- A partner and adviser to corporate clients in adapting to the changing risk landscape.
- Narrows the protection gap of the society.
- Demonstrates in-depth knowledge and understanding of the region through its strategy.
- Responsive to the needs of both end-users and intermediaries.
- Industry leadership as shown through:
- innovation in products and procedures;
- pro-actively embracing digital and social media;
- transparency in the selling process;
- customer-centricity and service;
- outstanding risk management and claims management experience;
- sound management and financial results;
- business growth; and
- enhancing the image of insurance in society.
Health Insurance Company of the Year
“For demonstrating market leadership through innovation in products and services which facilitate an improvement in both the curative and preventative aspects of healthcare management for the population, during the qualifying period and boosting the image of insurance in society through professionalism and sound management.”
Criteria
- Setting leading professional standards against which other
health insurers should be measured;
- Demonstrating in-depth knowledge and understanding of the healthcare funding environment in the markets in which it operates;
- Give instances and evidence of what company is doing to serve the local markets it operates in;
- Show proof of how global corporate practices have been localised; and
- Industry leadership as shown through:
- Strong underwriting discipline;
- Innovation in products;
- Incorporating wellness and preventative schemes within product design;
- Demonstrating exemplary customer service;
- Showing evidence of sustainable business growth and profitability in its health insurance portfolio;
- Showing evidence of active promotion of the importance of health insurance as a means of protecting the population against ill health;
- Supporting wellness and disease management programmes through external corporate social initiatives;
- Providing access to healthcare provider networks that meet the diverse requirements of insured members in terms of affordability and accessibility;
- Harnessing technology to benefit health outcomes of insured members and achieve financial and operational
efficiencies for the insurer; and
- Demonstrating a commitment to engage with regulators to both develop and comply with market regulations.
TPA of the Year
“For demonstrating leadership in providing efficient and effective third-party administration services to help health insurers improve the health outcomes of their insured members whilst at the same time controlling claims costs for the insurers they represent, during the qualifying period.”
Criteria
- Providing efficient and cost-effective services which respond to the needs of the market, with clear and measurable results;
- Clear evidence of harnessing technology and software solutions to create efficiencies in service levels;
- Clear evidence of using software to improve patient safety in relation to drug safety checks and similar patient safety initiatives;
- Capacity to handle business volumes without prejudice to service levels;
- Evidence of specific programmes to detect and combat fraud, waste and abuse;
- Facilitating wellness and preventative schemes within service offerings to insurers; and
- Demonstrating a commitment to engage with regulators to both develop and comply with market regulations.
Takaful Company of the Year
“For demonstrating market leadership through innovative, Shariah-compliant takaful products or practices, responsiveness to customers and intermediaries, and initiatives to boost the image of takaful in the MENA region, during the qualifying period.”
Criteria
- Setting leading professional standards for other takaful providers to be measured against;
- Demonstrating in-depth knowledge and understanding of the MENA markets it operates in, through its strategies and operations;
- Responsiveness to the needs of both customers and intermediaries including in digital arena;
- Give instances and evidence of what company is doing to serve the local markets it operates in;
- Show proof of how company has contributed to the cause of Takaful;
- Strict Shariah compliance and Shariah governance;
- Demonstrating activeness in microtakaful and reaching out to the needy; and
- Industry leadership as shown through:
- Innovation in products;
- Exemplary customer service;
- Strong underwriting discipline;
- Solid claims management;
- Sustainable business growth through professionalism and sound management; and
- Boosting the image of takaful.
Educational & Training Initiative of the Year
“For the education/ training initiative during the qualifying period by a training institute, insurer, reinsurer, broking company or insurance advisory service which is original and demonstrates a deep understanding of the market and its needs, while enhancing the standards and professionalism of insurance executives.”
Criteria
- Responsiveness to the market’s needs;
- Responsiveness to the market’s needs in developing educational/training services including in facing disruptive innovation;
- Embracing technology to produce a great learning experience
Providing leadership to the market in anticipating and providing educational needs;
- Ease of access to the service offered;
- Quality and originality of the initiative; and
- Contributing to enhancing the professionalism and educational standards of executives in the industry.
Innovation of the Year
“For the most innovative product or service introduced during the qualifying period which has demonstrated responsiveness to customers’ needs, made a clear impact on business and contributed towards insurance growth in the MENA markets.”
Criteria
- Extent of innovation and originality of product or service offered.
- Real proof of significant and measurable impact on the industry in the region or possible region-wide application.
- Proof of responsiveness to customers’ needs and wants, and disruption which leads the industry’s push to the next level.
- Quality and effectiveness of innovation with the “X” factor highlighted.
- Ease of implementation of the product/service and potential of application region-wide.
- Measured proof of success of the product/service in the market and its impact on the region.
Service Provider of the Year
“For demonstrating leadership during the qualifying period in helping insurers to transform or improve its operations with clear and measurable results, and/ or for helping MENA’s insurance industry enhance its stability and growth.”
Criteria
- Breadth of services provided in responding to needs of the market.
- Innovation in services that resulted in the broadening of the market.
- Creating a benchmark of quality in service provision.
- Service flexibility and efficiency that differentiates it from the pack.
- Proof of performance in the market in terms of increased market share, productivity, revenue and/or profit.
- Application and/or potential of application regionwide.
Corporate Risk Manager of the Year
“For the individual who has shown leadership, creativity, and effectiveness in enhancing his/her organisation’s risk management and/or contributed to the promotion of risk management in the region for the period under review.”
Criteria
- Setting or enhancing risk management standards/ framework in the organisation or industry.
- Use of risk management in resolving a key challenge/ loss containment for his organisation, with proven results.
- Promotion of risk management as a philosophy and business discipline.
- Innovation in the area of risk management/loss control or containment.
