Newsletter | January 2017 Awarding an Act of Courage Chairman’s Message Greetings and wishes for a happy and prosperous New Year 2017. As we begin our New Year, let’s usher in new beginnings. It gives us an Wishing the opportunity to start afresh, set new goals and pursue our aspirations. Al Madina family The past year, we have achieved a lot together as a company. In the a bright and face of tough challenges and the economic backdrop, we did not prosperous limit ourselves but sought to look ahead and achieve new milestones. Teamwork, integrity and hard work have kept us on this road. year. As a team, we have worked successfully and let us collectively pursue our goals for the future with the same dedication and commitment. Reiterating, our values of innovation, social responsibility, transparency, integrity and teamwork, let us continue to uphold our leadership as Oman’s leading insurance company. By ensuring profitability for our stakeholders, satisfaction for our customers and committed to our fellow employees, the New Year will be one where we can lead your company to greater heights of success. I wish each of you a prosperous and successful 2017. HE. Dr. Mohammed Ali Al Barwani Chairman 1 Award for an act of courage. Felicitating local hero with Life and Motor Insurance for his bravery. Al Madina Takaful, Oman’s first Takaful insurance to do. His act of courage inspires us all and we provider, felicitated Mohammed Hashmi, a are privileged to provide care and protection 43-year-old father of five, who rescued two through our insurance to the person who children from a burning car at a fuel station, in his selfless act saved lives” said, Usama Al saving their lives. Barwani, Acting CEO, Al Madina Takaful. At a ceremony in the Al Madina office, This act of courage of Mohammed Hashmi’s Dr. Mohammed Al Barwani, Chairman of bravery reflecting his kindness and selfless Al Madina Takaful, awarded Mohammed Hashmi, nature, inspired Al Madina Takaful to initiate Al Madina Motor and Life insurance for one year an award and recognition for his efforts. The for his act of courage. company believes in serving to provide cost- effective insurance and superior customer service Mohammed Hashmi rescued two children, a boy in a manner that takes into account the culture, and girl from a burning car at a fuel station in social ethos and needs of the community. Sur. Rescuing both of them, he then drove the Awarding Mohammed Hashmi this bravery award father and the injured children to Sur hospital is in line with this and recognizes his efforts for responding to the need of the hour and rushing the community. them to hospital instead of waiting for an ambulance. His rescue was a heroic act that Al Madina Takaful has been actively engaged inspired people and the video of his act was with the community, sharing knowledge on widely circulated. Islamic insurance, reaching out through CSR initiatives that aid charities and contributing “Felicitating Mohammed Hashmi with a Motor towards the upliftment and empowerment of the and Life Insurance is something we are proud community. 2 Capital Market Authority Report Capital Market Authority Adopts Insurance Services Quality Guidelines Satisfaction of policyholders is one of the significant methods for establishing competitive environment in the insurance market Based on CMA’s vision to promote the insurance companies. It encourages companies concept of customer service quality, and to establish effective channels of communication to increase the level of company compliance between the companies and customers through with the responsibilities resulting from providing modern communication channels like; phones, insurance services, and to cope with modern technologies in the field of customer services, emails or social media. It is also required to CMA has issued a Guideline for the quality have qualified human resources to enhance the standards of insurance services. The guidelines communication with customers. contain minimum level of quality standards provided by insurance companies and brokers in The Guidelines also highlighted the the Sultanate. importance of having clear insurance policies that fulfil the customers’ requirements, Mr. Ahmed Al Mammari, Director General of Insurance Supervision said that evaluating and informing customers with rights and the quality level of services provided and responsibilities of both of the company and the continued development of these services up customer. Companies are also required as per the to policyholders’ expectations and satisfaction Guidelines to provide customers with brochures are crucial methods to establish a competitive for each insurance product including a summary environment in the insurance market, in order of the benefits, exclusions, conditions, claim to ensure achieving better performance level for dealing with customers. procedures, complaints procedures, and Sharia opinion regarding Takaful products. Al Mamari clarified that insurance