our awareness is boom pushed by means of merchandise, virtual innovation, and policyholders’ convenience’ shoaib javed…
‘our recognition is increase pushed through products, digital innovation, and policyholders’ convenience’
shoaib javed hussain is the ceo and chairman of (slic) kingdom lifestyles insurance organisation of pakistan and amongst a handful of fantastically certified actuaries in pakistan. a visionary chairman, he holds msc diploma in actuarial management from cass (now bayes) business college, town university, and london and is a fellow of the institute of actuaries, united kingdom. he commenced his career at an actuarial consultancy in pakistan.
he has over two decades of control experience at main international insurance groups and consultancies inside the uk and asia via global engagements across europe, north the usa and asia. earlier than becoming a member of slic, he held senior management and control function with a hong kong multinational insurance and finance employer called aia group limited.
following are the edited excerpts of a communication br studies had with shoaib javed hussain:
br studies: pakistan’s coverage penetration continues to be decrease than one percentage. how do you view this dilemma?
shoaib javed hussain: it’s far genuine that the penetration rate of the insurance enterprise in pakistan is disturbingly low. it is simply 0.5 in step with cent as towards the worldwide common of 3.three per cent. the insurance enterprise penetration price in a few nations is better than the worldwide average. we at state existence insurance enterprise of pakistan are attempting our fine to play our function in increasing the penetration fee of the insurance enterprise. it’s far difficult but we agree with we will make the difference via first concentrated on and accomplishing the worldwide average at least with our innovation, tough work, and efforts for digitalization and i would be happy to share that nation life coverage stays the market chief – thereby, contributing more than 55 percentage premium to pakistan’s overall existence coverage enterprise top class. our total enterprise marketplace percentage in 2020 became 53 percentage whereas in 2021 our total market share jumped to fifty eight percentage.
brr: how might you explain the effect of covid on insurance business in pakistan?
sjh: before commenting on covid and its impact on insurance quarter in pakistan, i would love to mention that i additionally experienced the covid effect at the industry in hong kong. i used to be in reality in hong kong earlier than i joined as the chairman and ceo of slic in march 2021.
the maximum shocking thing about the state of affairs while i was in hong kong turned into how speedy it were given out of control. agencies continuity was the largest assignment as the hong kong government imposed strict lockdowns, and many body of workers was forced to make money working from home due to travel restrictions or were detained overseas.
in contrast, my revel in in pakistan has been a little extraordinary, possibly due to the fact the pandemic had already been taking place for a yr when i arrived. way to a sophisticated lockdown approach, called the smart lockdown that allowed for the continuance of some economic sports, the industry in pakistan turned into capable of take care of covid scenario better than most different nations.
slic’s focus has been to assist consumers and policyholders throughout those extraordinary instances and assist them with bills of loans and blessings in a well timed way. the pandemic additionally expanded consciousness around health and life safety investments, and therefore it created opportunities for insurance zone to carry extra accessibility, value addition and innovation within the quarter. at nation existence insurance, that is precisely what we were doing with introducing more and more digitally enabled insurance products. our revival policy at some point of covid pandemic helped folks who could not pay premiums because of financial barriers.
brr: you mentioned the revival of rules, how this provides relief to policyholders?
sjh: we started a revival plan closer to the cease of final 12 months. this turned into especially launched due to the monetary crunch faced by the policyholders for the duration of covid-19 wherein we are making plans to provide a past due price waiver for a prolonged length to facilitate the policyholders who could not pay their respective premiums. this way, the policyholders will be endorsed to revive their discontinued guidelines.
brr: you were appointed handiest one year in the past to transform this company; how was your experience?
sjh: even as those high-quality accomplishments are the direct result my on time strategies and the exemplary due-diligence of whole work-force, the right strategic-direction became furnished to them to inspire this imaginitive company to compete in an increasingly complicated industry. capitalizing my worldwide enjoy, we fast controlled to convert this organisation, via nurturing competencies, great-practices, and a cohesive culture in commercial enterprise operations.
brr: employees schooling is important for insurance area. how do you preserve your team of workers influenced and skilled?
sjh: we have around 6000 regular employees and round one hundred fifty,000 area pressure that includes each males and females. and nation life is gift throughout the usa. so we take our group of workers and their training very significantly. we teach our humans via a comprehensive human useful resource improvement program, consisting of different kinds of trainings and refresher publications at all ranges, to decorate their technical, verbal exchange, management, workplace and presentation abilties. in reality, no longer most effective just inside country life, however through our product innovation we are focused on introducing merchandise that empower, guard and offer economic inclusion to the girls and youth of our united states of america; selling their entrepreneurial competencies to satisfy the requirements and challenges of the unexpectedly changing international.
brr: how could you describe slic’s latest financial performance and its power?
sjh: 2021 changed into an exceptional yr for the agency as we have been able to hold the strong boom in rates, core sales, and retailers. in the meantime, our product portfolio and offerings additionally improved as i cited in advance to take advantage of the opportunity created by way of digitalization. we broke all the preceding data of the monetary increase and operational performance throughout both our lifestyles and medical health insurance business.
