Digital Insurance’s Post

As an underwriter evaluating an insurance policy, your role is to assess risks, determine the terms and conditions of coverage, and decide whether to approve or decline a policy application. Below is an outline of how to systematically evaluate an insurance policy: 1. Understand the Policy Type - Personal Insurance: Auto, home, health, life, etc. - Commercial Insurance: Property, liability, workers’ compensation, etc. 2. Evaluate the Risk Profile - Applicant Information: -Personal details (age, gender, occupation, medical history, driving record, etc.). - Business details (industry, revenue, employee count, safety measures, etc.). - Claims History: Frequency, severity, and patterns in past claims. - Property/Asset Details: Value, location, condition, usage, and security measures. - External Factors: Economic conditions, industry risks, natural disaster zones, etc. 3. Review Policy Application - Confirm the accuracy and completeness of the information. - Cross-check with supporting documents like medical reports, financial statements, or inspections. - Look for potential fraud indicators (e.g., inconsistent or exaggerated information). 4. Risk Assessment - Assign a risk rating based on underwriting guidelines. - Use risk models, actuarial data, and predictive analytics to quantify the risk. - Consider additional risks, like moral hazard or adverse selection. 5. Determine Coverage Terms - Policy Limits: Establish the maximum payout for covered losses. - Deductibles: Decide how much the insured must pay before coverage applies. - Exclusions: Define what is not covered (e.g., certain perils, pre-existing conditions, etc.). - Premiums: Calculate based on the risk profile, coverage limits, and market conditions. 6. Reinsurance Consideration - For high-risk or high-value policies, consider sharing the risk with reinsurers. 7. Mitigate Risks - Recommend risk reduction measures (e.g., installing security systems, following safety protocols, etc.). - Offer discounts or incentives for compliance with risk mitigation steps. 8. Make a Decision - Approve: Issue the policy with terms, conditions, and pricing. - Decline: Provide a clear explanation of why the policy cannot be issued (e.g., excessive risk, non-compliance with guidelines). - Modify: Adjust terms (higher premium, lower limits, endorsements) to make the policy viable. 9. Compliance and Regulations - Ensure adherence to state and federal insurance regulations. - Maintain transparency and fairness in underwriting decisions. 10. Continuous Monitoring - Monitor for changes in the insured’s risk profile during policy renewal or mid-term adjustments. - Watch for red flags like increased claims or non-disclosure. By following this process, you ensure that your underwriting decisions balance profitability for the insurer with fairness and transparency for the insured.

✅ 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗔𝗣𝗔𝗖 𝟮𝟬𝟮𝟰 𝗦𝗽𝗲𝗮𝗸𝗲𝗿 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁 📣 𝗠𝗿. 𝗖𝗵𝗮𝗿𝗹𝗲𝘀 𝗖𝗵𝗮𝗻𝗴, 𝗩𝗶𝗰𝗲 𝗣𝗿𝗲𝘀𝗶𝗱𝗲𝗻𝘁, 𝗛𝗲𝗮𝗱 𝗼𝗳 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗣𝗹𝗮𝘁𝗳𝗼𝗿𝗺𝘀, 𝗙𝗪𝗗 𝗟𝗶𝗳𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 We are so honored to have Mr. Charles Chang, Vice President, Head of Digital Platforms, FWD Life Insurance to be our distinguished speaker at Digital Insurance 𝗔𝗣𝗔𝗖 𝟮𝟬𝟮𝟰 (June 26-27th, HK), which is a top global event for insurers to transform. 