Orient Insurance: Innovative insurance solutions for evolving needs

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The insurance sector in Egypt has experienced substantial growth in recent years, particularly in the Takaful segment. The Takaful market expanded by approximately 56.4% during the first quarter (Q1) of 2024, reaching EGP 2.8 billion compared to the previous year, according to the Financial Regulatory Authority (FRA).

In light of this growth, we spoke with Mohamed Moustafa Abdelrassoul, Managing Director of Orient Insurance, the leading provider in the Takaful market that ranked fourth overall in Egypt's non-life insurance sector. In this interview, Moustafa discusses the company's commitment to innovation and customer-centricity, which are a key to its success in this highly competitive market.

1-Since Orient’s launch in Egypt in 2009, how has the insurance market grown and evolved? What are the primary reasons for its adoption?

The insurance market in Egypt has grown and evolved significantly since Orient’s entry in 2009. Several factors, including increased awareness, regulatory improvements, economic development, technological advancements, and product diversification, have contributed to this growth.

At Orient, we have that kind of management style that focuses on long-term strategies, structured into three phases: the start-up phase, the maturity phase, and the pioneering phase.

The insurance sector in Egypt is highly competitive, with more than 30 companies operating in the market. Orient Insurance differentiates itself from other providers by its financial strength, ratings, product range, customer service, and digital capabilities.

Orient Insurance has driven the adoption of insurance products by embodying Al-Futtaim’s values of integrity, collaboration, excellence, and respect. These values have enabled Orient to build trust, customer-centricity, quality service, partnerships, and innovation.

By embodying these values, Orient Insurance has successfully navigated the evolving insurance market in Egypt, driving adoption and fostering a culture of trust and reliability. These core values have been instrumental in shaping the company’s strategies and achieving sustained growth in the sector.

Our focus has been on service and innovation, rather than price competition. This approach has led us to several key milestones in our development.

2- How would you describe the competitive landscape for insurance providers in Egypt? And what differentiates Orient Insurance from other insurance companies?

The insurance market in Egypt is dynamic and competitive, characterized by several key factors:

Market Players: The market comprises a mix of local and international insurance companies, each striving to capture market share through diverse product offerings and competitive pricing.
Customer Awareness and Education: There is an increasing focus on educating the public about the benefits and necessity of insurance.
Technological Advancements: Companies leverage technology to streamline operations, enhance customer experience, and offer innovative products.
Distribution Channels: The use of multiple distribution channels, including bancassurance, brokers, direct sales, and online platforms.
Dynamic and occasionally unstable economic factors

Orient Insurance stands out in the competitive landscape of Egypt's insurance industry due to several key differentiators: financial strength, innovation, technological advancement, ethical practices, adaptability, and leadership in risk management.

These differentiators collectively reinforce Orient Insurance's position as a trusted and preferred insurance provider in Egypt.

3-Beyond core offerings like medical, motor, and household insurance, how does Orient Insurance stay innovative in its product development to cater to evolving customer needs?

Orient Insurance stays at the forefront of innovation in product development by continuously adapting to meet evolving customer needs in several ways:

Tailored Insurance Solutions: Orient Insurance introduces specialized insurance products to address emerging risks and specific customer requirements. This includes products like cyber insurance, SME insurance, and niche coverage for sectors like hospitality and construction.
Digital and Tech-Driven Solutions: Orient Insurance enhances customer experience through digital platforms, online portals, and online services. These tools facilitate seamless policy management and quick claims processing.
Customer satisfaction: Recognizing the diverse needs of our clients, Orient Insurance offers customizable insurance plans. This flexibility allows customers to tailor coverage levels, deductibles, and policy terms to suit their specific preferences and circumstances.
Quality Assurance: Continuous improvement in service quality is our priority. Regular feedback mechanisms, customer surveys, and internal audits help identify areas for enhancement, ensuring that service standards consistently meet or exceed customer expectations.

4-Orient boasts the highest ratings among insurers in Egypt, Africa, and the Middle East. How does the company maintain this financial strength and secure positive ratings from agencies like S&P Global?

Since receiving our first rating in 2019, maintaining this level of financial strength has become an integral part of our corporate DNA and a critical factor in our decision-making processes. The rating process, while complex, is multi-faceted and is based on various factors that influence our daily operations.

Our high ratings reflect not only our solvency and financial strength—which are recognized as among the strongest by rating agencies—but also our commitment to agility and sustainability. Rating agencies also assess our current status and future potential, focusing on our ability to adapt and thrive in a changing environment.

5-In today's digital age, how is Orient leveraging technology to enhance its services, distribution channels, and overall customer experience?

At Orient Insurance, we are embracing technology through various initiatives:

Digital Platforms (Online Portal): We provide user-friendly digital platforms that allow customers to purchase insurance policies, manage their accounts, and file claims easily from their smartphones or computers. This enhances accessibility and boosts customer satisfaction by offering 24/7 access to our services.
Online Quoting and Policy Issuance: Our website and digital portals enable quick and transparent online quoting and policy issuance. Customers can obtain instant quotes, compare coverage options, and complete transactions efficiently, all without needing to visit in person.
Automated Claims Processing: We utilize automated claims processing systems that streamline the submission, assessment, and settlement of claims. This significantly reduces turnaround times, enhancing the claims handling experience.
Digital Management System (DMS): Our DMS further supports efficient management of documentation and workflows.
Business Intelligence Solutions: We believe technology is key to our future, and we are investing significantly at both local and regional levels, not only in digital transformation but also in AI and data modeling initiatives.

6-Can you describe Orient's distribution network in Egypt? How do you reach your target customer base and ensure accessibility to insurance products?

Orient Insurance has developed a comprehensive distribution network in Egypt that effectively enhances reach, accessibility, and customer engagement. The company operates a network of branches throughout the country, ensuring that customers have convenient access to services.

Additionally, Orient collaborates with a network of insurance brokers and agents who serve as intermediaries. These brokers provide personalized advice and tailored insurance solutions to meet customer needs, playing an essential role in expanding the company's market presence.

To further increase accessibility, Orient utilizes digital platforms such as its official website and mobile applications, allowing customers to purchase policies, manage them, and process claims online at any time.

Furthermore, the sales team engages directly with customers through outbound meetings and digital advertising campaigns, raising awareness about the company's offerings and facilitating direct sales transactions.

This multi-channel approach ensures that Orient reaches its target customer base effectively while providing various avenues for accessing insurance products.