Page 38 - Insurance Times September 2023

MVR 1.18 billion (circa USD 78 Mn), as per the published risk landscape. At the core of our operations lies a
statistics of the regulator, Maldives Monetary Authority comprehensive Enterprise Risk Management (ERM)
(MMA). Currently, this dynamic sector is adorned with the framework that operates on a bottom-up approach in terms
presence of five prominent players, each contributing to the of lines of defence. The scope of ERM is widened given the
general insurance industry through an array of distinct increased level of awareness, changes in the business
solutions. environment and emerging risks such as cyber security and
ESG risks.
The non-medical product portfolio, including fire,
engineering and hull classes, shows steady and significant In practical terms, we have established robust underwriting
growth. Concurrently the industry also witnesses the standards to evaluate the risks associated with existing and
increasing demand for medical coverage for both locals and prospective clientele. Prudent underwriting techniques that
expatriates, resonating with an exponential growth of 84% involve the evaluation of prospective customers’ risk profile,
over the preceding year. financial stability and claims history are carefully scrutinized
Over a period of time, the awareness of insurance has before issuing a policy.
created a good demand for numerous products. Swiftness We have devised strict internal policies to ensure that every
and simplicity have become a clarion call as customers single risk that we underwrite shall be backed by
demand speedy solutions with ease of transaction. reinsurance agreements. Our emphasis is unequivocally
Q: Risk management is an essential aspect of the placed on selecting renowned and rated Retakaful/
insurance business. How does your company approach reinsurance markets, instilling unwavering confidence in our
customers and helping reduce the financial impact of large
risk management in the general insurance sector?
A: ATM has consistently demonstrated its dedication to and catastrophic claims. When many companies go for ‘Self-
providing risk management solutions to its customers in a insure’ options, ATM is stringently focusing on entering into
cooperative and ethical manner. Insurance companies offer contractswith reputed and rated reinsurance entities.
what many consider to be risk-mitigating solutions. However, ATM also conducts scenario analysis and stress testing to
they themselves encounter a diverse array of risks assess how the company would perform under various
necessitating prudent management. adverse conditions, which will help us identify vulnerabilities
Like any other insurance entity, ATM is exposed to a and areas that require additional risk management
measures. We also consistently take steps to implement
spectrum of risks, encompassing underwriting risks, market
volatility, regulatory compliance risks, investment robust system controls to prevent cyber-related risks.
uncertainties, credit risk and the specter of catastrophic We strongly believe that a well-balanced risk management
events. In order to maintain our financial stability, strategy will help us navigate uncertainties and ensure long-
profitability and protect the company’s reputation, risk term sustainability.
management measures are essential. Q: Technology plays a crucial role in transforming
The Company’s Risk Management Strategy is to operate industries. How has your company leveraged technology
within the risk appetite guidelines set by the Board Risk to enhance its operations, customer service, and overall
Committee, which are periodically reviewed, keeping a efficiency? Are there any specific technological initiatives
vigilant eye on the evolving corporate and macroeconomic that you have implemented?
A: Every industry is capitalizing on technological transfor-
mation, and the insurance industry is no exception.
Dynamic technological advance- ATM’s diligent effort continues to bring ease to transactions
ments serve as the cornerstone of our by digitalizing its solutions. Dynamic technological advance-
operational efficiency. We steadfastly ments serve as the cornerstone of our operational efficiency.
We steadfastly strive to provide a smooth customer journey
strive to provide a smooth customer while serving their needs swiftly and conveniently. Our efforts
journey while serving their needs have collectively enhanced the service levels in line with
convenience for our valued partners as well. ATM’s focus on
swiftly and conveniently. the constant evolution of core and support systems to cater
to the need of the tech-savvy populace is its key priority.

The Insurance Times September 2023 33