FUTURE proof

Seib Insurance has achieved sustained growth through strategic tech investments, digital transformation, and talent development, ensuring resilience and adaptability in a rapidly evolving industry.

Elias Chedid COO & DEPUTY CEO, SEIB INSURANCE & REINSURANCE, QATAR What have been Seib Insurance’s major achievements in recent years?

While the post-World Cup 2022 has brought some shifts to the local economy, we successfully sustained our top- and bottom-line growth momentum in 2023 and into 2024. Whether on the tech investment or on the product development front, we have consistently pivoted our operations and growth strategy to answer evolving local and regional markets. In tandem, we have been placing greater emphasis on future-proofing our talent, ensuring our people are equipped with the necessary skills and knowledge to adapt to the market’s evolution. Seib Insurance has been implementing a comprehensive digital transformation strategy for the past several years. This strategy is, naturally, anything but static, requiring continuous adaptation and readjustment along with the rapid pace of technological change. Aligning our plans with financial requirements, conducting thorough market analysis, and understanding the competitive landscape to position ourselves effectively in the industry is a complex task. It requires us to operate at multiple levels, gaining a broader view of the market and understanding the impact and return of every riyal invested in specific projects.

How is Seib Insurance implementing digital tools including cybersecurity, data safety and transparency?

Risk management sits at the heart of our business. Across our internal operations, we have anchored its critical role in strong policies, procedures, and controls for cyber risk, information security, and business continuity. We have placed equal weight on extending this expertise to our clients, advising them on adequate protection against cyber threats and offering tailored cyber insurance solutions—from designing their risk management programs to helping them transfer related risks to the insurance sector. With more institutions experiencing greater exposure to cyber threats and attacks, the demand—and necessity—for such services is growing. At the same time, businesses are also heavily investing in their cyber infrastructure, ensuring all aspects of their operations enjoy foolproof protection. The right insurance programs will be a critical component of such investments.

How can Qatar become a regional hub for insurtech development?

As with any other industry, insurtech innovation requires an entire enabling ecosystem that brings together entrepreneurship, technical expertise, regulation, and funding under a shared vision and direction. Insurtech labs, for instance, are crucial for seed-stage product development and testing, though they should be supervised, and not necessarily owned, by governmental institutions. In Qatar, we are seeing this happen at the Qatar Financial Center and through incubation centers managed by private or semi-private entities. These efforts hold a great deal of promise and need to significantly expand in order to achieve the desired industry impact. INJAZ Qatar is one example of an organization that is turning innovative ideas into real businesses; its solid track record and tangible impact have earned our active support and partnership over the past few years. With more investment in similar initiatives, Qatar could solidify its position as an innovation hub, laying a strong foundation for the next generation over the coming 10-20 years. Today, a great deal of this investment is being channeled from the private sector, funneled through venture capital and, as previously mentioned, supported by incubation centers. Going forward, governmental support will be crucial to not only magnify the scale and sectoral scope of such investments, but also mainstream Qatar’s entrepreneurial culture and economy.

How will the Third Financial Sector Strategic Plan impact international investors looking to enter the Qatari insurance market?

While there have been considerations and complexities to navigate, Qatar’s insurance sector had already established a strong foundation for investment before the launch of the Third Financial Sector Strategic Plan. Moving forward, the plan’s cross-cutting themes for all pillars, including insurance—ESG, regulatory oversight, and digital innovation, among others—are crucial to instilling international investor trust, confidence, and interest in the sector. Moreover, the plan’s focus on building a MENA insurtech hub out of Qatar through reforms and incentives promises to considerably diversify and expand the investor base in the sector.

Article Name:FUTURE proof

Publication:The Business Year

Section:Finance Interview

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DOHA, Qatar – 22 February 2023: Al Alfia Holding, the prominent Qatari-based investment group, has acquired a minority stake in Seib Insurance and Reinsurance Company LLC, a Qatari company and one of Qatar’s premium insurance providers.

