|
At AIG Takaful-Enaya, we are building our strength on more than 85 years of AIG’s global experience in the insurance industry. The cornerstone of our success is sharing knowledge to create relevant solutions-influencing the best thinkers to reflect the ideas of a new age. We strive to exceed expectations and set new standards of achievement in every market we serve. We are continuously developing innovative solutions to the complex financial challenges of both corporate and individual consumers within the region and beyond. As the needs of our customers evolve, AIG Takaful-Enaya evolves with them.
Takaful has demonstrated remarkable development, expansion and consumer take up in a very short period of time. Nevertheless, there are still many challenges that lie ahead of us for which we as AIG Takaful – Enaya intend to address in this remarkable emerging industry.
Since our launch in October 2006, AIG Takaful – Enaya has been continually striving to attain several critical benchmarks within our industry utilizing the vast array of resources available to us through AIG’s network. Some notable successes to those achievements are as follows:
- Brand recognition in the Bahraini market
- Acceptance of Enaya within the Takaful industry as a legitimate Takaful provider
- Launching of our travel Takaful product: the product continues to gain momentum and is expected to lead the market in sales by the end of the summer. Additionally, our travel product now is available among 16 different providers and we expect to double that number by the end of the summer
- Launching of our SBS Product: now available through 10 different providers, and gaining recognition at an accelerated pace in the market.
- Large number of products and policy wordings have been reengineered for the Takaful operation
Another notable point to mention with respect to AIG Takaful – Enaya’s aspirations to be a global leader in the Takaful industry is our capability to facilitate Retakaful business on a Regional and global level. Retakaful is a relatively new phenomenon in the Muslim world with only few Retakaful companies operating worldwide. Enaya is becoming more and more the obvious choice of Takaful Companies in the region for Facultative Retakaful, especially for large property / energy risks as well as specialty risks as financial lines. We are currently receiving business from Takaful companies in Bahrain, UAE, KSA, Kuwait, Pakistan, and Syria. The future looks bright.
Our current Portfolio:
| LOB |
% |
| Property |
72% |
| SBS |
11% |
| A&H |
10% |
| Other |
7% |
|
| Direct |
63.44% |
| Retakaful |
36.56% |
|
Our team in Bahrain is headed by Ayman Alajmi – General Manager AIG Takaful Enaya.
Ayman has been instrumental in achieving our success to date. His accomplishments in such a short period of time include:
- Successfully promoting the company as one of the leaders of the Takaful industry
- Inspire the establishment of Bahrain Takaful & ReTakaful Study Group (work in progress)
- Working actively in establishing the (Direct & life source agents) agency as a channel of distribution.
- Aggressively promoting Enaya for ReTakaful business
Jaffar Alakram was hired in February 2007 as CSG manager for AIG Takaful - Enaya. Jaffar In addition to his responsibilities as CSG Manager plays an active role in business development, contributing to a 200% increase in submission receipts over the past three months. Jaffar is also successfully managing over 16 travel agencies and brokers.
We at AIG Takaful – Enaya are extremely pleased with the positive response we have received both from corporate and public customers as well as the regulators in the region.
We will continue to strive to maintain our position as a leader in this segment of the industry, providing socially responsible solutions to an underinsured segment of society through Takaful.
There is a long way to go, nonetheless, we see AIG Takaful as an investment in the future of socially responsible insurance. Launching our flagship headquarters in Bahrain this year is just the start.”
Budy Kubursi
|
|
|
Issue 7 | April 2007