𝗦͟𝗽͟𝗲͟𝗮͟𝗸͟𝗲͟𝗿͟ ͟𝗣͟𝗿͟𝗼͟𝗳͟𝗶͟𝗹͟𝗲͟ As Vice President, Head of Digital Platforms for FWD Hong Kong, Charles is responsible for formulating the company’s digital strategies and managing multiple digital platforms that empower impactful solutions and experiences, with on-going technological enhancements for customers and sales channels alike, turbocharging FWD's digitalisation efforts to the brand’s vision of changing the way people feel about insurance. Charles is also in charge of the set-up of the company’s data hub, encompassing data lakes, artificial intelligence (AI) models and business dashboards, backed by a robust governance framework, with the aim of enabling data-led digital transformation and leveraging data analytics and AI across the insurance journey. Charles is a seasoned professional with over 20 years of experience in the fields of technological innovations, platform development, IT strategy and data applications. Prior to joining FWD Hong Kong in 2022, he occupied various senior leadership roles in reputable financial institutions, including Taiping and Union Life, and most recently served as Chief Technology Innovation Officer overseeing the IT and operations centres for over 10 departments at China Pacific Life Insurance. 𝗠͟𝗿͟.͟ ͟𝗖͟𝗵͟𝗮͟𝗿͟𝗹͟𝗲͟𝘀͟ ͟𝗖͟𝗵͟𝗮͟𝗻͟𝗴͟ ͟𝗮͟͟͟͟͟͟͟𝘁͟͟͟ ͟͟͟𝗗͟͟͟𝗶͟͟͟𝗴͟͟͟𝗶͟͟͟𝘁͟͟͟𝗮͟͟͟𝗹͟͟͟ ͟͟͟𝗜͟͟͟𝗻͟͟͟𝘀͟͟͟𝘂͟͟͟𝗿͟͟͟𝗮͟͟͟𝗻͟͟͟𝗰͟͟͟𝗲͟͟͟ ͟͟͟𝗔͟͟͟𝗣͟͟͟𝗔͟͟͟𝗖͟͟͟ ͟͟͟𝟮͟͟͟𝟬͟͟͟𝟮͟͟͟𝟰͟͟͟ 𝗣𝗮𝗻𝗲𝗹𝗶𝘀𝘁: 𝗧𝗵𝗲 𝗥𝗲𝗰𝗶𝗽𝗲 𝘁𝗼 𝗯𝗲 𝗮 𝗗𝗶𝗴𝗶𝘁𝗮𝗹-𝗙𝗶𝗿𝘀𝘁 𝗜𝗻𝘀𝘂𝗿𝗲𝗿 𝗣𝗮𝗻𝗲𝗹𝗶𝘀𝘁: 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗶𝗻 𝗛𝗲𝗮𝗹𝘁𝗵 𝗮𝗻𝗱 𝗟𝗶𝗳𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲: 𝗛𝗼𝘄 𝘁𝗼 𝗗𝗿𝗶𝘃𝗲 𝗖𝗼𝗻𝘀𝘁𝗮𝗻𝘁 𝗚𝗿𝗼𝘄𝘁𝗵? Let us eagerly anticipate the most valuable and cutting-edge insights that will be shared. 𝗧𝗮𝗸𝗲 𝗮 𝗹𝗼𝗼𝗸 𝗮𝘁 𝘁𝗵𝗲 𝟭𝟱𝟬+ 𝗖𝗼𝗻𝗳𝗶𝗿𝗺𝗲𝗱 𝗔𝗱𝘃𝗶𝘀𝗼𝗿𝘀 𝗮𝗻𝗱 𝗦𝗽𝗲𝗮𝗸𝗲𝗿𝘀 𝗹𝗶𝗻𝗲-𝘂𝗽 https://lnkd.in/g7RWj7Sb 🎫𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗔𝗣𝗔𝗖 𝟮𝟬𝟮𝟰 📍 Venue: Hotel Alexandra Hong Kong 📅 Time: June 26-27th 📝 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿: https://lnkd.in/gEAtXVE4 💡 Website: https://lnkd.in/gAfP4YRM #digitalinsuranceapac #digitalinsurane #APAC #insurtech #insurer #transformation #topevent #insurance #event #HK #digital #data #AI #analytic #bigdata #Artificial #Intelligence

🌟 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗘𝗡𝗔 𝟮𝟬𝟮𝟰 𝗦𝗽𝗲𝗮𝗸𝗲𝗿 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁 📣 Mr. Philip Story, Chairman, DIFC Insurance Association & Senior Executive Officer & Head of Distribution EMEA, Investors Trust Assurance We are so honored to have Mr. Philip Story, Chairman, DIFC Insurance Association & Senior Executive Officer & Head of Distribution EMEA, Investors Trust Assurance to be our distinguished chairman, moderator and panelist at Digital Insurance 𝗠𝗘𝗡𝗔 𝟮𝟬𝟮𝟰 (Dec. 16-17th, Dubai, UAE), which is a top global event for insurers to transform. 𝗦͟𝗽͟𝗲͟𝗮͟𝗸͟𝗲͟𝗿͟ ͟𝗣͟𝗿͟𝗼͟𝗳͟𝗶͟𝗹͟𝗲͟:͟ Phil Story is the Chairman of the DIFC Insurance Association and also the Senior Executive Officer for Investors Trust Assurance in the EMEA region. Phil has been Chairman of the DIFC Insurance Association for 2 years, prior to this being a board member. The aim of the Association is to be a key voice for the DIFC Insurance and Financial Services market in the UAE and beyond. On a day o day basis Phil runs the Investors Trust business in EMEA, he was brought on board back in July 2014 to build the distribution network