7th Middle East Insurance Industry Awards 2020

Categories

Life Insurance Company of the Year

Awarded for market leadership 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.

Sponsor:

RGA

Reinsurance Group of America, Incorporated (RGA) is a leader in the global life reinsurance industry, with approximately $3.5 trillion of life reinsurance in force and assets of $76.7 billion as of 31 December 2019. With operations in key markets around the world, RGA supports domestic and multinational clients in more than 80 countries.

RGA is at the forefront of the industry, recognised for deep technical expertise in risk and capital management, innovative approaches, and an unwavering commitment to its clients. RGA specialises in individual and group life and health reinsurance and financial solutions. In collaboration with clients, RGA also provides complementary offerings to enhance their success, including facultative underwriting, product development, and data-driven digital solutions.

For nearly 50 years, RGA has partnered with insurers to identify opportunities, address challenges, and develop competitive products and services. RGA puts this philosophy of partnership into practice every day, for every client, and in every region where it does business. Clients know that when they work with RGA, they are joining forces with industry experts dedicated to achieving results. From advances in underwriting to market-first capital structures, RGA helps clients improve their ability to assess risk profitably and meet the demands of a dynamic industry.

To learn more about RGA, visit www.rgare.com.

General Insurance Company of the Year

Awarded for market leadership 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 service;
    • outstanding risk management and claims management experience;
    • sound management and financial results;
    • business growth; and
    • enhancing the image of insurance in society.

Sponsorship available

Interested parties, please contact sheela@meinsurancereview.com

Health Insurance Company of the Year

Awarded for 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

  • Sets leading professional standards against which other health insurers should be measured.
  • Demonstrates in-depth knowledge and understanding of the healthcare funding environment in the markets in which it operates.
  • Gives instances and evidence of what company is doing to serve the local markets it operates in.
  • Shows proof of how global corporate practices have been localised.
  • 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.

Sponsor:

Optum

Optum is the service and technology arm of UnitedHealth Group. Optum is a global company with a mission to help people live healthier lives and to make the health system work better for everyone.

Our solutions for payers range from wellness, digital engagement, biometric screening and prevention, onsite wellness and medical services, mental health and employee assistance programmes and state of art innovation in AI and Machine Learning to automate claims and payment processing.

UnitedHealth Group UHG is a distinctively diversified health and well-being company headquartered in the United States. UHG ranked 5th on Fortune Magazine with over $201bn in revenues in 2017, and 300,000 employees serving more than 124m consumers in all states and 150 countries across the globe.

Optum has 10 global delivery hubs and offices in China, Hong Kong and Singapore to cover the APAC region.

www.optum.com

TPA of the Year

Awarded 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.

Criteria

  • Provides 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.
  • Facilitates wellness and preventative schemes within service offerings to insurers.
  • Demonstrates a commitment to engage with regulators to both develop and comply with market regulations.

Sponsorship available

Interested parties, please contact sheela@meinsurancereview.com

Takaful Company of the Year

Awarded 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.

Criteria

  • Sets leading professional standards for other takaful providers to be measured against.
  • Demonstrates 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.
  • Gives instances and evidence of what company is doing to serve the local markets it operates in.
  • Shows proof of how company has contributed to the cause of takaful.
  • Strict shariah compliance and shariah governance.
  • Demonstrates activeness in microtakaful and reaching out to the needy.
  • 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.

Sponsorship available

Interested parties, please contact sheela@meinsurancereview.com

Educational & Training Initiative of the Year

Awarded for the education/ training initiative 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.
  • Embraces technology to produce a great learning experience.
  • Provides leadership to the market in anticipating and providing educational needs.
  • Ease of access to the service offered.
  • Quality and originality of the initiative.
  • Contributes to enhancing the professionalism and educational standards of executives in the industry.

Sponsor:

AM Best 

AM Best is the leading international rating agency with a specialist focus on the insurance industry. Best’s ratings are recognised by users as the benchmark for assessing the financial strength of insurance-related organisations and the credit quality of their obligations.

AM Best greatly expanded its coverage in MENA, becoming the pre-eminent rating agency for insurers in the region. AM Best’s MENA, South & Central Asia office, established in the Dubai International Financial Centre, services clients throughout the region and develops new relationships with both start-ups and established companies.

