The 10 Most Trusted Insurers in the Middle East October2023

VOL: 10 ISSUE: 14 2023

Emerging Trends The Dynamics of Insurance Industry in the Middle East Digital Transforma on Revolu onizing Insurance Systems in the Middle East

LifeLine TPA Mi ga ng Economic Burden and Enhancing Pa ent Outcomes

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Cover Story

LifeLine TPA

Mi ga ng Economic Burden and Enhancing Pa ent Outcomes

Contents

14. Aafiya TPA Bridging Gaps with Inclusive and Quality Insurance Services

20. Lifecare Interna onal

Offering a Comprehensive Range of Customized Insurance Solu ons

30. Dev Maitra Delivering Values Beyond the Transac on

Articles Articles

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Digital Transforma on Revolu onizing Insurance Systems in the Middle East

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Emerging Trends The Dynamics of Insurance Industry in the Middle East

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ithin the dynamic milieu of the Middle East, insurance providers emerge as stalwarts of economic stability, playing a pivotal role in for fying resilience against unforeseen challenges. Insurance transcends its conven onal role as a mere financial safety net; it assumes the status of a founda onal element for economic well-being. These custodians of stability extend protec on across diverse sectors, encompassing health, property, and business risks. Individuals and enterprises alike repose trust in the secure haven provided by insurance, facilita ng unimpeded growth and prosperity.

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The ongoing metamorphosis within the Middle Eastern insurance sector underscores its adaptability and propensity for innova on. By embracing cu ng-edge digital technologies, insurers are reshaping customer experiences, op mizing opera onal efficiency, and introducing pioneering products and services.

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The edi on - The 10 Most Trusted Insurers in the Middle East reveres the sector’s agility in responding to evolving needs, signaling a paradigm shi in the percep on and accessibility of insurance.

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As the Middle East consolidates its global presence, insurers play a pivotal role in this edi on. Beyond regional idiosyncrasies, these en es ac vely engage in transna onal collabora ons, thereby contribu ng to integra ng Middle Eastern economies into the broader interna onal insurance landscape. This global outlook enhances the sector’s capabili es and reaffirms its stature as a cri cal player in the global insurance domain.

-Preon Bannier

MOHAMMAD AFZAL ALAM, CEO & FAROOQ AHMAD, COO LIFELINE TPA

Cover Story

LifeLine TPA

Mi ga ng Economic Burden and Enhancing Pa ent Outcomes

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LIFELINE UNDERSTANDS THAT TIMELY AND ACCURATE INVOICING IS ESSENTIAL FOR THE SMOOTH FUNCTIONING OF THE HEALTHCARE SYSTEM AND FOR THE SATISFACTION OF THE CLIENTS AND PARTNERS.

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With a deep understanding of the claims handling system, Lifeline TPA creates unparalleled programs that enable the fast and efficient processing of invoices from medical facilities to insurance companies and ensure timely and continuous payments to healthcare providers, obtaining optimal discounts on medical services.

Let’s delve into the reformative insights:

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T

ime, with its infinite understanding, heals us all.

The provision of comprehensive medical services, ranging from preventive measures to advanced treatments, has far-reaching implications for both, financial sustainability of healthcare systems and the overall wellbeing of individuals. This proactive approach not only improves patient quality of life but also translates to significant cost savings for healthcare systems in the long run.

At Lifeline, the company uses a state-of-the-art claims management information system that enhances the capabilities and efciency of handling claims.

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The Foundation of Lifeline TPA Lifeline TPA, also known as Khat Al Haya Management of Health Insurance Claims LLC, is a third-party administrator that was established in 2015. The firm operates in the UAE, Oman, and Turkey, providing services such as processing, settling, and reconciling claims, record-keeping, and plan maintenance. The organization works with insurance companies that bear the risk of loss and contract reinsurance companies to share their risk. It offers a range of products and services to suit different needs and budgets, such as individual, family, group, and corporate plans. It also provides wellness programs, online portals, and mobile apps to help customers manage their health and claims.

Missioned to Provide Quality Healthcare Service The inception story of Lifeline is not just a business; it is a mission to provide quality healthcare services to the people who need them the most to save lives, heal wounds, and restore hope. Lifeline was founded by Dr. Mohammed Alam and Mr. Farooq Ahammed, who believe that every human being deserves the right to health, regardless of their income, caste, religion, or location.

The team decided to invest in technology and innovation to ensure that the hospitals had the best facilities available. It partnered with local and international hospitals and healthcare providers and multiple networks of pharmacies around the globe. It also decided to engage with the communities he served to educate them about health issues, prevention, and treatment. He organized camps, workshops,

seminars, and awareness campaigns to spread the message of health and wellness. The team also decided to make his business sustainable and profitable to ensure that he could continue his mission for the long term. He adopted efficient and ethical practices, such as transparent accounting, quality control, customer satisfaction, and social responsibility. The firm also enjoys his work, finding pleasure in serving society, joy in seeing the patients recover, grow staff, partners collaborate, and vision materialize.

CEO Mohammad Afzal Alam has a background in MBBS and has been an active entrepreneur since 2006. He founded “Musalla Net TPA LLC” in Dubai and held the position of CEO until 2010. Following this, he initiated “Global Net TPA LLC” in Dubai in 2010 and maintained the CEO role until 2015.

In March 2015, he embarked on establishing “Lifeline TPA LLC” in Sharjah, where he currently serves as CEO. Throughout his career, he has executed a comprehensive long-term strategy aimed at fostering sustainable growth and delivering top-tier medical services to residents and citizens. Under his leadership, data-driven decision-making processes were implemented, optimizing resource allocation and enhancing overall efficiency, resulting in a significant increase in productivity.

