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* Can you give us an idea about your company?
- We completed the acquisition transaction with Al Hilal Bank
and ADCB at the end of 2021. As a result, a rebrand followed.
We were venturing out into other takaful activities and so a
rebrand seemed fitting to align with our new vision; Reimagining
Islamic Insurance for All.
We want to be the go-to Islamic insurance provider showcasing
loyalty to our customers and offering top-quality insurance solu-
tions and exceptional customer service. The name ‘YAS’ is per-
fectly suited to our future ambition, while referring to the well-
regarded Bani YAS Tribe of the United Arab Emirates. The Bani
YAS name is perfectly aligned with the concept of takaful insur-
ance, characterised by mutuality and co-operation, encom-
passing the elements of shared responsibility, joint indemnity,
common interest, and solidarity. This was a proud moment for
the company as Siraj Holdings PJSC is one of Abu Dhabi’s
leading companies with interests in the financial, industrial,
property development, general trading and oil and gas sectors.
“We want to look for opportunities that are often
overlooked by other competitors”
* What will be your strategy noting that there are too many
Takaful companies in the market?
- A key focus over the next few years is to provide an
unmatched digital offering for
our customers. The digital
space has taken off over the
last few years and this shift
has only been accelerated by
the pandemic. Having a
strong digital proposition will
allow us to race ahead of our
competitors and scale our
plans for growth. Although there is the growing trend around
digitisation in the insurance industry, with buzzwords such as
insure-tech, many players are yet to walk the walk. We want to
be leading the industry to have a clear plan for digital imple-
mentation and delivery. To do this, we will be working on our
product development, exploring deeper into financial risk, pro-
fessional liability lines and cyber while ensuring an exceptional
customer experience. I believe that the most efficient way to
operate is by providing activities to the customer that ensures
they can serve their own accounts, request activities, buy prod-
ucts, and service their existing portfolio. Therefore, our products
will be continually developed to reflect this digital proposition with will force insurance companies to reconsider their size and the
customer satisfaction at its core.
* What differentiates you from other companies in terms
of digitization?
- There is still a need for face-to-face interactions and individ-
ual service requirements, especially when a customer requires
a more complex and bespoke solution. Where we see the
opportunity for digital is within the retail and SME space.
Recently this sector has been quick to embrace the digital
switch. Our offering will align with that shift by providing ser-
vices such as our artificial intelligent agent Yassir through the
company website and application and potentially other plat-
forms. You can talk to him using voice recognition in both
English and Arabic to make purchases and process a claim. We
want to be the leader in digital transformation in the insurance
industry and spearhead the new takaful era. Another approach
will be our WhatsApp chat feature where clients can have quick
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access to the information they need. Our aim is to have a point
of sale from each and every touch point with a quick claims res-
olution process. However, our digital proposition is not our only
plan to differentiate ourselves in the current market. We want to
provide non-insured complementary services alongside this.
For instance, YAS Club is our loyalty programme where we focus
on our customers wellbeing by rewarding them accordingly. They
can redeem wellness commodities that range from a free thera-
py session to a weekend staycation with their loved ones -
achieved through accumulating YAS tokens. It’s more than just
selling a plan for us. Our mission is to create a community where
we can offer customers a seamless and smooth end-to-end
experience and reward them along the way. We are also excited
to announce another digital proposition that will enhance the YAS
experience in-store, which we will be revealing very soon.
“Because We Care – a slogan that puts our cus-
tomers on the throne right from the very start”
* What will be your slogan?
- “Because We Care” - a slogan that puts our customers on the
throne right from the very start. Having a business model and
mindset that revolves around customer-centricity is essential. I
want to set a new standard in product delivery and customer
experience as a result of our digital transformation and cus-
tomer care. Our endeavour is to create a sense of brand loyal-
ty for our customers as we
promise to offer the most effi-
cient, trusted, and incompara-
ble takaful offering. Our slo-
gan is there as a constant
reminder to never lose sight
of our core values. I am of the
belief that in return, we will
have a loyal customer base and a competitive edge over our
competitors.
* What is your view on the industry mergers and acquisi-
tions that happened in the last few years in the region?
- When the UAE Insurance Authority merged with the Central
Bank in early 2021, what became apparent is a gradual shift
and a focus on regulation, in particular greater enforcement. I
predict that over the course of the next year, additional over-
sight will be put on companies to merge and acquire - which we
are already starting to see in Saudi Arabia. In addition, the pan-
demic has undoubtedly shaken the market and we expect this
opportunities available to them. Change is the only constant, it’s
our job to adapt, re-strategise and position ourselves to win.
* In your opinion, what regulations should be taken to
improve and support the insurance sector?
- Disruption changes the way companies conduct business, be it
better data analytics to improve product offerings, or the use of
artificial intelligence reducing underwriting and distribution costs.
This in turn, helps create new revenue streams by delivering cus-
tomised products and services to end users. Consequently, reg-
ulatory reforms are required to align with such innovations while
protecting customers throughout their journey.
Regulations have now been put in place; the next step is to enforce
these regulations to test their efficiency. We have laid the foundation
from a compliance cost perspective and view this as an opportunity
to continually improve - not as a hurdle. We are ready!
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