AM Best has been awarded 20 international “Best Rating Agency” accolades from 2009 to 2019.

The Global Symbol of Financial Strength

www.ambest.com

Digital Initiative of the Year

Awarded to the insurer that 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.
  • Has contributed to enhancing the image of insurance in the digital world.

Sponsor:

Beyontec

us.beyontec.com

Strategic Partner of the Industry

Awarded for demonstrating leadership in helping insurers to transform or improve their operations with clear and measurable results, and/or for helping MENA’s insurance industry enhance its stability and growth. This category is open to actuarial, accounting and consulting firms.

Criteria

  • Breadth of services provided in responding to needs of the market.
  • Innovation in services that result in the broadening of the market.
  • Creates 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 region-wide.

Sponsorship available

Interested parties, please contact sheela@meinsurancereview.com

Corporate Risk Manager of the Year

Awarded to 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

  • Sets or enhances risk management standards/framework in the organisation or industry.
  • Uses of risk management in resolving a key challenge/loss containment for his organisation, with proven results.
  • Promotes of risk management as a philosophy and business discipline.
  • Innovates 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.
  • Advances his/her risk management career, through professional activities such as certifications, risk association involvement, etc.

Sponsorship available

Interested parties, please contact sheela@meinsurancereview.com

Law Firm of the Year

Awarded 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.
  • Evidence of pro-bono work for industry.

Sponsorship available

Interested parties, please contact sheela@meinsurancereview.com

Broker of the Year

Awarded 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.
  • Embraces technology to offer value-added service.
  • Industry leadership in broking and customer services.
  • Boosts the image of the broking profession.
  • Sound financial management with proven track record of business growth and retention.

Sponsor:

MEDGULF Group

The Mediterranean and Gulf Insurance and Reinsurance Group (MEDGULF) is a leading regional insurance group providing the retail and institutional markets with comprehensive insurance coverage for the past 30 years, through its operations in Lebanon, Saudi Arabia, Bahrain, Jordan, Qatar, Egypt, the UK and most recently the UAE. MEDGULF Group takes pride in having more than 2m insured members and has been regionally recognised for offering high caliber, flexible and cost-effective health insurance solutions demonstrated through the numerous awards and recognitions the group has received to date.

MEDGULF UAE has been established to provide its members with bespoke health insurance plans through its paramount operational services and client relationships. We guarantee a range of programmes that represent our commitment to servicing the health and well-being of our members. Cardholders will enjoy premium level service, with access to the largest healthcare networks in the UAE whilst assuring members exceptional quality services throughout their partnership with MEDGULF UAE.

Vision

At MEDGULF UAE, we believe in sustaining a legacy of partnership with our valued brokers and members. We provide coverage that is tailor-made to give members an extensive customised range of benefits that fits their lifestyles, offers the highest quality medical services available in the UAE and overall satisfies an array of health insurance needs. We take pride in nurturing our brokerbased relationships and maintaining the stature of a dedicated, expert insurance company that is continuously growing with a competitive edge.

www.medgulf.ae

Reinsurance Broker of the Year

Awarded 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.
  • Boosts the image of the profession.
  • Sound financial management with proven track record of business growth and retention.

Sponsor:

Lloyds

Lloyd’s is the world’s specialist insurance and reinsurance market, offering a unique concentration of expertise and talent. As well as our reputation for providing innovative insurance and reinsurance solutions in more than 60 lines of business, Lloyd’s is committed to being at the forefront of technology change in our industry, led by our “Future at Lloyd’s” initiatives.

Backed by diverse global capital and excellent financial ratings, Lloyd’s works with a global network to grow the insured world – building resilience for businesses and local communities and strengthening economic growth around the world.

For more than six decades, Lloyd’s has worked to strengthen the dynamic insurance and reinsurance market across the Middle East. In 2015, Lloyd’s opened an underwriting hub in the Dubai International Financial Centre to better support the local insurance market with valuable capacity and expertise.

Having established itself as the leading market for specialist underwriting across the Middle East, Lloyd’s Dubai works with local cedants and brokers to provide critical protection in a region that continues to evolve and present exciting opportunities.

With its powerful global reach and deep local insights, Lloyd’s is proud to offer its world-class risk cover to businesses and governments in the Gulf Cooperation Council and beyond.

www.lloyds.com

Reinsurance Company of the Year

Awarded 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.
  • Sets leadership standards that others are measured against.
  • Responsiveness to cedants’ needs and provides 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.
  • Offers superior service and security to clients and works 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.