Complying with Challenges Some examples of exceptional challenges that show the service has helped insurance companies and clients are: •

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Managing the impact of the COVID-19 pandemic on the healthcare sector, such as dealing with increased claims volume, complexity, and cost, ensuring the safety and availability of healthcare providers, and complying with changing regulations and guidelines.

Implementing innovative and customized products, such as wellness programs, telemedicine services, and chronic disease management, that meet the diverse and changing needs of customers and enhance their satisfaction and loyalty.

Reducing fraud and abuse in the claims process, such as identifying and preventing false or inflated claims, verifying the eligibility and identity of claimants, and recovering overpayments or subrogation.

Enhancing customer service and experience, such as providing online and mobile access to claims information, offering self-service options, and resolving complaints and disputes quickly and effectively.

Leading the Way COO Mr. Farooq Ahmad, an energetic, ambitious personality, completed his MBA in International Business and moved to Dubai. Luckily, he got the opportunity in the Health Insurance Management Industry in March 2008.

This is where he realized this industry has good potential and growth in the future.

Thereafter, the Dubai Government introduced health insurance policies and laws to make healthcare affordable for everyone. Farooq started his first assignment as a Relationship officer in a claims management company for 2 years and 4 years in another two companies as manager of marketing and General Manager. After gaining extensive 6 years of experience & relations in the Health Insurance Claims Management Industry, in 2015, he planned to start LifeLine TPA. Today, LifeLine TPA completed 8 years of successful Journey; we achieved milestones and operated as the leading UAE TPA with quality services.

Motivation to Embark in Healthcare The motivation to embark on healthcare came from the desire to help people access quality and affordable healthcare, especially in times of uncertainty and crisis.

Mohammad Afzal Alam believes that health insurance is not only a business but also a social responsibility and a public good. He wanted to make a difference in the lives of people who face health challenges and risks and who need financial protection and support. Additionally, he wanted to be a part of a sector that contributes to the well-being and prosperity of individuals, families, and communities. He has always wished to work in a sector that is dynamic, innovative, and impactful. That is the reason he chose to work in health insurance.

Smooth Functioning of Healthcare System One of the core values of LifeLine is excellence, and it demonstrates this by ensuring the speedy processing of invoices from medical facilities to insurance companies.

Lifeline understands that timely and accurate invoicing is essential for the smooth functioning of the healthcare system and for the satisfaction of the clients and partners.

That is why it follows a strict Turnaround time policy that defines the maximum time taken to process and submit an invoice, depending on the type and complexity of the service.

The team has agreements with all the major providers in the industry, who have agreed to adhere to the policy and standards. By having these policies and agreements, it ensures to deliver the services with speed and efficiency and that it maintains the reputation as a reliable and trusted partner in the healthcare sector.

Risk Management Programs and Plans One of the main services that the company offers is to custom design and apply risk management programs for health insurance plans. The organization does this by following a four-step process that covers all aspects of risk management, from identification to improvement.

The steps are as follows: 1.Risk assessment It analyzes the health insurance plan’s current and potential risks, which may affect its financial performance, customer satisfaction, and regulatory compliance. Some of the common risks that it assesses are claims, premiums, enrollment, utilization, quality, satisfaction, and compliance. To identify and evaluate these risks, Lifeline uses various tools and methods, such as actuarial analysis, market research, customer feedback, and data mining. It also considers the external factors that may influence the risks, such as market trends, competitor actions, and regulatory changes.

2.Risk mitigation It develops and implements strategies to reduce or eliminate the risks that have been identified and evaluated in the previous step. Some of the common strategies that the company uses are plan design, pricing, underwriting, network management, care management, wellness programs, and fraud prevention.

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The inception story of Lifeline is not just a business; it is a mission to provide quality healthcare services.

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These strategies aim to optimize the balance between cost and quality and to enhance customer satisfaction and loyalty. It also designs and applies policies, procedures, controls, and contingency plans to manage the risks effectively and efficiently.

validity, and quality of the claims services and in avoiding any penalties, fines, or disputes. By using its system, it ensures that it delivers claims services with speed, accuracy, and quality.

Fast and efficient processing of Invoices

3.Risk monitoring It monitors and measures the performance and outcomes of the risk management strategies that it has implemented in the previous step. It uses key performance indicators (KPIs), key risk indicators (KRIs), dashboards, and reports to track and evaluate the results of the risk management program. It also conducts regular reviews and audits to ensure compliance and quality standards are met.

4.Risk improvement It identifies and implements opportunities to improve the risk management program based on feedback, best practices, lessons learned, and changing circumstances. It constantly looks for ways to enhance the effectiveness and efficiency of the risk management program and to adapt to the changing needs and expectations of the customers and regulators. It also provides training and education to the health insurance plan’s staff and stakeholders to enhance their risk awareness and culture.

Lifeline TPA provides customized services to help insurance companies/clients overcome their unique challenges strategically, operationally, and tactically. The medical claims processing team has extensive experience in the field of medical administration services and achieves high-level and specialized cost containment. It has the ability to tailor and implement risk management programs.

The state-of-the-art claims management information system enhances the ability to design and manage different products exceptionally, helping clients reduce costs and achieve their risk-management goals.

The team is focused on its customers and their evolving needs by listening and conducting regular reviews of the customer service approach. It periodically reviews the internal processes to optimize the efficiency of claims authorization and processing. It keeps the systems up to date as part of the integrated solutions to clients, ensuring that it remains the leader in the field.

