Technology in Insurance @ Middle East Insurance Forum 2015

I moderated a session on technology in Insurance at Middle East Insurance Forum. I used theme from KPMG publication Transforming Insurance to highlight how digital revolution is transforming the way insurers, reinsurers and brokers do business, impacting the entire value chain. Rapidly emerging technologies are crucial enablers and must be applied with rigor and clarity of vision. Organizations and those who lead them must be at the ready – as the new environment requires us to be focused, fast and flexible to take advantage of what is ahead.

DSC_0487 DSC_0488 DSC_0489 DSC_0490 DSC_0491 DSC_0492 DSC_0493 DSC_0494 DSC_0498 DSC_0500

There is keen interest from policymakers to support a vibrant and sustainable insurance sector, Adeel Mushtaq

“Opportunities for takaful sector in Qatar are massive. This is largely due to the fast-paced economic growth environment in Qatar, where there is a keen interest from policy makers to support a vibrant and sustainable insurance sector.”

Adeel Mushtaq
Director (Assurance and Advisory)
KPMG

According to him, competition, operational issues and dearth of qualified talent continue to impact the sector’s growth in the region. Profitability of takaful firms has been threatened not just by undifferentiated strategies but also the lack of uniform regulations allowing them to operate across different models.
“Undifferentiated business strategies mean most operators are competing intensely and this is likely to squeeze out the under-performers. With strong competition from conventional incumbents, takaful operators are likely to continue their struggle in the medium term, although some will look at alternative customer segments and explore merger options,” he says.
In striving for scale and profitability, operators are looking at structural transformation around risk, pricing and cost efficiencies. Driving progress amidst intensifying competition, the industry is re-examining its strategies, operations and regulations in order to gear itself up for further growth and a sustainable ecosystem.
For instance, General Takaful, one of the leading Islamic insurance companies in Qatar, has fine-tuned itself to the changing situation. The firm has prioritised customer penetration, customer acquisition and profitability, growth in existing coverage and introduction of personal lines of insurance such as householders’ insurance besides expanding traditional distribution channels to stay afloat in the business.

http://www.qatartodayonline.com/restructuring-in-progress/ 

Adeel Mushtaq presented an update on AAOIFI Takaful Project

Adeel Mushtaq, of AAOIFI Takaful Working Group (TWG) presented an update and latest thoughts on AAOIFI Takaful Project at AAOIFI World Bank Annual conference on Islamic Banking and Finance, held in Manama, Kingdom of Bahrain on 17th November 2014.

_MG_0730 _MG_0742 _MG_0744 _MG_0745 _MG_0741

http://t.co/l8waUuUU11

2013: Bahrain Insurance Association – Presentation at Seminar on IFRS 4 ED

24TH OCT , 2013 AT GULF HOTEL 9:30 a.m. – 12:00 p.m – Hawar 5 meeting room

“A WORKSHOP WAS JOINTLY ORGANISED BY THE BAHRAIN INSURANCE ASSOCIATION FINANCE COMMITTEE (BIA) AND KPMG ON IFRS-4 RE-EXPOSURE DRAFT AT THE GULF HOTEL ON THE 24th OF OCTOBER, 2014.BIA MEMBER COMPANIES; SENIOR FINANCE PROFESSIONALS FROM THE INSURANCE AND REINSURANCE SECTOR COMPANIES PARTICIATED IN THE EVENT”.

This workshop highlighted the following Agenda :

  • Background and overview of the insurance contract project.
  • Separating non-insurance components .
  • Recognition, de-recognition and contract modifications .
  • Measurement models .
  • Reinsurance .
  • Business combinations and portfolio transfers .
  • Presentation .
  • Disclosures .
  • Transition.

Al Ayam Newspaper 31 Oct 2013 (Insurance Accounting) Al Bilad Newspaper 31 Oct 2013 (Insurance Accounting) Daily Tribune (Insurance Accounting) 31 Oct 2013 IMG_6536 (4) IMG_6553