for Investors Trust Assurance in the EMEA region. He brings over 30 years of experience in the global Life Insurance markets, from the UK, Europe, Middle East, Asia and Africa. Investors Trust provides a range of unique offshore savings and investment solutions aimed at the HNW and Mass Affluent market in EMEA. He has been in the Middle East for most of the last 20 years holding General Management, Board positions (Middle East and Africa) and C suite positions with some of the largest Global insurance companies. Having worked in the Insurance Industry in EMEA and Asia for so many years now, Phil’s global experience and insights of the ups and downs of the region should help add plenty of value to any event. Mr. Philip Story 𝗮͟͟͟͟͟͟͟𝘁͟͟͟ ͟͟͟𝗗͟͟͟𝗶͟͟͟𝗴͟͟͟𝗶͟͟͟𝘁͟͟͟𝗮͟͟͟𝗹͟͟͟ ͟͟͟𝗜͟͟͟𝗻͟͟͟𝘀͟͟͟𝘂͟͟͟𝗿͟͟͟𝗮͟͟͟𝗻͟͟͟𝗰͟͟͟𝗲͟͟͟ ͟͟͟𝗠͟𝗘͟𝗡͟𝗔͟ ͟͟͟𝟮͟͟͟𝟬͟͟͟𝟮͟͟͟𝟰͟͟͟ Chairman: Chairman's Address Moderator: The CEO Panel: How to Unlock the Most Value from Your Digital Transformation Panelist: The Future of Workforce in Insurance: Tech, Culture, and Capabilities in Transformation Let us eagerly anticipate the most valuable and cutting-edge insights that will be shared. 🎫𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗘𝗡𝗔 𝟮𝟬𝟮𝟰 📍 Location: Dubai, UAE 📅 Time: December 16-17th 📝 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿: https://lnkd.in/g23Gb5Ab 💡 Website: https://lnkd.in/gjVjYVm7 #digitalinsurancemena #digitalinsurane #insurtech #insurer #transformation #topevent #insurance #event #MENA #Dubai #digital #data #AI #analytic #bigdata #Artificial #Intelligence

𝐓𝐡𝐞 𝐉𝐨𝐮𝐫𝐧𝐞𝐲 𝐟𝐫𝐨𝐦 "𝐙𝐞𝐫𝐨 𝐭𝐨 𝐎𝐧𝐞" 𝐢𝐧 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 In insurance, starting from scratch—or achieving "zero to one"—is no easy feat. Even with the help of cutting-edge technology, newcomers face significant obstacles. The road to innovation is paved with challenges, but with determination and the right strategies, the impossible can become a reality. Newcomers stepping into the insurance industry with a vision to disrupt traditional models. Exciting, right? But soon, the hurdles begin to appear. First, there are 𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐡𝐮𝐫𝐝𝐥𝐞𝐬. Insurance is one of the most tightly regulated sectors, with endless rules designed to protect consumers and maintain stability. Navigating this maze is daunting for any new player trying to bring fresh ideas to the table. Then comes the issue of 𝐭𝐫𝐮𝐬𝐭. At its core, insurance is about managing risk and uncertainty. People are cautious about handing over their financial security to someone new. Earning trust in this industry isn’t instantaneous—it’s built over time with a proven track record of reliability and service. There’s also the challenge of 𝐜𝐨𝐦𝐩𝐥𝐞𝐱 𝐮𝐧𝐝𝐞𝐫𝐰𝐫𝐢𝐭𝐢𝐧𝐠 𝐚𝐧𝐝 𝐩𝐫𝐢𝐜𝐢𝐧𝐠. Setting the right premium requires analyzing historical data and understanding risks deeply. While technology can assist, the experience and judgment of seasoned professionals are still essential. Another roadblock? 𝐋𝐞𝐠𝐚𝐜𝐲 𝐬𝐲𝐬𝐭𝐞𝐦𝐬. Many traditional insurers rely on outdated technology that doesn’t play well with modern innovations. For newcomers, integrating with or competing against such systems can feel like trying to run a marathon through quicksand. And let’s not forget 𝐜𝐮𝐬𝐭𝐨𝐦𝐞𝐫 𝐞𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞. Insurance is complicated. Most people don’t fully understand their policies or what they’re buying. Simplifying this process and educating customers takes both creativity and significant investment. Despite all these challenges, technology offers a glimmer of hope for transformation. For instance, 𝐀𝐈 𝐚𝐧𝐝 𝐝𝐚𝐭𝐚 𝐚𝐧𝐚𝐥𝐲𝐭𝐢𝐜𝐬 help insurers personalize products and predict risks with greater precision. 