Connects with Regulatory databases and Platforms Trusted Partner in the Healthcare Sector At Lifeline, the company uses a state-of-the-art claims management information system that enhances the capabilities and efficiency of handling claims. The system uses the latest technology and innovation to streamline and optimize the claims process, from data capture and validation to communication and collaboration to analytics and reporting to integration and compliance. The system also supports various types of claims, such as cashless, reimbursement, pre-authorization, and co-payment, offering flexibility and convenience to the customers. Moreover, the system incorporates artificial intelligence and machine learning that enhance the capabilities in fraud detection, risk assessment, and customer service.

The system connects with various regulatory databases and platforms, such as the Ministry of Health, the Insurance Authority, and the Health Authority, and ensures that the claims data and processes are compliant with their rules and standards. The system also updates itself automatically with any changes or updates in the regulations so that the team is always aware and prepared for any new requirements or challenges. By integrating with regulatory compliances, the system enhances the capabilities in ensuring the legality,

Lifeline values excellence, and it shows this by processing invoices from medical facilities to insurance companies quickly. It knows that prompt and correct invoicing is vital for the smooth operation of the healthcare system and for the happiness of the clients and partners. That is why it follows a strict Turnaround time policy that sets the maximum time it uses to process and send an invoice based on the kind and difficulty of the service. It also has contracts with all the major providers in the industry, who have committed to follow the policy and standards. By following these policies and contracts, it makes sure that the organization provides services with speed and efficiency and that it keeps its reputation as a dependable and trusted partner in the healthcare sector.

Testimonials Lifeline takes pride in having been honored with the Best Performing TPA Award by the Insurance Authority in 2020. This esteemed accolade acknowledges their commitment to delivering superior services to clients and partners within the insurance sector. The company’s exceptional nancial control system, recognized as the best in the industry, underscores its dedication to transparency, accountability, and operational efciency.

These achievements are the result of relentless hard work, unwavering dedication, and a culture of innovation. Lifeline extends gratitude to their valued stakeholders for their ongoing trust and support, and they remain dedicated to upholding their elevated standards and delivering continued exceptional outcomes.

The company has garnered notable recognition from both clients and supporters, attesting to its standing as one of the industry’s premier business partners. This award is a testament to Lifeline’s unwavering commitment to excellence, innovation, and the ultimate satisfaction of its customers. The company extends heartfelt appreciation for the condence and backing it receives from its clients and supporters.

The 10 Most Trusted Insurers in the Middle East

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he human lifestyle has changed in recent times. In such changing times, health is a universal right and a new paradigm in the realm of health insurance services. This sheds light on the pioneers who are redefining the health landscape, ensuring high-quality standards in health insurance to all sectors of the population. Exemplified by the launch of 'Dahab' Aafiya TPA, became the pioneer TPA in the UAE to introduce wellness and lifestyle benefits as a complimentary feature.

The constant efforts to improve the customer experience and satisfaction have led Aafiya TPA to rise to the top 5 TPA in the UAE. This journey is marked by several significant milestones, and we are here to know them through an interview with Mr. Mohammad Ali Zaidi, General Manager at the organization.

Below are the highlights of the interview: Can you please introduce yourself and provide an overview of your role and responsibilities within the TPA? With over 20 years of experience in the health insurance sector in the Middle East and India, I have developed a core expertise in organizational performance, strategy formulation, and business expansion.

Since the inception of Aafiya TPA, I have been a core member of the management team and have continuously worked towards the company's growth. At present, I serve as the General Manager at Aafiya, where I have successfully nurtured a team of skilled managers.

I have always envisioned growing the company's stature through strategic planning and execution.

In addition to being a successful leader, I have built relationships with multiple insurance companies and channel partners throughout the region. This has enabled us to provide exceptional services to our clients. Moreover, as a TPA, we are known for introducing several innovative strategies in different market segments and consistently achieving performance objectives.

As a team, we have demonstrated an ability to develop a thriving TPA business in a highly competitive market, resulting in Aafiya TPA being one of the top 5 TPAs in UAE. Briefly describe the history and mission of your TPA, highlighting any unique features or areas of specialization.

In the year 2013, the stakeholders were considering making health insurance mandatory in the UAE; it was important to support the insurance companies in managing and facilitating a smooth claim process.

14 October, 2023

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Mr. Mohammad Ali Zaidi General Manager

15 October, 2023

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Our journey towards establishing a reputation as one of the most trusted insurers in the Middle East has been marked by several significant milestones and achievements since our inception in 2013. By constantly working to improve customer experience and satisfaction, Aafiya TPA rose to the top 5 TPA in the UAE. For instance, Aafiya became the pioneer TPA in the UAE to introduce wellness and lifestyle benefits as a complementary feature, exemplified by the launch of 'Dahab,' a premium value-added healthcare service.

Our strong relationships with insurance companies and healthcare providers have been crucial to our success. They enhance our credibility and help us provide exceptional service to our valued clients. This trust from our clients strengthens our position and ensures our long-term growth and stability. Ultimately, it is these collective milestones and dedicated efforts that have firmly established us as one of the most trusted insurers in the Middle East.

How does your company prioritize the needs and concerns of customers, and what strategies do you implement to build trust and satisfaction?

In view of bridging the gaps between the insurance companies, the network providers, and the policyholder, 'Aafiya' was born in 2013 with a mission to revolutionize the healthcare process and provide the most sought-after healthcare services to all sectors of the population.

Aafiya, which is a synonym for Good Health, is committed to patient safety and is a trustworthy healthcare facilitator in the region. Aafiya provides expertise in Risk Management, Policy Administration, Claim Management, Provider Network, Healthcare Assistance Department (24*7 Customer Call Centre), and Case Management.