The acquisition of the stake is expected to play a major role by reinforcing Seib’s leading position in the domestic market, and by supporting the continuing expansion of the Qatari insurer’s operations in order to keep pace with the growing needs of its clientele.

Al Alfia Group is keen to partner with Seib Insurance because of its status as a well-performing, first-class company with strong governance, outstanding management, impressive S&P Global ratings, and a sterling reputation across the industry, all of which make Seib a valuable contributor to the development of the Qatari economy, and to progress towards the goals of Qatar’s National Vision 2030.

With this acquisition, Al Alfia Group will be represented on Seib’s Board of Directors, allowing it to actively participate in the trusted insurer’s strategic decision-making.

Commenting on the acquisition, Johnny DeGouveia, Group Chief Operating Officer of Al Alfia Group, said: “As a leading Qatari investment holding group with a robust and diversified portfolio across key growth sectors and markets around the world, Al Alfia is always committed to investing in companies with encouraging performances and promising futures such as Seib Insurance.” He added, “Our partnership with Seib Insurance will serve as a major boost to its overall performance on the one hand, and a boon to the Qatari insurance market on the other. We look forward to enjoying a fruitful, cooperative relationship that will contribute positively to Qatar’s economic development.”

HE Sheikh Jabor Bin Yousef Bin Jassim Bin Jabor Al-Thani, Chairman of the Board of Directors at Seib Insurance, voiced similar optimism. “Seib is proud of this strategic partnership with Al Alfia Group, which will reinforce our position as a reliable insurance company of choice in Qatar,” he said. “As we continue to maintain Seib’s history of encouraging ratings from S&P Global, we are confident that this partnership will accelerate our growth trajectory and improve our business performance.” He added: “We are excited to have Al Alfia Group on the Board of Directors, and we trust that this collaboration will serve the interests of our clients and our shareholders, as well as Qatar’s insurance industry as a whole.”

Founded in 2010, Seib is a Qatari insurance company licensed by the Qatar Financial Centre Regulatory Authority (QFCRA). Seib continuously strives to offer insurance solutions that help develop the trust of corporate and individual customers alike through convenient and easy distribution channels, supported by the largest and most powerful reinsurance companies in the world.

Founded in 2007, Al Alfia is a leading Qatari-based investment holding group with a robust portfolio spread across key growth sectors and markets around the world. The Group is active in infrastructure, real estate, energy, hospitality and communal development, and its direct and indirect investments cover a host of sub-sectors and specializations, including property development and construction, facilities management, oil and gas, specialized manufacturing, financial services, education, and retail. This diverse offering has powered the Group’s expansion into key regional and global markets, with footprints across the Middle East, Africa, Southeast Asia, Australasia, Europe, and North America.

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Mrs. Myriam Abou Haydar

Email: mabouhaydar@seibinsurance.com

The double Nojoom point promotion with Seib Insurance and Reinsurance Company is back “due to popular demand”, Ooredoo as announced.

Ooredoo said in a statement yesterday that the first promotion, which was available earlier this year, saw a “huge response” as Nojoom members looked to be rewarded with double Nojoom points, as well as a “reduced insurance rate as low as 2.25%”, for purchasing insurance for their vehicle with Seib Insurance Company.

Nojoom members who purchase Seib motor insurance will also be able to take advantage of free roadside assistance in Qatar, a zero deductible on claims for new vehicles, the policy getting delivered to their door, and more.

The offer will be available for all Nojoom members until September 30. To take advantage of the promotion, members can visit Seib Insurance and Reinsurance Company at the Sheikh Jabor Bin Yousef Bin Jassem Al Thani Building on Airport Road.

Manar Khalifa al-Muraikhi, Ooredoo director of PR and Corporate Communications, said: “We’re proud to once again offer this promotion with Seib Insurance, and we hope all Nojoom members who missed out last time get the chance to take advantage of the double points and amazing benefits.”
For more information on Nojoom partners and how to enrol with Nojoom, customers can visit the Nojoom page of the Ooredoo website at www.ooredoo.qa/nojoom, download the Ooredoo app or visit any Ooredoo shop.