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧 𝐭𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 can improve transparency, making claims processing faster and more secure. With 𝐈𝐨𝐓 𝐝𝐞𝐯𝐢𝐜𝐞𝐬, insurers can monitor real-time data—whether it’s driving habits or home safety—enabling more customized and affordable coverage. And 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐩𝐥𝐚𝐭𝐟𝐨𝐫𝐦𝐬 revolutionize how customers interact with insurers, making the process seamless and intuitive. Still, technology alone isn’t enough. To truly succeed, insurers must combine innovation with strong risk management, regulatory understanding and a deep commitment to customer needs. The journey from "zero to one" may be tough, but it’s also the path to transforming the future of insurance. By: Rajarshi #InsuranceInnovation #TechInInsurance #LegacySystems #ZeroToOne #CX #DigitalTransformation #InsurTech

🔍 𝗗𝗲𝗺𝘆𝘀𝘁𝗶𝗳𝘆𝗶𝗻𝗴 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 Insurance might seem complex, but it’s a powerful tool for securing your financial future. As we gear up for the FWA WEIMPACT event, let’s simplify why understanding insurance is important for your financial wellbeing. 🌟 🤔 𝗪𝗵𝗮𝘁 𝗘𝘅𝗮𝗰𝘁𝗹𝘆 𝗶𝘀 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲? At its core, insurance is a safety net—a policy that offers financial protection against unexpected losses. Whether it’s health, home, or life, the right coverage helps you navigate life’s uncertainties with confidence. 🛡️ 𝗧𝗵𝗲 𝗧𝘆𝗽𝗲𝘀 𝗼𝗳 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 Here’s a quick rundown of the key insurance types that can safeguard your financial wellbeing: 🩺 𝗛𝗲𝗮𝗹𝘁𝗵 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲: Covers your medical expenses, ensuring access to necessary healthcare without breaking the bank. 💪 𝗗𝗶𝘀𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲: Replaces a portion of your income if illness or injury prevents you from working—keeping your finances stable during tough times. 👨👩👧 𝗟𝗶𝗳𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲: Provides a lump sum to your loved ones if something happens to you, helping them cover significant expenses like mortgages and education. 🏠 𝗛𝗼𝗺𝗲 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲: Protects your property against damages from events like fire or theft, covering the structure, belongings, and liability. 🚗 𝗔𝘂𝘁𝗼 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲: Covers damages or injuries from car accidents, with options for liability, collision, and comprehensive coverage. ✈️ 𝗧𝗿𝗮𝘃𝗲𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲: Ensures peace of mind while traveling by covering cancellations, medical emergencies, and more. 💡 𝗗𝗶𝗱 𝗬𝗼𝘂 𝗞𝗻𝗼𝘄? 𝙄𝙣𝙨𝙪𝙧𝙖𝙣𝙘𝙚 𝙋𝙚𝙣𝙚𝙩𝙧𝙖𝙩𝙞𝙤𝙣 𝙞𝙣 𝘼𝙨𝙞𝙖: With an average of only 2.3% of GDP spent on insurance, Asia lags behind the global average of 3.3%—revealing significant growth potential. (Source: Swiss Re, "World Insurance in 2022") 𝙏𝙝𝙚 𝙂𝙚𝙣𝙙𝙚𝙧 𝙂𝙖𝙥 𝙞𝙣 𝘾𝙤𝙫𝙚𝙧𝙖𝙜𝙚: Shockingly, 60% of women are underinsured in life and health insurance, and women are 15% less likely to have life insurance than men globally. (Sources: Life Insurance Association Singapore, 2023; Axa Group, "Women and Insurance: A Global Insight," 2023) 🎟️ 𝗗𝗼𝗻’𝘁 𝗠𝗶𝘀𝘀 𝗢𝘂𝘁! Join us at the FWA WEIMPACT event to dive deeper into how insurance can be your ally in securing financial independence. Bring your questions—let’s empower each other with knowledge! 💬 #FWASingapore #FWAWEimpact #InsuranceInsights #FinancialEmpowerment Please refer to the disclaimer in the first comment.

