This year’s award winners proved their mettle and commitment to the sector despite the ongoing global health crisis.
Sixteen industry stalwarts have emerged winners at the 7th Middle East Insurance Industry Awards (MIIA), held virtually for the very first time.
These award winners edged out over 200 entries from the MENA region to earn the top spots, proving their mettle and commitment to the sector amidst the ongoing global health crisis.
“From the moment we launched the awards in April, we received a host of nominations and entries. The rush of entries was evident of the human spirit to strive, to seek and to excel no matter how treacherous the path was,” said Mr Sivam Subramaniam, editor-in-chief of Middle East Insurance Review and organiser of the awards.
“The takeaway from this search for winners is that even in these terrible times, industry leaders are on the front line trying to make a difference. It showed us that the insurance industry has much to be proud of. Insurance plays a fundamental role in every business and every life – as COVID-19 has so dramatically highlighted.”
This year’s winning entries reflect the industry’s innovation and agility in transforming itself through the power of technology to remain relevant as a business and in consumers’ lives.
The ‘Digital Initiative of the Year’ award went to Oman Insurance Company, which has transformed its legacy IT estate to a highly-secure, future-ready cloud estate, helping it to achieve a 99.9% service availability in the last 12 months. It is also the first insurer to launch a 100% straight-through processing portal for all its broker partners in the UAE.
Oman Insurance also clinched the ‘Life Insurance Company of the Year’ award for its new online life plans, demonstrating that it is a step forward in changing the approach towards buying life insurance.
For the first time in the history of the awards, Bupa Arabia clinched the ‘Health Insurance Company of the Year’ for its holistic approach to health and well-being, and its ability as a national player to localise global best practices to suit the diverse needs of its members in Saudi Arabia.
NEXtCARE retained its title as ‘TPA of the Year’ – for the fifth consecutive year. Islamic Arab Insurance Company (SALAMA) bagged the ‘Takaful of the Year’ award on the back of its strong financial performance in 2019.
The inaugural ‘Young Leader of the Year’ category, which saw an overwhelming number of entries, went to the very accomplished Bahrain Kuwait Insurance Company CEO Dr Abdulla Sultan. Meanwhile, Takaful Oman Insurance vice chairperson & CEO Sayyida Dr Rawan Al Said won the ‘Woman Leader of the Year’ award.
The highly coveted ‘Personality of the Year’ award went to Trust Holdings CEO Kamel AbuNahl, recognised for his outstanding leadership in driving the company’s business in the MENA region.
The MIIA, supported by DIFC, DIFC Insurance Association, FAIR and GAIF, is lauded as the premier awards of the MENA region with a set of clearly defined criteria and a transparent judging process. A panel of 23 distinguished judges was involved in the assessment of the nominations this year. The results were independently audited by EY.
Sponsors this year include AM Best, Beyontec, Chedid Re, Lloyd’s, MedGulf, MetLife, Optum and RGA. M
MIIA goes virtual for the first time
Guests, representing 30 countries, at this year’s event interacted with one another through a two-tier platform for the award presentation ceremony as well as private Zoom ‘table’ meeting room.
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The judging panel
MEIR would like to thank the judges for their dedication and commitment to the MIIA.
Saluting the winners of the 7th Middle East Insurance Industry Awards
“To be named Reinsurance Company of the Year is an honour. This is a particularly meaningful accolade for IGI as everything started for the company 20 years ago here, in the Middle East.
It is a new milestone in IGI’s history, alongside our recent major achievements: our listing on the Nasdaq market in New York, our financial rating upgrade, our product offering development and our geographical expansion. It is a privilege to be here, and the success has been on the back of our strong core values of underwriting discipline and high-quality service for our customers.
Our unique track record of profitability, value creation and sustainable growth illustrates that despite being a challenging market, it is possible to be successful in the Middle East. We hope to be seen as a company that is an example to follow, ultimately improving the overall discipline and financial results of the Middle East reinsurance market.”
Mr Henri Labat,
senior executive officer, IGI Dubai
“Every time we win an award, it is not the end of something, but the beginning of a new challenge. For five years, we have been winning this award, and every year-end, we evaluate what was done to win and we work on improving everything for the year after. For us, winning something is the result of great teamwork, but also the beginning of a new phase, a new challenge.
Our win is dedicated to the industry, to each and every person working in this business; we want them to know that every time we raise the bar in our business, we are doing it for all of them. Our industry is not easy; it is the trust, ethics, services, compliances, risk management, governance – it is a world of transparency. We need to reinforce the beautiful values of our industry.”
Mr Farid Chedid,
chairman & CEO, Chedid Re
“We are honoured and grateful to be the recipient of the TPA of the Year category in 2020. This year’s award is particularly special given the unique and challenging circumstances that we faced, where we needed to adapt quickly to continue a seamless service for our partners, providers and customers. Being the recipient of this award certainly helps to cement our reputation as a company that acts with integrity, professionalism and innovation. We will continue to evolve and enhance our technology, refine our processes and develop our people to keep NEXtCARE as the leading TPA.”
Mr Christian Gregorowicz,
CEO, Allianz Partners MEA & NEXtCARE, Global Head of TPA & MPM
Educational & Training Initiative of the Year – Chartered Insurance Institute
“The CII exists to drive up professional standards and instil public confidence
in the insurance sector, therefore we regard this type of recognition by
Middle East Insurance Review, and the panel of distinguished professionals,
as a superb endorsement of that mission. Encouraging advisers and their employers to participate in continuous professional development, and professional qualifications remains central to our aims, and prestigious awards like this one support our endeavours and voice. We were praised for providing
a seamless examination and qualifications offering across the Middle East region throughout the COVID-19 pandemic, and having this fact highlighted really boosts our efforts in extending our support of and commitment to
the sector.”
Ms Gaenor Jones,
regional director, Chartered Insurance Institute (Middle East)
“Insurance has always been a man’s industry – the ability to penetrate this field requires plenty of encouragement and support and of course plenty of time. Over the years I have been walking steadily toward a specific goal, to be at the top, to be a leader. For me, the Woman Leader of the Year Award marks the move to a new and different level and to a leadership role where I become the source of support to others; in that sense the award provides
me the impetus for achievement and it plays a key role in my future career development.
Now the responsibility to mentor junior women and men entering the insurance industry is a priority for me. On the other hand, being a key industry player becomes evident either through my company’s presence in the market or through the ongoing relationship with the regulators. This enthusiasm is coupled with my optimistic views concerning the future of the insurance industry in the Gulf region.
Although the current situation may not seem encouraging, future prospects are high given the shift in focus from oil-based to non-oil-based economies around the region. This development will open the door for more economic sectors to grow and with it the insurance market will definitely thrive.”
Ms Sayyida Dr Rawan Al Said,
vice chairperson & CEO, Takaful Oman Insurance
“I consider this award as recognition that I am heading towards the right direction and I feel lucky to be able to set an example to our current and future generations. My main aim is to maximise business efficiency in the current COVID-19 world where business process has been disrupted and new initiatives for digitalisation have been introduced all over the world.”
Dr Abdulla Sultan,
CEO, Bahrain Kuwait Insurance Company (GIG Bahrain)