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Weqaya Copyrights © 2012 Weqaya Experience Towards Global Positioning.

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Presentation on theme: "Weqaya Copyrights © 2012 Weqaya Experience Towards Global Positioning."— Presentation transcript:

1 Weqaya Copyrights © 2012 Weqaya Experience Towards Global Positioning

2 Weqaya Values Recognized as the preferred Takaful insurance service provider Provide an innovative range of compliant Takaful products and services to deliver excellence in client satisfaction and retention with professional team Weqaya Vision Integrity Inspiration Customer Focus Team Work Commitment Quality Weqaya Mission Weqaya Copyrights © 2012 2

3 Weqaya at a Glance Weqaya Takaful Insurance and Reinsurance Company was incorporated in 2009 as a Saudi joint-stock company with SR 200 million in paid-up capital. What is Weqayas CR ? CR number is 1010269011- Riyadh What is Weqayas Capital? SR.200 Million Fully Paid-Up What was the capital source? 60 % By Founding Shareholders - Paid SR.120 M 40% By Public Shareholding -Paid SR. 80 M Regulators Weqaya Copyrights © 2012 3

4 Legal Consultants Insurance Consultants & Actuary Information Management Solutions External Auditors Market Research and Risk Consultant IT Consultant Weqaya Partners Medical TPA Shariyah Consultant Process Optimization & Re-engineering Weqaya Copyrights © 2012 4

5 Weqaya Awards and Certificates Weqaya continuous quest to provide the best services and insurance products in accordance with the best international standards, and work continuously to improve the overall corporate performance, have significantly distinguished the company as the preferred takaful insurance service provider! We are here in Weqaya proud of our locally and regionally well-recognized professional team, who was able to achieve many significant achievements, such as: S&Ps BBB credit rating with stable outlook 3 rd Rank in Best Saudi Company to work for award in 2010 ISO 9001:2008 Certificate 1 st Rank in Best Saudi Company to work for award in 2011 Best CEO award for insurance industry in KSA Weqaya Copyrights © 2012 5 ISO 27001:2008 (ISMS) Certificate *Will Be received on 11/2012

6 On Nov. 11, 2011, Standard & Poor's Ratings Services assigned its 'BBB' long- term counterparty credit and financial strength ratings to Riyadh-based Weqaya Takaful Insurance & Reinsurance Company, The outlook stable. The ratings reflect Weqaya Takaful's strong capitalization and investments, and prospectively satisfactory competitive position and operating performance. S&P in a statement said. The stable outlook of Weqaya incorporates S&Ps expectation that Weqaya Takaful's competitive strengths will help generate sufficient profitable new business in 2012. In turn, this should help to stabilize capitalization and produce satisfactory earnings. Awards – S&P (BBB/Stable) Credit Rating Weqaya Copyrights © 2012 6

7 Weqaya awarded the 1 st rank in Best Saudi Company to Work for Award for 2011, within the financial sector category. Moreover, Weqaya awarded the third rank in Best Saudi Company to Work for Award for 2010. The best working environment" is a well-recognized award and has a prestigious reputation and an advanced degree in professionalism; for measuring the level of investing in the human resources, and measuring their satisfaction. Our participation in the best Saudi company to work for award had enriched our philosophy in enhancing our working environment through the internal and external factors that were evaluated according to the award criteria, and consequently enrich the human capital practices that will contribute in the continual development of the corporate performance and the individual performance as well. Awards –Best Saudi Company to Work for Award Weqaya Copyrights © 2012 7

8 In 2011, Weqayas CEO Dr. Metaib Al-Rawqi was awarded the KSA – Best CEO in Insurance Industry by Arabian Business Magazine. The CEO Awards recognize and reward outstanding success, innovation and ethics across KSA. This award honors the CEOs through the appreciation of innovative business, business excellence and overall business success, plus acknowledge publicly the vital contribution made by individuals and their companies to the vibrancy of business across the region. Awards –KSA– Best CEO in Insurance Industry Weqaya Copyrights © 2012 8

9 Weqaya has obtained "ISO 9001:2008" certificate, which certifies the company's quality management system (QMS) that is compatible with the international standards set by the ISO organization. We are proud that Weqaya is the only insurance company in the market that is ISO 9001:2008 certified, this certificate confirms that the quality management system in Weqaya has been designed based on the prestigious international standards by continuously improving the company's processes in order to deliver the optimum efficiency. Awards –ISO 9001:2008 Certificate Weqaya Copyrights © 2012 9