- In-depth knowledge and understanding of his entity’s risks to the operational or technical level.
- Advancing his risk management career, through professional activities such as certifications, risk association involvement etc.
Law Firm of the Year
“For providing outstanding legal services to the MENA insurance industry during the qualifying period.”
Criteria
- In-depth knowledge and understanding of the insurance market through conducting research and publishing industry papers;
- Commitment to education and professional development of the market;
- Participation in industry committees and councils;
- Service flexibility and efficiency;
- Use of process and technology to ensure cost-efficient and quality service delivery to clients; and
- Evidence of pro-bono work for industry.
Broker of the Year
“For demonstrating leadership through innovation in services rendered to clients including in the digital space and risk management while adding significant value to the insurance process in the course of generating new business for the period under review.”
Criteria
- In-depth knowledge and understanding of the market and responsiveness to clients’ needs.
- Outstanding Innovation in services rendered to clients, including risk management and value-adds.
- Professionalism and transparency in dealing with clients;
- Embracing technology to offer value-added service;
- Industry leadership in broking and customer services;
- Boosting the image of the broking profession.
- Sound financial management with proven track record of business growth and retention.
Reinsurance Broker of the Year
“For demonstrating leadership through innovation in services rendered to insurers and reinsurers including in the digital arena while adding significant value to the reinsurance process in the course of generating new business for the period under review.”
Criteria
- In-depth knowledge and understanding of the market and responsiveness to clients’ needs;
- Outstanding innovation in services rendered, including market research, risk management and adding value;
- Professionalism and transparency in dealing with clients;
- Industry leadership in offering services to insurers;
- Boosting the image of the profession; and
- Sound financial management with proven track record of business growth and retention.
Retakaful Company of the Year
“For demonstrating leadership in MENA’s (re)takaful industry through enhancing the stability and security of the industry, innovation in product offerings, thought leadership, boosting the image of the profession, exceptional growth and clear expertise in niche areas, and/ or promoting end-to-end Shariah compliance where possible, during the qualifying period.”
Criteria
- In-depth knowledge and understanding of the market with published research and other value-added offerings to insurers;
- Give instances and evidence of what company is doing to serve the local markets it operates in;
- Show proof of how global corporate practices have been localised;
- Responsiveness to cedants’ needs and providing assistance in product development, service enhancement and tapping into new markets;
- Ability to adapt to changing needs and demands;
- Offering superior service and security to clients and working with insurers and other stakeholders;
- Sound corporate governance and disclosure;
- Strict Shariah compliance and Shariah governance; and
- Industry leadership as shown through:
- Strong underwriting discipline;
- Innovation in products;
- Provision of best quality service;
- Solid claims management;
- Sustainable business growth through professionalism and sound financial management; and
- Boosting the image of takaful in society.
Reinsurance Company of the Year
“For demonstrating leadership in MENA’s general (re) insurance industry through innovation in product offerings, thought leadership, enhancing the stability and security of the industry while boosting the image of the profession during the qualifying period.”
Criteria
- In-depth knowledge and understanding of the market value-added offerings to insurers.
- Setting leadership standards that others are measured against.
- Responsiveness to cedants’ needs and providing assistance to product development, service enhancement
and tapping new markets.
- Leadership with ability to adapt to, and lead the industry to meet changing needs and demands.
- Offering superior service and security to clients and working with insurers and other stakeholders.
- Industry leadership as shown through:
- Innovation in products;
- Strong underwriting discipline;
- Efficient claims management;
- Embracing technology and digital
- Business growth; and
- Boosting the image of insurance in society.
- Sound financial management, corporate governance and disclosure.
Corporate Social Responsibility Award
“For the company that has committed substantial resources and time to achieve significant and sustainable benefit to the community in social, economic, and/or environmental arenas, through non-profit-driven ventures during the qualifying period.”
Criteria
- For solving a real need in society, with tangible and sustainable benefits to the community;
- Demonstrates and provides key examples of work in a CSR programme, with details on motivation, capital resources, management and staff commitment, results and benefits;
- Demonstrates socially responsible leadership in the market by pioneering and/or consistently living by a CSR-guided philosophy in its operations;
- Demonstrates true “grassroots” engagement with the community and concerted commitment throughout the qualifying period;
- Have policies in place to promote community and social causes among staff;
- Engages employees and stakeholders in CSR campaigns; and
- Demonstrates evidence of the community’s support/ appreciation of the CSR programme.
Digital Insurer of the Year
“For the insurer which has transformed its organisation, embracing digital to grow its business above and beyond traditional channels”
Criteria
- Has a long-term digital vision to grow the existing business;
- Has significantly improved business processes through digital means, including engaging both internal
and external stakeholders (eg, sales, operations, underwriting, etc);
- Has a digital strategy prioritising customers’ experience and ease of access to insurance;
- Has extensively worked and partnered with other organisations to value-add to the industry (parallel/ vertical);
- Has invested in talent to bring digital to the organisation and industry;
- Has created an “innovation ready” organisation through systemic change management and embedded a culture of innovation into the organisation;
- Has set leading professional standards for other insurers to be measured against; and
- Has contributed to enhancing the image of insurance in the digital world.
Personality of the Year Award
“For the person who has made the most outstanding individual contribution to the MENA insurance or reinsurance industry for the period under review with passion and commitment to business beyond just the corporate motif.”
Criteria
- Demonstrating outstanding leadership qualities.
- Demonstrated superior social and communication skills.
- Promoted the image and enhanced the reputation of the insurance industry to the wider community including lobbying the government.
- Shown in-depth knowledge and understanding of the market.
- Influenced the development of insurance/reinsurance practices to enhance stability and growth in the market.
- Embraced professional standards and actively worked towards boosting greater professionalism in the market.
- Nurtured the next generation of leaders.