In this interview, Mr. Raymond Cham, Bankers’ CEO, talked about the latest events affecting the insurance sector regionally and globally, and emphasized on the role of the regulators in redirecting and developing its performance, and on the importance of implementing the new technologies in order to coop with the new digital transformation.
He also talked about Bankers’s latest achievements in ٢٠١٨ and its efforts to improve its products and services.
* How can you summarize the latest changes and developments in the insurance sector globally, regionally and locally?
The unfavorable political and economic outlook in the Middle East lead to a significant decline in insurance premium growth for the year ٢٠١٧, whereby life premium growth slowed to ٧,٥ ٪ vs. ١٥ ٪ in ٢٠١٦, and Non-life premiums growth slowed to ٢,١ ٪ vs. ١٠ ٪ in ٢٠١٦.
This situation is reflected in the Lebanese market where forecasts expect no relevant growth for this year, hoping that this trend will inverse in ٢٠١٩ to register positive growth.
* Do you think the official bodies, legislative authorities and regulators are playing the required role in improving, developing and modernizing the performance of the insurance sector in your country?
We perceive positively the tightening of the regulatory framework, since we believe that a regulated environment ensures the consolidation of our industry while guaranteeing consumer’s rights. There is no doubt that the Lebanese regulator is playing his role today by improving both the regulatory framework and the means to control the application of regulations in force (e.g. insurance companies’ partnership with brokers, mandatory GR, etc).
* Technology is an essential component of strengthening, growing, developing and modernizing of the insurance sector…
How do you keep up with its development?
Bankers is actively working on different aspects of digital transformation.
Data analytics and Business intelligence are a key factor to a successful insurance future. At Bankers, business decisions relying on data analysis is enabled through the development of live data dashboards using innovative BI tools.
On another level, process reengineering is an ongoing concern and Bankers is seeking to reimagine its processes and improve efficiency via the use of technology enabled solutions converging to client centricity.
Client centricity is also the core focus of all innovation teams within Bankers tapping into telematics, wearables, loyalty schemes and social media presence with a clear vision to be closer to clients and reach out to a bigger customer base.
* The Earth is subjected to climatic changes reflected by devastating hurricanes and storms that led to massive losses…
How does this new reality affect the work of the insurance sector?
The increase in natural catastrophes and its consequences on reinsurers will affect the prices in the global insurance market, and insurance companies will obviously have to cope with this situation.
At the local scale, despite the market softness and the excess of liquidity, insurance companies will be forced to increase rates, which will lead to improving technical performance.
* What are your company's most significant achievements in ٢٠١٨? And your expectations for ٢٠١٩?
Bankers efforts to improve its products and services are continuous. Among the highlights this year is the launch of “Shelter Advanced Commercial”, the ultimate safety net specially designed to meet all insurance needs of shops and small businesses; and most of all, is the launching of “Bankers Drive Assist”, our mobile app designed to provide Bankers motor policyholders an easy way to report an accident and get their claim handled through automated processes.
٢٠١٨ is expected to be for us as good as previous years, and our strategy is to maintain stable growth despite tough market conditions, while remaining focused on sustainable profitability and technical performance.