during 2021, we achieved many highs, and our growth became pushed by product and digital innovation and a focus on policyholders’ revel in. we paid the very best ever claims well worth– rs98.three billion and also attained the very best ever policyholder bonus worth rs85.sixty five billion. we completed a hundred percent boom in new business income well worth rs71.seventy eight billion, at the same time as the preceding year’s figure turned into rs35.91 billion; over 130 percent highest-ever increase in fitness business; and over 230 percent increase in group and pension enterprise, that is again the best growth because the enterprise ’s commencement. the full commercial enterprise sales have grown via 36 percent, from rs119 billion to rs161.seventy nine billion in the course of the past yr. i would proud to say that we are the handiest ‘aaa’ rated insurer within the usa and have a market proportion of sixty five percent in conventional life. we offer individual life insurance, bancassurance, organization and pension existence, takaful and health insurance offerings. in addition to this, kingdom life also owns alpha coverage business enterprise limited,, a subsidiary of country life insurance company of pakistan that is engaged in non-life coverage business comprising fire, marine, motor, fitness and miscellaneous.
brr: whom you will supply the credit of first-rate performance in past 12 months?
sjh: this top notch overall performance has been achieved due to the determination of our government directors and expert body of workers, throughout our officers, body of workers and in particular sales pressure cadres; as they pursued my progressive vision and aggressive approach of our dynamic corporate leadership.
brr: inform us how a ways beforehand in digitalization are you?
sjh: virtual insurance and insurtech, which is the use of generation in insurance transactions and approaches is growing at an excellent pace in pakistan. and we want to be in advance on this development. kingdom existence insurance business enterprise of pakistan lately launched its virtual portal and the cell utility. this has been achieved as a part of our efforts to increase our virtual footprint. the app and the digital portal assist you to check in, buy regulations and pay premium. we need to amplify past the traditional coverage and we have plans to go similarly into digital transformation to advantages from the boom, patron pleasure, and loyalty it gives.
brr: slic has released many new merchandise at some stage in past three hundred and sixty five days and amongst them one is golden endowment plan. what precisely are those new merchandise?
sjh: slic has deployment of innovative solutions, like: a digital portal for existence & health plans and new merchandise, fitness-app, policyholders-app, e-workplace management machine and automatic ‘complaint management device’, those projects have converted the enterprise , permitting round-the-clock responsiveness and cell accessibility, on-the-go. this way, the corporation is pursuing; operational excellence, complete regulatory-compliance and transparency.
also, we’ve got delivered golden endowment plan, that’s a unique savings and safety scheme that gives coverage insurance of twenty years whilst only paying premiums for the first 7 years. the advantages and bonuses payable underneath this plan are based totally at the insurance years of 20 years and the policy will retain to take part in nation existence’s surplus even after the top rate charge term of seven years. the bonuses announced for a 20-year endowment plan are applicable for the golden endowment plan.
our new product guarantees coverage to every segment of the society. a bonus to this plan is that the insured person also gets life insurance along with an opportunity to build a dwelling for a financially secured destiny. one of the major reasons why one can purchase golden endowment plan is that it does it offer up to 25 percent cut price in top rate amount as compared to regular endowment plan. in our existing endowment plans, adulthood fee is around 3.sixty nine instances; while in golden endowment, adulthood fee is 4.36 times of sum assured and we foresee, that may develop as much as 5 instances in future on foundation of our contemporary boom charge.
brr: how can pakistan conquer its dire leadership crisis that’s severely impeding its progress?
sjh: in the mild of my realistic reviews and observations in various countries, i’m able to say with utmost self assurance that pakistanis may be counted among the most talented people in the global. as a common popularity in their particular competencies, they may be being provided management roles in the corporate in addition to non-company organizations during the world. regrettably, as a consequence of the huge mind drain taking location in pakistan for quite some time, we had been not able to enjoy the super management features of our fellow countrymen, who have been appearing so properly in their respective fields all around the global. i accept as true with that our authorities and company area ought to join arms to create a conducive environment wherein our tremendously talented expatriates can sense physically and financially secure and stable to come lower back to take this united states of america on the street to development thru the maximum usage of their experience and management competencies.
further, pakistan has a few fine universities across sciences, arts and commercial enterprise fields. a application which could help retain the expertise of our young people as they graduate from those universities is prime.
brr: what collaborations slic has made in past year and what’s the way forward?
sjh: slic has entered into collaborations with numerous e-commerce ventures and made strategic partnerships with pakistan’s leading banks, to sell monetary-inclusion & digital-economy to insure the uninsured’ people in pakistan. slic is now serving more than one hundred forty million citizens throughout pakistan, for the wellness and financial safety of the masses. several strategic partnerships are formalized for destiny sustained growth. in addition, slic is about to rollout 7 new products inside the following few months catering to one of a kind wishes of each pakistani.