Abu Dhabi: Abu Dhabi National Insurance Company (Adnic) plans to open more sales and service offices, make each line of its business profitable and launch new mobile apps to serve customers effectively, the new chief executive officer of the company, Ahmad Idris, told Gulf News.
Innovation and technology will be an area of focus for the company in 2015. “We plan to launch more apps this year. This will make it easier and more efficient for retail customers to do business with us anytime and from anywhere,” said Idris.
“For example, users can buy or renew a motor insurance policy through our mobile app within minutes without having to visit any of the Adnic offices. App users who purchase their insurance in this way also receive a free car tinting voucher.”
The company also wants to focus on Small and Medium Enterprises in the country. Adnic has an array of products that cater to the very specific needs of the SME segment in the UAE.
“While we offer bouquet solutions like Adnic’s Safe+ product, that brings together many insurance covers under one single policy, we also provide customised solutions. Flexibility is the key.”
“In addition, we have recently launched colour coded medical insurance products that will address the health care needs of SME workforce.”
Talking about the challenges faced by the insurance industry in the UAE, Idris said healthy competition is good but deviation from technical pricing for risks is not good for the long-term health of the industry. “The impact of bad pricing is already reflecting adversely on medical and motor lines of business for most insurers.”
“Insurers who retain negligible risks to their net account pose another challenge. However, with regulations getting stronger and compliances and control becoming a centre stage issue, I am confident that industry will soon see a course correction.”
Idris who replaced Walid Sidani as the chief executive officer in December said the Middle East and North Africa (Mena) region holds immense opportunities for growth. “Today, physical presence is not a prerequisite to doing business if one is clear on the business objectives. We enjoy strong bonds with most insurers in the Mena region who are aware of our financial strength, underwriting capability, risk appetite and the ease of doing business with us, besides the cultural similarities,” he said when asked about overseas expansion plans.
The company will not shy away from acquisitions. “If any attractive acquisition opportunity presents itself in future, the company will actively consider it. We enjoy very good financial strength ratings from S&P and A.M. Best. Our shareholders want us to grow.”
The company opened a branch in Musaffah to cater to the needs of the customers living in the area last year. It plans to open more sales and service offices in 2015.
For the first six months of 2014, Adnic reported a profit of Dh104 million, up 8 per cent on the restated Dh97 million reported in 2013.