At Aafiya TPA, we believe in customer centricity; therefore, we prioritize the needs and concerns of our members by placing them at the center of everything we do. Our goal is to provide exceptional service and build trust and satisfaction with our clients. To achieve this, we have implemented several strategies. Firstly, we have a dedicated customer service team that is available 24/7 guaranteeing that any inquiries or problems are addressed within just

In an evolving environment and in a health insurance sector like ours, the promise that we make to our members and stakeholders remains close to our hearts. For us at Aafiya TPA, our years of engagement and experiences with our members have helped us to understand and innovate our offerings to meet their needs and aspirations. Therefore, we have translated our services & and solutions into our mission to simplify the healthcare journey.

What do you consider to be the most significant achievements or milestones that have contributed to your company's reputation as one of the most trusted insurers in the Middle East?

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three rings therefore, they don't have to wait in long queues to address any concerns or issues with 3 rings, therefore, they don't have to wait in long queues. We understand that healthcare is a critical service, and our team is always ready to assist our clients in any way possible.

Secondly, we regularly seek feedback from our clients to understand their needs and concerns better and work on problem-solving methods in view of the continuous improvement of our services. This helps us build trust with our stakeholders and ensures that we are always aiming to meet their expectations.

Thirdly, we have invested in technology to ensure that our services are efficient and reliable. We have developed an integrated in-house system called Reiaya to manage claims processing and provider networks. We have developed a mobile app that is a one-stop solution for all policy-related information.

Finally, we have established strategic partnerships with insurance companies and healthcare providers. This has helped us build a reputation as a trusted TPA in the region.

What are some innovative services that your company offers to cater to the unique needs of clients in the Middle East?

Here are some innovative services for all our stakeholders: Ÿ

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Reiaya – Our in-house claim management system, powered by AI, seamlessly integrates with regulatory portals, streamlining and automating all operational processes.

SME Services – A premium service launched to target SME clients, providing them with valued services along with regular insurance coverage like medicine delivery, priority at the healthcare facility, appointment booking, and much more..

Aafiya Mobile App – A one-stop solution for all the policy-related information for the members and more..

Pro Connect Portal – A portal that bridges the gaps between a healthcare provider and a TPA like us in order to have robust communication.

PBM Portal – An In-house Pharmacy Benefit Management System to ensure faster response and no long waits at the pharmacy. Since it is an in-house portal, we can easily set up various rules basis the requirement.

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How does your company ensure strict adherence to regulatory standards and maintain high ethical standards in all operations?

It is our responsibility to ensure that our company operates in compliance with all regulatory standards and maintains the highest ethical standards in all of our operations. One of the aspects is the confidentiality of the members. We have restricted access and frequent monitoring of access control policy. With respect to the vendor, we have a Confidentiality and Non-Disclosure agreement in place.

Moreover, We are ADHICS-certified TPA. What are your company's future plans for growth and expansion in the Middle East region, and how do you envision maintaining and enhancing trust in the coming years?

We have ambitious plans for growth and expansion in the Middle East region. Our vision is to become the first choice TPA in the health insurance sector.

To achieve this, we plan to expand our network of clients and partners, both in the UAE and throughout the Middle East. We will continue to invest in technology and infrastructure to ensure that our services are efficient, reliable, and scalable. We will continue to focus on developing innovative initiatives that meet the evolving needs of our stakeholders.

Overall, we are committed to delivering exceptional service to our clients and building trust in the Middle East region.

We are confident that our focus on innovation, quality, and customer service will enable us to achieve our growth and expansion goals while maintaining our reputation as a trusted TPA in the region.

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The 10 Most Trusted Insurers in the Middle East

nsurance products serve as a crucial safety net in unforeseen circumstances. While they cannot entirely prevent life’s uncertainties, they provide a robust defense against financial setbacks. They act as a protective barrier, ensuring that your most valued assets - your health, finances, business, and above all, the well-being of you and your family - remain secure and shielded from the unpredictable challenges that life may present.

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health and well-being proposition, which has garnered multiple international accolades and awards.

Insurers who adopt digitalization, sustainability, and customer-centric strategies are poised for success in this era of transformation. Among these industry leaders, Lifecare International stands out as one of the most esteemed names.

Strongly affirming charitable causes, I launched an annual CSR medical camp in the Maasai Mara, which has treated over 8500 patients to date, in addition to supporting several programs. I am also a co-founder of the Capital Club East Africa and a member of the YPO and EMIR boardroom.

We had the privilege of discussing business dynamics with Alniz Popat, the Founder and Chief Executive Officer (CEO) of Lifecare International. Alniz is a highly driven entrepreneur and a specialist in business growth. His dedication to innovation and continual learning has been a motivating factor throughout his career, and providing exceptional care is his core interest.

In addition to my role at Lifecare, I believe in enabling healthcare access, serving as the co-founder of HealthX, a company that leverages technology to make quality primary healthcare accessible, affordable, and convenient for all.

HealthX currently operates in Kenya and Pakistan.

I received my bachelor’s degree in Finance and Economics from the University of Western Ontario, Canada, and I am Chartered Insurance Institute (CII) certified.

Briefly describe the history and mission of your insurance company, highlighting any unique features or areas of specialization.

Below are the highlights from the interview!

Can you please introduce yourself and provide an overview of your role and responsibilities within the insurance company?

I am the founder and Chief Executive Officer (CEO) of Lifecare International, a leading insurance, health, and wellbeing advisor in the Middle East & Africa, offering a range of bespoke insurance and award-winning workforce care and well-being solutions.