companies are requested as per the Guidelines to set Companies are requested to set policies written and approved policies and standards to provide effective and clear mechanisms by their boards to ensure the quality of their for customers to review their policies or services. These standards shall be continuously claims. Companies are also requested to set a audited and evaluated by the compliance officer and quality controller of the company. CMA specified mechanism to facilitate modifying or will also monitor the companies’ compliance renewing the policies without any delay, and to in adopting and applying these policies and provide insurance benefits according to sound standards. procedures. Al Mamari pointed that these Guidelines were The Guideline also specified some rules for set after evaluating the insurance sector in claims settlements and confirmed the need the Sultanate, and considering the experience of pioneer countries in the insurance industry, besides to enhance electronic services of insurance considering the approved standards by IAIS. companies. The Guidelines states the role of insurance It is worth mentioning that insurance companies’ boards, either national or foreigner services field witnesses great expansion companies operating in the Sultanate, in through companies’ branches, brokers and reviewing and approving written policies for insurance agents in the Sultanate. CMA urges comprehensive quality standards for insurance services. The Guidelines also provide clear insurance companies to expand in the Wilayats of mechanisms for promoting the communication the Sultanate to achieve more competitiveness in levels with customers through the front desk of terms of service quality and prices. 3 Acting CEO’s Message Dear colleagues, Wish you all a happy 2017! Wish you a year of positivity and prosperity. This New Year, I wish each of you more of the power of positivity. The world As we step into the New is changing and we see all around us the effects of change; economic shifts, business challenges, social change, new Year, let’s embrace it with behavioral patterns, change in lifestyles. Change is constant, a new way of thinking. which is why it’s important to have a positive attitude to life. Thinking positive to As we step into the New Year, let’s embrace it with a new way of thinking. Thinking positive to approach our goals, approach our goals, dreams dreams and aspirations. To always be hopeful and see the and aspirations. best in everything. There is an old story that illustrates the difference between positive thinking and negative thinking: Many years ago two salesmen were sent by a shoe manufacturer to go to a new market, investigate and report on the market potential. The first salesman reported, “There is no potential there – nobody wears shoes.” The second salesman reported, “There is massive potential here – nobody wears shoes!” The simple story illustrates how a single situation may be viewed in two different ways – negatively or positively. So let’s see each day from a positive perspective, this New Year. Whether in our personal interactions or professional commitments, together, let’s focus on seeing things positively. Look for opportunities to grow, overcome challenges with solutions, approach people and ideas with an open mind and let’s work towards a common goal. The year ahead is up to us to make it what we want it to be. Let’s aim to make it positive, successful and prosperous. Happy New Year. Usama Al Barwani Acting CEO 4 COO’s Message Dear colleagues, Happy New Year! 2016 was an extremely challenging year but despite We must constantly measure the current softness in the market, Al Madina is on success, assess what’s course to achieve its Budgeted Operational target for the year. I thank you all for the hard work put and working and what’s not, commitment shown. and make adjustments The year ahead will be no different and even greater efforts will be needed to fulfill our vision of being the to improve. leading Insurance Company in Oman. Our Mission of providing cost effective insurance solutions backed by Superior Customer Service and product innovation will guide us towards our objective. We must constantly measure success, assess what’s working and what’s not, and make adjustments to improve. We all have to focus on our respective key performance indicators more than ever before. Given the barrage of options that customers have to choose from, their loyalty to any given brand can never be assumed. In such a scenario, it becomes important for us to put the needs and preferences of the customers at the center of everything we do. By setting new benchmarks through services and products that are unique, we have set for ourselves new standards of excellence. And with the New Year, let’s all rededicate ourselves with renewed energy to uphold this standard. Working together as one, let’s continue to serve to be the best in the industry. Wishing each of you a successful and happy new year.