Nasser Rashid Al Misnad, CEO, Damaan Islamic Insurance Company (Beema) • Interview
Believing that customer services must always remain at the forefront of its focus, Beema continuously works to come out with innovative products and services for its customers.
Beema has moved to its new office in Lusail City, an upcoming smart city that will serve as a venue for the 2022 FIFA World Cup. What does this change mean for Beema?
Lusail is upcoming smart city. The new Beema HQ comprises two basement levels, the ground and mezzanine levels, as well as another three floors to be leased out. This is a strategic investment by Beema; considering the fact that Lusail could be major business hub, I expect the rental income to increase considerably. From a business point of view, being in our own building, especially at an extremely prestigious location, significantly boosts the image of the company and demonstrates our strong financial base.
Digitalization has gained incredible importance in recent years. How has Beema managed to keep up with trends in insurtech, and how is this helping to improve customer service and internal efficiency?
Beema has always believed in the digitalization of the business, and we were giving thrust to this, even before the pandemic. Most of the back-office process, particularly the motor claims process, was fully digitalized and paperless, except for a few legal cases. While we were selling policies via our offices in addition to online and door-to-door services, the pandemic helped us push our sales through the digital medium and discourage walk-in customers, even for lodging claims. In fact, during pandemic we closed down two of our branches and shifted our focus to telesales, online, and so on and claims processes over phone, email, and WhatsApp. Our clients are extremely satisfied, as their insurance requirements are fulfilled from the comfort of their homes or office. We are also in process of installing a self-service kiosk soon at some vantage locations where there is public traffic.
Moody’s has upgraded Beema’s rating to A3 with a stable outlook. What have been the contributing factors to this improvement?
Moody’s rating upgrade for Beema to A3 demonstrates Beema’s long-term objective and vision. There are various factors for this rating upgrade, such as its structured underwriting, risk management, strong bottom line year on year, healthy market share, quality investments, strong board, stable management, and many more.
Despite Qatar’s highly competitive insurance market, Beema is a top tier takaful player. What are your plans to maintain this strong position and explore new sectors and segments as Qatar embarks on further economic diversification?
I always believe a fair competition is a must to get the best out of companies. It forces us to think out of the box. Beema continuously works to come out with innovative products and services for our customers. Be it door-to-door services for polices, registering motor claims by phone or WhatsApp, or picking up the accident car for repair from our customer’s place, Beema has always been in the forefront of customer services. It is not always the price that a customer looks at, but also the service that they get. This is probably the unique selling point for Beema being a top-tier takaful player.
What is Beema’s outlook for 2021?
Beema’s outlook for 2021 remains stable, with a projected single-digit growth for this year. Considering the FIFA World Cup is only a year away, we believe reasonable growth is possible even though the current pandemic situation may pose some challenges.✖