I am consumed by the passion to deliver extraordinary care, and I have an inherent affinity for lifelong learning and innovation. My journey is grounded in a strong belief that the healthcare industry should be a proactive rather than a reactive measure. This conviction ultimately led to the inception of CURA, Lifecare’s complementary, bespoke

21 October, 2023

Lifecare International is a leading insurance, health, and well-being advisor in the Middle East and Africa, offering a range of bespoke insurance and award-winning workforce care and well-being solutions. Established nearly 30 years ago, Lifecare International has obtained a reputation for excellence and continues to serve a very simple purpose: to help everyone protect and care for those that matter most. Addressing the needs of large corporations, SMEs, and individuals, Lifecare employs a workforce of 150+ members across the UAE, Qatar, and Kenya, delivering value in the medical insurance, general insurance, and life insurance lines.

Having deep ties into the international medical insurance industry, Lifecare works with over 40 providers across the market. Equipped with a 24/7 Concierge, Doctors Helpline, and Emergency Assistance Desk, the company values

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lifetime relationships and is consumed by the passion to deliver extraordinary care at a time when it is needed most.

workplace ergonomics, gym memberships, lifestyle concierge services, global crisis response, and evacuation.

Lifecare prides itself on integrity, superior customer relationship management, and support and displays a high level of empathy and compassion for clients. Lifecare’s incredible 96% client retention rate is a testament to these company values, as they serve as the backbone of our corporate culture. Furthermore, our retention rate is a testament to client satisfaction, who repeatedly renew their contracts to continue reaping the benefits of excellent care and customer service.

Lifecare has been recognized by a number of reputed international awarding bodies over the past years, which reflects our commitment to delivering 24/7 care and independent advice through unique and tailored health insurance solutions; some examples are:

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What do you consider to be the most significant achievements or milestones that have contributed to your company’s reputation as one of the most trusted insurers in the Middle East?

Additionally, we have also been recognized by the international insurers we work with, which has helped strengthen our relationship further; some examples are:

Our secret to keeping our clients happy has been to be caring and supportive of their needs and emotions at every step of their journey with Lifecare. We recognize that while extremely important, sometimes insurance coverage isn’t enough, which led to Lifecare’s complimentary, awardwinning, bespoke program called CURA, which is completely unique to Lifecare. CURA enables our clients to access immediate, international, round-the-clock, and realtime medical, security, travel, care, assistance, and support services. The partners we have selected for the CURA portfolio are the best of their kind. The spectrum of benefits includes everything, including pro-active health and wellbeing, time-saving digital tools, crisis response, fast-track services, cost-containment initiatives, wellness screenings, and much more.

LifeNet helps our client’s HR department manage employees’ insurance better, smarter, and faster. The platform provided relevant insights on medical schemes, claims, administration efficiency, and more.

Over the years, the number of insurance providers we work with has significantly grown – encompassing a wide range of both international and local providers across numerous markets. In addition to this, we have grown our networks in terms of our client base, along with business partnerships across numerous countries.

There has been a tremendous increase in the number of allied partners that Lifecare works with. With over 50 certified allied partners, we ensure that our clients are receiving the best value-added services, including telehealth, emotional assistance, nutritional coaching,

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Best Workplace Well-being Advisors, The UK Health & Protection Awards 2023.

Best International Individual Client Advice Firm, The UK Health & Protection Awards, 2023.

Top Performer - Individual Client Retention, Bupa Global, 2023.

Top Producing Broker – Middle East & Africa, Cigna, 2023.

What are some innovative insurance products or services that your company offers to cater to the unique needs of clients in the Middle East?

As independent advisors, we take a consultative approach rather than a transactional one, where our team sources products available and tailors them to suit the client’s unique needs. Insurance can be complex, and our team simplifies it as an independent broker – whether you are looking for an individual, family, SME, or corporate insurance policy, we cater to a wide range of Health, General, and Life Insurance solutions. The relationship, support, and guidance extend far beyond purchasing the policy; rather, it continues throughout your journey with Lifecare.

The Middle East has become a melting pot of various cultures, tastes, and preferences. No one solution fits all, and taking a tailored approach whilst prioritizing proactive health and well-being has been received well in the Middle East.

How does your company ensure strict adherence to regulatory standards and maintain high ethical standards in all operations?

Lifecare International is a GDPR-compliant, ISO-certified, and ODPC-accredited business that adheres to European

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Union standards of data protection and confidentiality. The team is trained in line with an international level of best practices that are implemented throughout the organization, which is verified through several annual audits that have resulted in high scores. Lifecare is also a part of the Business Integrity Index by the British Chamber of Commerce and adheres to a strict level of client confidentiality.

What are your company’s future plans for growth and expansion in the Middle East region, and how do you envision maintaining and enhancing trust in the coming years?

We intend to not just keep pace but completely exceed our client’s needs. We seek to remain agile as a business with innovation at the forefront, never compromising care at any step of the way. We will continue to deliver high-quality, trusted, and customized client solutions, developing and integrating client relationships and feedback continuously.

Awards 2023 awards • •

Best Workplace Well-being Advisors, The UK Health & Protection Awards 2023.

Best International Individual Client Advice Firm, The UK Health & Protection Awards, 2023.

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Best Use of Loyalty & Rewards Program to enhance Customer Happiness, Customer Happiness Summit & Awards, 2023.

• Customer Happiness Team of the Year, Customer Happiness Summit & Awards, 2023.

• Best Community Impact Initiative (Gold), Employee Happiness Summit & Awards, 2023.

• Top Performer - Individual Client Retention, Bupa Global, 2023 • Top Producing Broker – Middle East & Africa, Cigna, 2023.

• Outstanding Contribution to Corporate Social Responsibility” award, Allianz, 2023.

Allianz Summit Sales Champion Award Qatar, Allianz, 2023.

