QATAR - Finance
Having graduated from the University of South Wales, UK with a degree in business management, Nasser Rashid Al Misnad began his career with Qatar Insurance Company. He assumed key positions over the span of 11 years within various departments, including retail, property and risks, and marine and motor claims. In January 2013, he was appointed Deputy CEO of Damaan Islamic Insurance Company—Beema, one of Qatar’s fastest-growing shariah-compliant insurance providers.
Moody’s upgraded our outlook due to our strong profitability and the improvement in our market position. We have a strong customer base and assistance from our shareholders, and this helped us to perform well compared to others in underwriting. We see insurance as a service; therefore, we work to deliver the service the client expects. The majority of premiums in Qatar are in the motor segment, and we have performed very well in that. We have established a good reputation in that segment, which gives us the opportunity to enhance other lines such as property, which has increased 30%. All in all, our portfolio has developed well in motor and individual lines, and we also had many renewed clients. Our market position has been expanding for the past four years, and I hope that we can continue in the same way for 2017.
Since I started working for Beema five years ago, I had a conservative approach in underwriting. We are the fastest-growing Islamic insurance company in Qatar. In addition to that, 70% of our 2016 profits came from underwriting and operations. As the performance has been good throughout our operations, that exemplifies the professionalism of our core business.
We are focused on improving our service more than expanding our branch network. I am of the thought that we have to approach the consumer rather than the other way around. Therefore, we are capitalizing on technological applications. I do not want to waste an hour of my clients’ time by coming to our branches and issuing a policy. It is better to approach them via mobile phone, our website Peace of Mind, or delivering at their doorstep. The quality and transparency of an insurance company becomes evident when a claim is filed, and I am glad we have succeeded in delivering what we promise. I can proudly say we are the only insurance company that approaches the client.
We are in talks with the authorities to understand the new regulation. The recent central bank regulation is also key, and has been fully applied. We were already applying it before the draft was released because we have a good strategy and we are over reserved in our balance sheet. This new regulation was in our favor because we are more conservative than other insurance companies, which had deficits and are now trying to recapitalize. Additionally, we have the biggest credit life portfolio in Qatar. We are holding credit life for Masraf Al Rayan, Qatar Islamic Bank (QIB), Barwa Bank, Al Jazeera Finance, and First Finance. Regarding the potential three-bank merger, as Masraf Al Rayan is our shareholder, we hope to benefit. Our portfolio will be bigger, especially if a new bank like the International Bank of Qatar (IBQ) converts into Islamic banking.
We are tendering the construction of our new headquarters building in May 2017. In addition, we have a logistics area in Manateq that we are using for our salvage and storage. Furthermore, we are the only insurance company that has started doing online auctions, and so far we have sold around 360 cars. The main advantage is anyone can participate in the bid, and this feature provides wider access to buyers around the region and world.
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