Future Proof
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