Best Employer Brands, Middle East Leadership Awards, 2023.

2022 awards •

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Delivering Customer Happiness in Times of Crisis Going Above & Beyond, Customer Happiness Summit & Awards, 2022.

Best Use of Loyalty & Rewards Program to enhance Customer Happiness, Customer Happiness Summit & Awards, 2022.

Best Corporate Health Insurance Brokerage, UAE, CFI, 2022 Business Integrity Award by the British Chamber of Commerce in Kenya.

Think Business Insurance Awards 2022, 2nd Runner Up, The Most Customer-Centric Broker in Kenya.

Rising Star SME, Cigna, 2022.

Best Workplace Well-being Advisor, UK H&P Awards, 2021.

Best Newcomer of the Year, Cigna 2021 Best Portfolio Growth Allianz, 2021.

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Revolutionizing

Insurance Systems in the Middle East T

he insurance landscape in the Middle East is undergoing a radical transformation propelled by the wave of digitalization. As the region embraces the benefits of advanced technologies, the insurance industry is at the forefront of a digital revolution. Further, we explore how digital transformation is reshaping insurance systems in the Middle East and the profound impact it has on the sector.

Digital Transformation: A Paradigm Shift in Insurance Digital transformation in the insurance sector goes beyond the mere adoption of technology; it represents a paradigm shift in the way insurance products and services are conceptualized, developed, and delivered. The Middle East, with its rapidly growing economies, is witnessing a surge in the integration of digital technologies to enhance the efficiency, accessibility, and overall customer experience within the insurance industry.

Insurtech Innovations Driving Change Insurtech, the marriage of insurance and technology, is a driving force behind the digital revolution in the Middle East's insurance sector. From artificial intelligence (AI) and machine learning to blockchain and the Internet of Things (IoT), insurtech innovations are reshaping traditional insurance models. These technologies are streamlining processes, reducing costs, and enhancing the overall agility of insurance systems.

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Enhanced Customer Experience One of the most visible impacts of digital transformation is the elevation of customer experience. Digital channels, including mobile apps and online platforms, have become integral to insurance interactions. Customers can now easily browse, compare, and purchase insurance products from the comfort of their homes. Insurers are investing in userfriendly interfaces, chatbots for instant customer support, and personalized dashboards, creating a seamless and convenient experience for policyholders.

Data Analytics for Informed Decision-Making The abundance of data generated in the digital era is a goldmine for insurers seeking to better understand customer behavior, manage risks, and optimize business processes.

Advanced data analytics tools enable insurers to derive actionable insights from large datasets, facilitating more informed decision-making. Predictive analytics, in particular, allows insurers to anticipate trends, identify potential risks, and tailor products to meet evolving customer needs.

AI and Machine Learning for Underwriting and Claims Processing Artificial intelligence and machine learning technologies are revolutionizing underwriting processes and claims management.

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Digital Transforma on

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These technologies can assess risk factors more accurately, leading to more precise underwriting decisions. In claims processing, AI expedites the evaluation and settlement of claims by automating routine tasks, reducing processing times, and minimizing errors. This not only enhances operational efficiency but also contributes to improved customer satisfaction.

Blockchain for Security and Transparency Blockchain technology is gaining traction in the insurance sector for its potential to enhance security and transparency.

The decentralized and immutable nature of blockchain ensures the integrity of data, reducing the risk of fraud and enhancing trust among stakeholders. Smart contracts, executed on blockchain platforms, automate and streamline policy administration, claims processing, and premium payments, leading to increased efficiency and reduced administrative costs.

Mobile Insurance and Microinsurance Solutions The prevalence of mobile devices in the Middle East has given rise to mobile insurance solutions that cater to the needs of digitally savvy consumers. Mobile apps not only provide a platform for purchasing policies but also serve as tools for policy management, claims reporting, and communication with insurers. Additionally, digital technologies are facilitating the development of microinsurance solutions, making insurance more accessible to underserved populations and niche markets.

emerging technologies are among the challenges that insurers must navigate. However, these challenges present opportunities for further innovation, collaboration, and continuous improvement.

Looking Ahead: The Future of Digital Insurance in the Middle East The digital transformation of the insurance sector in the Middle East is an ongoing process with vast potential for future growth and development. As technology continues to advance, insurers must stay agile and adaptive to harness the full spectrum of digital opportunities. The future promises further integration of emerging technologies, increased collaboration across the insurtech ecosystem, and a continued focus on delivering value-driven, customercentric insurance solutions.

Conclusion Digital transformation is reshaping the insurance landscape in the Middle East, ushering in an era of innovation, efficiency, and enhanced customer experiences. The adoption of advanced technologies, coupled with regulatory support and industry collaboration, positions the region's insurance sector on a trajectory of sustainable growth. As insurers continue to embrace digitalization, the Middle East is poised to become a global leader.

Regulatory Support and Fintech Collaboration Regulatory bodies in the Middle East are actively supporting the digital transformation of the insurance sector. Regulatory frameworks are being adapted to accommodate innovations while ensuring consumer protection and market stability. Collaborations between insurers and fintech companies are fostering innovation and introducing new business models. These partnerships are contributing to the creation of tailored solutions that address specific regional needs and challenges.

Challenges and Opportunities While the benefits of digital transformation are evident, the journey is not without challenges. Cybersecurity concerns, data privacy issues, and the need for skilled professionals in

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Maitra Delivering Values Beyond the Transac on

In this context, the competitive landscape of becoming a trusted insurer involves a blend of essential factors that collectively contribute to establishing credibility, reliability, and confidence among clients and stakeholders.