The insurance industry is undergoing a profound transformation driven by evolving customer needs and rapid technological advancements. The adage "What got us here, will not get us forward" resonates deeply, highlighting the imperative for insurance companies to adapt, innovate, and embrace change to stay relevant in a dynamic landscape. One of the primary drivers of change in the insurance sector is the shifting expectations and preferences of customers. In today's digital age, consumers demand personalized, accessible, and seamless experiences across all touchpoints. They seek transparency, convenience, and value in their interactions with insurance providers, prompting companies to rethink their product offerings, distribution channels, and customer engagement strategies. Technological advancements, particularly in areas such as artificial intelligence, data analytics, Internet of Things and blockchain, are revolutionizing the insurance industry. These technologies enable insurers to leverage vast amounts of data to assess risk more accurately, streamline operations, enhance underwriting processes, and personalize products and services tailored to individual needs. Insurtech startups are also driving innovation in areas like peer-to-peer insurance, on-demand coverage, and micro-insurance, challenging traditional business models and pushing established players to adapt or risk being left behind. The changing insurance paradigm is characterized by a shift from reactive to proactive risk management. Insurers are increasingly focusing on prevention, rather than just compensation, by leveraging data insights to identify risks early, offer risk mitigation solutions, and promote healthier lifestyles among policyholders. This preventive approach not only reduces claims costs but also enhances customer loyalty and trust by demonstrating a genuine commitment to protecting policyholders' well-being. Further, the rise of platform-based business models and ecosystem partnerships is reshaping the insurance value chain. Insurers are collaborating with tech companies, healthcare providers, and other industry players to offer integrated solutions that address broader customer needs beyond traditional insurance coverage. By expanding their offerings to include value-added services such as wellness programs, home security devices, or personalized financial planning tools, insurers can differentiate themselves in a crowded market and create more holistic experiences for their customers. In response to the changing landscape, insurers are now investing heavily in digital transformation initiatives to enhance operational efficiency, improve customer engagement, and drive innovation. Embracing agile methodologies, design thinking, and customer-centric approaches, insurers are reimagining their processes, products, and services to meet the evolving demands of today's tech-savvy and discerning consumers.

