A survey has unveiled customer knowledge gaps and a desire for clearer communication in the insurance market.
Presented by Bahrain Institute of Banking and Finance (BIBF) insurance centre head Manal Mashkoor during the first insurance awareness forum of its kind in Bahrain last week, the poll found strong insurance penetration, with 88 per cent of respondents holding active policies, concentrated in auto, health and life coverage.
However, it also exposed a potential area for improvement for insurers. Over two-thirds (66pc) of participants indicated that a more thorough explanation of policy details from insurance agents would significantly enhance their experience.
Organised by Solidarity Bahrain and the BIBF, in collaboration with the Central Bank of Bahrain, the forum brought together prominent figures from the kingdom’s regulatory bodies, insurance industry leaders, government entities and policyholders, the forum facilitated candid discussions and develop actionable recommendations for the benefit of policyholders, insurers and the society at large.
Prior to the event, a comprehensive survey was conducted to assess customer awareness and perceptions of insurance services in the kingdom.
Central Bank of Bahrain (CBB) insurance supervision director Elham Taleb delivered the opening speech, setting the tone for the forum discussions.
In his keynote address, Solidarity Bahrain chief executive and Bahrain Insurance Association (BIA) chairman Jawad Mohammed shared his insights on the importance of insurance awareness and the industry’s role in supporting customers.
The opening panel discussion, moderated by Ms Mashkoor, focused on the ‘Governmental Perspective of Insurance Awareness’.
The panel featured Solidarity Group Holding group chief executive Ashraf Bseisu, Judicial and Legal Studies Institute (JLSI) director Judge Dr Riyadh Seyadi, Education Ministry director of learning and pathways policy and development Sahar Al Majthoob, and CBB superintendent of ReTakaful firms Ali Abdulqader.
The discussion provided valuable insights into the government’s role in promoting insurance awareness and addressing the needs of policyholders.
The second panel, moderated by Solidarity Bahrain head of IT Hussain Sabt focused on ‘Managing the Expectations of Personal Insurance Customers’.
The panel included Al Salam Bank Bahrain executive vice-president and head of retail banking Mohammed Buhijji, Al Salam Specialist Hospital chief executive Ahmed Al Sayed, Braxtone Insurance Management general manager Jaffer Mazaal, and Solidarity Bahrain head of motor department Ali Shaban.
The discussion provided valuable insights into the needs and expectations of individual insurance customers and highlighted the importance of tailoring products and services to meet their evolving requirements.
The final panel, moderated by BIBF insurance centre senior lecturer Hala Naseeb, and included as panellists Gulf Air Group Holding Company aviation assets and insurance manager Ahmed Hashim AlAlawi, Bapco Refining superintendent of fixed assets and project accounting Ali Mohammed Ali, GIG Gulf general manager and director of commercial lines Ahmed Jahromi, and Solidarity Bahrain technical underwriting head Yasmeen Ameeri.
The discussion focused on addressing the unique needs and challenges faced by commercial customers, from claim payment to integrated risk management solutions.
Following the panel discussions, Solidarity Bahrain manager of motor underwriting Mohamed Al Noaimi, presented key actionable findings and recommendations that emerged from the forum’s discussions.
These insights are expected to guide the insurance industry in Bahrain towards a more customer-centric approach, strengthening the sector’s resilience and enhancing the overall insurance experience for both personal and commercial customers.
The forum provided a valuable platform for industry stakeholders to come together, share their perspectives, and explore ways to address the evolving needs of the insurance landscape in Bahrain.
The event’s success underscores the commitment of Solidarity Bahrain, BIBF and CBB to fostering a vibrant and responsive insurance sector that serves the best interests of policyholders and the broader community.
avinash@gdnmedia.bh
&uuid=(email))