While discovering the Most Trusted Insurers in the Middle East, we had the privilege of catching up with Dev Maitra, the esteemed Managing Director of Savington Insurance Brokers. Mr. Maitra sets comprehensive performance goals, aligning them harmoniously to drive optimal performance and foster overall growth.

Below are the highlights from the interview: Can you Introduce yourself and provide an overview of your roles and responsibilities within the insurance company?

My name is Dev Maitra, and I am writing to introduce myself as the Managing Director of Savington Insurance Brokers, which ranks among the leading Insurance brokers in the UAE, committed to delivering excellence in risk management and client service.

As the Managing Director, my primary role encompasses clearly communicating the company’s strategic vision and objectives and setting clear performance goals alongside to drive performance and overall growth. Furthermore, in

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o navigate the uncertainties of life, insurance is a tool that acts as a safety net. Unprecedented situations can occur at any instance, and having financial security to withstand these situations can solve the majority of adversities. The peace of mind that comes with insurance allows you to focus on your goals and aspirations without the constant worry of potential financial setbacks.

We rigorously uphold regulatory standards and ethical conduct across our operations, employing a multifaceted approach to ensure compliance and ethical integrity.

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terms of business development and growth, I identify and capitalize on opportunities in the insurance market, fostering relationships with clients and carriers and spearheading efforts to acquire new clients and expand our market presence.

Financial management is pivotal, involving effective budgeting, forecasting, and the pursuit of profitability while mitigating financial risks. Hence, to ensure strict compliance with insurance laws and regulations, I stay updated on industry changes, thereby fostering a culture of compliance. Based on these trends, I develop crisis management plans and actively engage in industry associations and events to stay connected with peers and industry trends.

Briefly describe the history and mission of your insurance company, highlighting unique features and areas of specialization.

Established in 2006 in Dubai, Savington International Insurance Brokers LLC has emerged as a prominent player

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The 10 Most Trusted Insurers in the Middle East

in the United Arab Emirates’ insurance landscape. Holding licenses and certifications from the Central Bank of UAE,’ we have become a trusted and recognized entity within the insurance market. Our dedicated team and comprehensive insurance offerings are designed to provide our clients with the ultimate peace of mind. At Savington LLC, we proudly rank among the top insurance service providers in the UAE. Our services encompass a wide range, including managing medical insurance claims, personal insurance, liability coverage, vehicle insurance, and accident protection, catering to the diverse needs of our clients.

Unlike our peers, our vision extends beyond merely providing insurance services. We aspire to become the foremost insurance company capable of delivering tailored and general insurance solutions to clients throughout the UAE. Driven by hard work, professionalism, and unwavering commitment, our mission is to bring joy and satisfaction to our clients. We achieve this through cost-effective insurance policies, high-quality insurance solutions, transparent service practices, and equitable claims settlements. Drawing from a decade of experience in the insurance industry, we excel in crafting and delivering precise solutions, including claims management, risk assessment, consultancy, and risk transfer.

Savington stands out in the insurance arena due to its unique client-centric vision, setting us apart from our competitors. With global partnerships and a dedicated client base of nearly 2,000, we have earned our place as industry leaders. Our hallmark attributes include unmatched professionalism, relentless focus, and steadfast dedication to serving our clients.

What do you consider to be the most significant achievements or milestones that have contributed to your company’s reputation as one of the most trusted insurers in the Middle East?

Our most significant milestone is Easy Insurance by Etisalat, which reaches the client more effectively by leveraging the power of technology, and the client is able to purchase the policy of his choice in a matter of minutes, irrespective of time and location.

We are trying to redefine and disrupt the insurance distribution model by leveraging the already established channels of distribution and products and coupling them with the safety cover of insurance.

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Dev Maitra Managing Director Savington Insurance Brokers How does your company prioritize the needs and concerns of customers, and what strategies do you implement to build trust and satisfaction?

Firstly, to truly understand customer needs, we, as brokers, invest substantial time and effort in conducting comprehensive assessments and consultations. These efforts are geared towards gaining intimate knowledge of each client’s unique risk profile, financial situation, and individual objectives.

By meticulously delving into these aspects, we recommend insurance solutions that are precisely tailored to match a client’s specific requirements. Whether it’s crafting a policy with tailored coverage limits, bundling policies to optimize protection, or providing add-on options to cater to unique preferences, the overarching objective is to ensure that the insurance coverage fits like a glove.

Secondly, the provision of tailored insurance solutions forms the cornerstone of the client-centric approach. We take great care in crafting policies that align seamlessly with a client’s needs and preferences. These customized solutions go beyond off-the-shelf offerings to provide

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precise coverage. Whether it’s personal insurance, liability coverage, or specialized risk protection, these tailored policies cater to the nuances of each client’s situation.

It’s about ensuring that the client isn’t over-insured or under-insured but, rather, perfectly insured. This not only enhances client satisfaction but also underscores our commitment as brokers to delivering value beyond the transaction. In essence, these first two pillars understanding client needs and delivering tailored solutions - constitute the bedrock upon which the entire client-centric strategy of Savington is built.

What are some innovative insurance products or services that your company offers to cater to the unique needs of clients in the Middle East?

Cyber Insurance by us is the only individual cyber insurance policy in the UAE, which is highly recommended for individuals to protect against personal economic losses, whether credit card or any other banking channel. This policy protects the user from online banking or credit card fraud, as well as from losing online purchases, electronic extortion or identity theft, cyberbullying, and direct economic losses.

We also provide travel insurance with a roaming plan and cyber insurance with gadgets.

knowledge; it’s about creating a culture of ethical behavior and decision-making.

