Page 30 - March 2022 Issue 604 Part 2

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Mohamed Ali Bouabane (CEO, GCC & North Africa, AIG):

We will continue to support local market
ambitions through product innovation and

differentiated distribution approach

Since his appointment as CEO of AIG in GCC and North Africa in october 2020,
Mohamed Ali Bouabane demonstrated leadership and skilled execution in delivering on the
company’s strategic objectives across this important market for the AIG EMEA business. He
has a deep understanding of the markets where he manages AIG’s operations and excellent
relationships with business partners. Previously, he managed AIG’s operations in Eastern
Europe and Asia-Pacific, with primary responsibilities for the development and execution of dig-
ital strategies. A graduate in applied physics, Bouabane joined AIG in 2007, coming from Blue
Cross Blue Shield in Canada. In a Q & A with Al Bayan Magazine, Bouabane gave us a glimpse
about his career to date and evaluated the insurance sector in UAE. He further shed light on
AIG’s vision in the region, commented on inclusion and diversity within the workplace and
talked about the characteristics that differentiate AIG from other similar companies.
Below is an extract from the interview.

“ We pride ourselves on being a strong global insurer with a localized approach backed
by “A” rated financial strength ”

* Can you tell us a bit about your career to date? 2. We pride ourselves on being a strong global insurer with a localised
- I started my insurance career with Blue Cross, Blue Shield in Canada. I then approach backed by “A” rated financial strength. Our extensive multinational
joined AIG in 2007 on our management associate program. I’ve held various capabilities also enable us to support our clients accelerated global growth
leadership positions across the Middle East, Africa, Central Asia, Eastern ambitions.
Europe and Asia Pacific. I was responsible for the development and execution 3. AIG has a reputation as being a reliable and responsive claims partner and
of digital strategies, accident & health underwriting, country distribution strate- standing by our clients when they need us most. For example, we will pay 50%
gies and managing large sales and underwriting teams. of the agreed loss within 7 days for Commercial Property claims.
More recently, I was the Asia Pacific Leader for Accident & Health, Travel and 4. In terms of product innovation and development, we were the first to bring
Service programs. In my current role, as CEO of GCC & North Africa, I man- Defense Base Act Environmental, Cyber & Management Liability insurance
age both our direct & reinsurance businesses. Our direct business covers the solutions to this market.
UAE while our reinsurance operations span across the UAE, Turkey, Saudi
Arabia, Francophone Africa, etc. *Digitalization is becoming a must for the industry, as AIG, what you are
In terms of education, I have an Applied Physics Degree from the Andre- doing in that field?
Laurendeau College in Montreal, Canada. - We’ve invested heavily in terms of our digital solutions. For example, our AIG
One platform allows our broker partners to get a quote and bind an insurance
* How do you evaluate the insurance sector in UAE? policy in a matter of minutes. It essentially serves as an end-to-end digital solu-
- Despite being the 5th economy in the Middle East, the UAE remains the tion for the SME segment in this region. We’re hearing from our broker partners
largest market for both direct and reinsurance business in the region. With an that it’s the best digital solution they’ve seen in the market and offers a broad
anticipated GDP growth of 4.2% in 2022 accelerating from 2.1% last year, it product mix including office, employee protector, food & beverage, retail, prop-
bodes well for the insurance industry. We continue to see new market entrants erty owners and the list goes on. We’ll continue to add more products and
in the DIFC which further solidifies Dubai’s leading position as a reinsurance enhance the digital journey of this platform with the aim of becoming the go-to
hub for the Middle East and Africa. On the direct front, the acceleration of provider for the local SME sector.
insurtech startups and aggregators is certainly changing the landscape and
helping drive a boom in online insurance sales. We are bullish about the * Can you comment on how your promoting diversity & inclusion within
prospects of the UAE insurance sector. your workplace?

* Can you tell us about your vision for AIG in this region? - I am always very proud of the innate diversity we have here in AIG GCC &
- Our vison for AIG GCC and North Africa is to drive forward the communities in
which we operate. When you look at the United Arab Emirates for example, we’re North Africa. Fostering a diverse and inclusive culture within our GCC & North
an insurance partner behind some of the greatest landmarks, companies and
milestones of this nation, including Burj Africa business is a primary focus for me and my local leadership team. It’s a
Khalifa, Dubai Mall, Expo 2020 and Emirates
Airlines. well-documented fact that diverse teams outperform homogenous ones as
Our insurance solutions in this region include
Property, Casualty, Marine, Financial Lines, potential outcomes or results are vetted more
SME Package, Travel and Accident & Health.
We will continue to support local market ambi- thoroughly. With diversity comes multiple per-
tions through product innovation, a differentiat-
ed distribution approach, surpassing customer spectives through the variety of backgrounds,
expectations and investing in our people.
cultures, and experiences. This increases the
*How does AIG differentiate itself
compared to the market? ability of the team to solve problems and be
- We differentiate ourselves from others in the
market through various elements including: innovative.
1. We truly have market leading talent that I want to hold myself accountable in terms of
provide expertise and innovation to our our diversity, equity and inclusion objectives
clients in terms of their insurance & risk and establish a sense of shared ownership
management programs. amongst our colleagues. Our current GCC &
North Africa succession plan will achieve at
2022 (¢SQÉe) QGPG - 604 O~©dG - ájOÉ°üàb’G ¿É«ÑdG term, amongst other DEI objectives, gender
balance amongst our management team.
This is despite Dubai’s ratio of males to
females being skewed, with approximately
75% of the population being male. We should
lead the charge in DEI across our industry
and this is one of the many ways AIG can.

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