Page 39 - Insurance Times September 2023

To thrive in this dynamic environment, Q: As an insurance company operating in the Maldives,
what are the unique challenges or opportunities you face
players must dedicate themselves to in serving the local market? How do you tailor your

the pursuit of innovative solutions that products and services to cater to the specific needs of
outshine their rivals. In the quest to customers in Maldives?
stay ahead, unwavering focus on A: Over the span of the last forty-five years, this nation has
witnessed the provision of insurance services. However, it is
cultivating customer trust becomes a matter of concern that, up to this point, the enactment

paramount. of an Insurance Act has not come to fruition.
We eagerly anticipate the enactment of the forthcoming
Insurance Act, which is expected to infuse the industry with
Our initiatives on system automation and the launch of new positive vibes. We believe in the Regulatory Authority's
platforms and front-end systems with simple steps have commitment to its creation, involving industry stakeholders
further boosted the confidence of users. The nifty platforms and players. This collaborative effort underscores our shared
developed over the years are the catalysts filling the vacuum dedication to fostering an operational environment
in insurance selling. Our focus on technology has created an characterized by ethical standards and adequate checks and
unprecedented market space, penetrating into untapped balances.
segments in this dispersed geography.
Another noteworthy challenge lies in the elevated frequency
Q: In recent years, there has been a growing emphasis of claims in both the medical and non-medical categories.
on customer-centricity in the insurance industry. How Specifically, the medical class has experienced substantial
does your company prioritize customer experience and claims ratios, leading to negative underwriting results
satisfaction? What measures do you take to ensure spanning five consecutive quarters. To ensure the viability
prompt and fair claim settlements? of the medical class, prioritizing prudent steps to overhaul
A: We focus on key initiatives that bring exceptional value product features and underwriting practices is imperative.
to our valued customers while also making our business Likewise, the non-medical categories have also reported
operations smoother and more efficient. frequent claim occurrences, compelling the industry to

Our approach centers on obtaining customer feedback and revitalize its offerings during policy renewals.
suggestions to continuously improve our processes. This Conversely, opportunities abound in the landscape. As
dedication to improvement ensures that our customers enjoy economic activities flourish, both the corporate and retail
a seamless and convenient experience. We are committed segments are undergoing exponential growth. The industry
to making every interaction comfortable and satisfying for is poised for sustained expansion, courtesy of government-
our customers. imposed insurance requirements for corporations and the

Swift and prompt settlement of claims in our service ethos. public. Concurrently, government-led infrastructure
As the pioneer in introducing cashless services, our development projects and housing initiatives across the
customers greatly appreciate the initiatives. This innovation archipelago pave the way for industry players to delve into
not only provides direct and immediate access to services diverse sectors, promoting their insurance/takaful services.
but also saves valuable time. Furthermore, we build strong We are focusing relentlessly on meeting and catering to such
partnerships with carefully chosen service providers, needs.
consistently refining and enhancing our processes to create Over the next few years, we will see a shift in customers’
an exceptional medical claims experience. This commitment mindset toward understanding the need for insurance.
elevates customer satisfaction to new heights. Recent times have borne witness to interest among the

Even for general claims, we set high standards, working public in procuring more non-mandatory coverage.
diligently to improve our processes and achieve swift claim Q: With the increasing frequency of natural disasters and
settlements within an exceptional timeframe. Our guiding climate change concerns, how does your company
principle is one of unwavering efficiency, ensuring that each manage and underwrite risks associated with such
claim is processed quickly and smoothly, minimizing any events? Are there any specific initiatives or partnerships
delays along the way. focused on sustainability or environmental protection?

34 September 2023 The Insurance Times