Employees are educated on the importance of transparency, honesty, and client-centricity. Practical scenarios and case studies are integrated into the training to provide real-world context. In addition to regular training, we establish written policies, codes of conduct, and conflict of interest policies.

Independent reviews and audits, both internal and external, evaluate these compliance efforts further.

By emphasizing regular training, Savington fosters a culture where employees are well-equipped to navigate the complex landscape of regulations and uphold the highest ethical standards in their interactions with clients, colleagues, and partners. This commitment to training not only ensures compliance but also bolsters client trust and maintains the industry’s reputation for integrity.

What are the company’s future plans for growth and expansion in the Middle East region, and how do you envision maintaining and enhancing trust in the coming years?

Our company aims to achieve the status of pan UAE in the next year by opening a branch office in Abu Dhabi. We are also planning to Go pan GCC by opening offices in Saudi Arabia, Qatar, and Bahrain.

How does your company ensure strict adherence to regulatory standards and maintain high ethical standards in all operations?

Savington rigorously upholds regulatory standards and ethical conduct across its operations, employing a multifaceted approach to ensure compliance and ethical integrity.

A cornerstone of this approach is regular training beyond what is mandatory from the regulator. Brokers understand that maintaining a well-informed and ethical workforce is pivotal to their success. They invest significantly in ongoing training programs that address regulatory updates, compliance procedures, and ethical principles. These training initiatives are not one-time events but continuous processes, keeping employees at the forefront of evolving regulations and ethical considerations.

Compliance officers or teams play a pivotal role in designing and delivering these training programs. These professionals possess specialized knowledge in regulatory matters and ensure that employees comprehend and adhere to the latest standards. The training isn’t just about

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&

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Awards

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The Dynamics of

Insurance Industry in the Middle East T

he insurance industry in the Middle East is undergoing a profound transformation driven by a confluence of economic, technological, and regulatory factors. As the region continues to evolve, insurance providers are adapting to emerging trends that are reshaping the landscape.

In the process, we delve into the dynamics of the insurance sector in the Middle East, exploring the key trends that are influencing its trajectory!

Digital Transformation and Insurtech Integration The Middle East is witnessing a rapid digitization of its economies, and the insurance industry is no exception.

Insurtech, a portmanteau of insurance and technology, is playing a pivotal role in reshaping traditional insurance models. From digital underwriting processes to AI-driven claims assessments, insurers are leveraging technology to enhance efficiency and provide more personalized services.

and online platforms are becoming increasingly popular channels for purchasing and managing insurance policies, reflecting a shift toward a more consumer-centric approach.

Economic Growth and Increasing Insurance Penetration The Middle East is experiencing sustained economic growth, which, in turn, is contributing to the expansion of the insurance sector. As disposable incomes rise and living standards improve, there is a growing awareness of the need for insurance coverage. This has led to an increase in insurance penetration across various segments, including life, health, and property insurance.

Moreover, the rise of digital platforms is changing the way customers interact with insurance products. Mobile apps

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Naviga ng Emerging Trends

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Governments in the region are also playing a role in driving insurance adoption. Mandates for certain types of insurance, such as health insurance in some Gulf Cooperation Council (GCC) countries, are boosting overall insurance penetration rates.

Shift in Consumer Behavior and Expectations Changing consumer behaviors are influencing the insurance landscape. Customers are becoming more discerning and expect seamless, digital experiences. Insurers are responding by investing in user-friendly interfaces, online customer service, and personalized offerings. Tailoring insurance products to meet the unique needs and preferences of customers is becoming a key differentiator in the competitive market.

Environmental, Social, and Governance (ESG) Integration ESG considerations are gaining prominence in the insurance sector, reflecting a broader global trend toward sustainable and responsible business practices. Insurers are incorporating ESG criteria into their investment decisions, underwriting processes, and product development. This shift aligns with growing societal awareness and expectations for businesses to contribute positively to environmental and social causes.

Insurance companies are increasingly offering products that address climate-related risks, promote social well-being, and adhere to ethical governance standards. This not only aligns with evolving consumer values but also positions insurers as responsible corporate citizens.

Regulatory Reforms and Governance Collaboration and Partnerships Regulatory frameworks are evolving to keep pace with the changing dynamics of the insurance industry. Governments in the Middle East are introducing reforms to enhance transparency, strengthen corporate governance, and ensure financial stability within the sector. Regulatory bodies are actively working to strike a balance between fostering innovation and safeguarding consumer interests, creating an environment conducive to sustainable growth.

The implementation of stringent regulatory standards is not only improving the overall stability of the insurance market but is also fostering confidence among consumers, leading to increased trust in insurance products.

Focus on Cybersecurity and Risk Management As digitalization accelerates, the insurance industry is becoming more susceptible to cyber threats. Insurers are recognizing the importance of robust cybersecurity measures to protect sensitive customer data and prevent fraudulent activities. Investing in advanced cybersecurity infrastructure and risk management practices has become a top priority for insurance companies in the Middle East.

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Collaboration is emerging as a key strategy for insurers looking to navigate the complex and dynamic landscape.

Partnerships between traditional insurers and insurtech startups are fostering innovation and driving the development of new, technology-driven solutions.

Additionally, collaborations with other industries, such as healthcare and technology, are creating synergies that enhance the overall value proposition for customers.

Conclusion The insurance industry in the Middle East is in the midst of a transformative period marked by technological advancements, shifting consumer expectations, and evolving regulatory landscapes. Insurers that embrace these emerging trends are not only better positioned to thrive in the current market but also to contribute meaningfully to the region's economic development and societal well-being.

As the industry continues to evolve, a proactive approach to innovation, customer-centricity, and sustainable practices will be key to long-term success.

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