Jubilee Life Insurance Company Ltd., Pakistan’s largest private insurer, recently signed an MoU with the Pakistan Fintech Network (PFN) for sponsorship of the upcoming Pakistan Insurtech Summits in 2024, 2025, and 2026. The annual Pakistan Insurtech Summit aims to drive innovation in the insurance sector, bringing together the key stakeholders in the sector and focusing on how technology can transform insurance services across Pakistan. The 2nd Pakistan Insurtech Summit will take place in November 2024, at Karachi following a theme of “Transforming Pakistan’s Insurance Landscape: Synergy of Tech, Partnership and Policy” where industry professionals will come together to shed light on various pressing issues concerning the industry right now. The third and fourth Pakistan Insurtech Summits are slated to take place in 2025 and 2026, respectively. Each summit will gather key industry players, insurers, regulators, and tech innovators to explore how digital platforms, technology and innovation can revolutionize the insurance industry. Jubilee Life’s sponsorship of the flagship event resonates with its overarching goal of facilitating improvements to the field of insurance through the use of the latest technological innovations. Mr. Farhan Faridi, Group Head – Retail Operations, Marketing, and Admin at Jubilee Life Insurance, shared his thoughts on the partnership stating: “Jubilee Life has always been committed to advancing innovation in the insurance sector. Our collaboration with Pakistan Fintech Network for the Insurtech Summits demonstrates our vision of a future where technology plays a pivotal role in making insurance more accessible, efficient, and customer-centric. We are proud to be the driving force behind such an important industry event.” Mr. Fahad Sajid, CEO of Pakistan Fintech Network, expressed his enthusiasm for the partnership, noting, “We are thrilled to have Jubilee Life Insurance on board as the title sponsor for the Pakistan Insurtech Summits. Their involvement underscores the importance of collaboration between financial institutions and the fintech ecosystem to drive the future of Insurtech in Pakistan. These summits will be instrumental in connecting innovators with industry leaders to create sustainable growth for the insurance sector.” The Pakistan Insurtech Summit serves as a platform to discuss emerging technologies, exchange ideas, and build collaborations that will shape the future of insurance in Pakistan. The event highlights how digital platforms, AI, and analytics can improve efficiency, enhance customer experience, and enable better risk management across the industry. #LOUG | Syed Usman Qaiser

Too Many People Overcomplicate Key Person Insurance - Let's Simplify & Protect Your Business! 👔🔑 Securing the future of a business shouldn’t be bogged down with complicated terms and intimidating policies. Simplicity is paramount when it comes to key person insurance – an essential safeguard if a pivotal player in your company unexpectedly couldn't contribute anymore. 🌟 🧰 What exactly is Key Person Insurance? It's a life insurance policy on an individual whose skills are vital for your company's financial health. Lose them, and you risk stability. 🔑Simplifying the Process: Getting this insurance isn't as daunting as it seems. Focus on identifying who in your team is crucial for your operational continuity and work with a provider to cover potential losses, like hiring replacements or covering revenue dips during transitions. 💡Assessing Financial Impact: Evaluate how your chosen key person contributes to revenue. Their responsibilities and influence should guide the cover needed to mitigate potential financial disruptions. 💡Tailoring to Your Needs: Remember, no one-size-fits-all. The coverage should match the unique value they offer to your enterprise. Avoid underinsuring or overinsuring by aligning the policy closely with your specific business needs. ⚠️ Don't put your partnership's future at risk by overlooking key person insurance. Covering just 1-2 key partners provides immense downside protection at a very reasonable investment. It's simple risk management. PS. Want to know more about key person insurance? Let’s continue the conversation below! 🔍🗨️

Perspective: The new regulatory policy for insurance brokers in the UAE represents a significant step towards enhancing the integrity and stability of the insurance market. By establishing clear conditions for licensing, delineating the rights and obligations of brokers, and enforcing prudential requirements, the policy aims to build a framework that prioritizes the fair treatment of clients and the financial soundness of brokerage operations. This proactive approach not only protects consumers but also fosters public confidence in the insurance sector, which is vital for attracting investment and promoting industry growth. Such standards can lead to improved service delivery, as brokers are encouraged to adopt better risk management practices and internal controls, ultimately resulting in a more resilient and competitive market. 💎 However, while the objectives of this policy are commendable, careful implementation will be crucial to avoid unintended impact, particularly for smaller brokerage firms and potentally new market players. The increased compliance costs and operational demands may pose challenges that could inadvertently stifle competition and innovation. To mitigate these risks, regulators should consider tiered compliance frameworks and support mechanisms tailored for smaller brokers, ensuring they can meet regulatory standards without compromising their viability. By balancing robust oversight with flexibility, the UAE can cultivate a dynamic insurance market that not only adheres to high standards of governance but also remains accessible and competitive, benefiting both consumers and the industry at large. 👀 Whats your thoughts?