Sponsor:

Since its inception in 1998, Chedid Re has grown from a humble office in Cyprus to a leading reinsurance broking power house in the MENA region with business emanating from more than 45 countries across Europe, the Middle East, Africa and Indian sub-continent.

Through its offices in Limassol, Beirut, London, Casablanca, Riyadh and Dubai, the iconic insurance solutions provider has forged fruitful partnerships with some of the most trusted reinsurance groups in the world, including Chedid Re’s outstanding track record as an appointed Lloyd’s broker.

A company of Chedid Capital Holding, which operates through a vast network of offices that span Beirut, Casablanca, Doha, Dubai, Istanbul, Limassol, London, Port Louis and Riyadh, Chedid Re capitalises on its resources, experience and relationships to produce above-average returns for its shareholders and deliver outstanding results to clients, including more than 400 top insurance companies in the world.

With nearly two decades of excellence under its belt, Chedid Re’s perfect synergy of customer-centricity, solid management expertise, powerful partnerships and innovative products, continues to power the company’s expansion plan that aims to reach all thriving and strategic markets the world over.

Chedid Re’s market-leading status was further cemented by claiming ‘The Reinsurance Broker of the Year’ title at the Gulf Insurance Awards 2010, the ‘MENA Insurance Awards’ in 2011, the INSUREX Awards 2010, 2011 and 2013 and the Middle East Insurance Industry Awards (MIIA) 2015, 2017 and 2018.

Led by Farid Chedid, Chairman and CEO of Chedid Capital Holding and its subsidiary, Chedid Re is hailed today as one of the top 20 reinsurance brokers in the world (GR magazine in collaboration with Swiss Re).

www.chedidre.com

Woman Leader of the Year

Awarded to the leading executive whose actions best demonstrate the crucial contribution that women make to the future of the insurance industry in MENA.

Criteria

  • Has a public image of being a modern & inclusive industry leader having shown wisdom, courage and sound business sense in the market.
  • Has demonstrated commitment to fostering professional growth and development of women through mentorship and has nurtured the next generation of leaders.
  • Through the visibility of her actions, this individual has improved the likelihood of women in the sector receiving equitable access to higher levels of leadership and responsibility.

Sponsor:

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit:

www.metlife.com

MetLife in the Gulf

We’ve been in the region for nearly 65 years, finding smart financial solutions to life’s everyday needs. Our experience means we’ve watched the world change, and we’ve adapted to it, but our promise remains – offer guidance to help you meet your goals and navigate life’s twists and turns. Underpinning our success is our commitment to always improving our offer and the dedication to understanding the future you want to create – one that’s just right for you, your family or your business, today and beyond. We’re headquartered in Dubai, UAE and we support businesses in the UAE, Bahrain, Kuwait, Oman and Qatar. For more information, visit:

www.metlife-gulf.com

Young Leader of the Year

Awarded to the insurance executive 40 years of age or younger, who has shown outstanding leadership qualities while contributing to the advancement of the industry.

Criteria

  • Has demonstrated industry expertise and should have used it to further the cause of insurance.
  • Has a long-term vision to help the industry grow.
  • Has shown a commitment to further his/her professional development, while also displaying his/her readiness in nurturing the next generation of leaders.
  • Has contributed to enhancing the image of insurance.

Sponsorship available

Interested parties, please contact sheela@meinsurancereview.com

Personality of the Year

Awarded to 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 motive.

Criteria

  • Demonstrates outstanding leadership qualities.
  • Demonstrates superior social and communication skills.
  • Promotes the image and enhances the reputation of the insurance industry to the wider community including lobbying the government.
  • Shows in-depth knowledge and understanding of the market.
  • Influences the development of insurance/reinsurance practices to enhance stability and growth in the market.
  • Embraces professional standards and actively works towards boosting greater professionalism in the market.
  • Nurtures the next generation of leaders.

Sponsorship available

Interested parties, please contact sheela@meinsurancereview.com

Ins Communications Pte Ltd 69 Amoy Street, Singapore 069 888. Tel: (65) 6224 5583, Fax: (65) 6224 1091 | Copyright 2019 All rights reserved.