🌟 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗘𝗡𝗔 𝟮𝟬𝟮𝟰 𝗔𝗱𝘃𝗶𝘀𝗼𝗿 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁 Great honour and excited to welcome Mr. Mohamed Seghir, Chief Executive Officer, HAYAH Insurance Company to join in our 𝗔𝗱𝘃𝗶𝘀𝗼𝗿𝘆 𝗖𝗼𝗺𝗺𝗶𝘁𝘁𝗲𝗲 for the Digital Insurance 𝗠𝗘𝗡𝗔 𝟮𝟬𝟮𝟰 (Dec. 16-17th, Dubai, UAE), which is a top global event for insurers to transform. 𝗔͟𝗱͟𝘃͟𝗶͟𝘀͟𝗼͟𝗿͟ ͟𝗣͟𝗿͟𝗼͟𝗳͟𝗶͟𝗹͟𝗲͟ Mohamed is a fully qualified actuary from the French (IA), German (DAV) and Swiss institute of actuaries (SAV). He studied at ISFA (Institut des Sciences Financières et des Assurances) and holds a MSc in Finance and Actuarial Sciences and a BSc in Finance from Université Claude Bernard (Lyon, France). Mohamed started his career in 2007 as an Actuary at FWU AG in Munich, where he was responsible for Western Europe and the Middle East, developing conventional and Takaful solutions for banks and insurance companies. In 2010, he took up the role of Manager Actuarial Services for Munich Re in charge of the Middle East before joining Swiss Re in Zurich in 2013, initially as a Senior Marketing Actuary in charge of pricing of the life & health business in MENA, Turkey and Pakistan before becoming the Head of North Africa (P&C and L&H) and Middle East (L&H). Mohamed was appointed CEO of AXA Green Crescent in the UAE in April 2018, turning around the company’s results in a record time. Following the exit of AXA from the Middle East, Mohamed spearheaded the company’s transformation and rebranded it as HAYAH with a renewed corporate identity and a new strategic direction. Beyond his executive responsibilities, Mohamed is a fervent advocate for the insurance industry. He is a regular contributor at seminars, conferences, and in publications, sharing his knowledge and insights on a range of topics including digital, artificial intelligence, bancassurance, life insurance, Takaful solutions, pensions, and wealth management. Among his notable achievements, he created Nadwa by Swiss Re, a yearly gathering of insurance experts, and Rihla by HAYAH, a comprehensive report recognized as the most advanced on Life & Health insurance in the MENA region. Mr. Mohamed’s contribution will be a key factor for us to build platforms as well as communities around the world to connect, inspire and promote digital transformation in insurance industry. 🎫𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗜𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗠𝗘𝗡𝗔 𝟮𝟬𝟮𝟰 📍 Location: Dubai, UAE 📅 Time: December 16-17th 📝 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿: https://lnkd.in/g23Gb5Ab 💡 Website: https://lnkd.in/gjVjYVm7 #digitalinsurancemena #digitalinsurane #insurtech #insurer #transformation #topevent #insurance #event #MENA #Dubai #digital #data #AI #analytic #bigdata #Artificial #Intelligence