10 Weqaya has completed the "ISO 27001:2008" (ISMS) certificate external audits by Bureau Veritas, and we are expecting to receive the certificate by Nov,2012 which certifies the company's information security management system (ISMS) that is compatible with the international standards set by the ISO organization. We are proud that Weqaya is the only insurance company in the region that is ISO 27001:2008 certified, this certificate confirms that information security management system (ISMS) in Weqaya has been designed based on the prestigious international standards by continuously improving the company's processes in order to deliver the utmost security and efficiency. Awards –ISO 27001:2008 (ISMS) Certificate Weqaya Copyrights © 2012 10

11 Weqayas Objectives 11 Meeting and exceeding customers expectations (both segments retail & corporate) Create an ideal work environment in terms of career development and employee satisfaction Enlarge the companys financial capacity to accept all insurable risk Provide an attractive return to all Shareholders and policyholders Provide career opportunities for Saudi nationals Providing the Saudi insurance market with state of art insurance services Complying at all times with all aspects of Regulations Establishing long term partnerships with all clients, Brokers, Agents, Stakeholders Increase market share combined with a profitable business

12 Overall Organizational Structure Weqaya Copyrights © 2012 12

13 Corporate Governance Departments Weqaya Copyrights © 2012 13

14 Operational Departments Weqaya Copyrights © 2012 14

15 Internal Audit and Control Framework Ensure companys operations are matching and complying with government and all regulatory bodies and Anti-money laundering and CTF Framework Compliance and AML Ensuring the efficiency of the internal control system Ensuring the full adherence to Weqayas documented Manuals and Procedures Internal Audit Risk Management Ensure maximum efficiency and monitoring & controlling all types of risks within Weqaya Directly reporting to the Audit Committee, and separated from the operating organizational body in order to ensure the ultimate degree of transparency Weqaya Copyrights © 2012 15

16 Enterprise Risk Management In order to enhance our risk management process, departments' managers Risk Champions meet on monthly basis to review exposures to loss and what controls are in place in order to reduce or eliminate potential losses, and to foster the risk learning process Weqaya considers Risk management at the heart of its operations by implementing a risk- oriented processes Weqaya unique organizational structure provides an intrinsic advantage in terms of ability to monitor all employees in a dynamic approach The Company plans to differentiate itself by maintaining a reputation of high responsiveness in risk management, which will enable it to endure competition and build trust in the market. Best/Worst case scenario analysis and stress testing setup are evaluated and monitored regularly to determine risks behavior using different approached like scenarios generating through simulation, what if analysis and root cause analysis Weqaya strives to enhance the forward looking assessment of Risks and not to rely on hindsight Weqaya Copyrights © 2012 16

17 Hazard RiskProperty Damage, Natural Catastrophes,etc Financial RiskPricing, Expenses, Inflation, investment,etc Operational RiskCustomer satisfaction, Reputation, Integrity, Service quality, Employee retention, Teamwork, Succession planning, etc Strategic RiskCompetition,etc Risk is an essential part of Weqaya business. Properly managed, it drives Growth and Opportunity. Weqaya ERM Framework Identification Identify risks and opportunities Assessment Assess in terms of likelihood and magnitude Treatment Determine a response strategy Risk Comm. Transparency is a major component of Weqaya risk management. Monitoring Measure and monitor progress RISK Weqaya Copyrights © 2012 17

18 Weqayas balanced scorecard provides a framework that not only provides performance measurements, but helps the top management to identify what should be done and measured, therefore; to execute the corporate strategic goals. The current performance measurement framework Balanced Score Card, has been created to add the strategic non-financial performance measures to the traditional financial metrics in order to highlight more 'balanced' view of the organizational performance. The objective is to balance the KPIs associated with each perspective, all focused on a single strategy. The BSCs KPIs are reinforcing each other, as the most of the measurements are both leading(drivers) and lagging (outcomes). BSCs Driving Strategy: Turning Vision into Actions Weqaya Copyrights © 2012 18

19 CORPORATE BALANCED SCORECARD 2015 (V6) CORPORATE BALANCED SCORECARD 2015 (V6) OUR STRATEGIC PROJECTS… which will help us deliver our Breakthrough and Vital Few Goals FINANCE/ IMPACT MARKET OPERATIONS Vision Recognised as the preferred Takaful Insurance service provider Mission Provide innovative Takaful products & services to deliver excellence in client satisfaction & retention with a professional team Values Integrity Team Work Inspiration Commitment Customer Focus Quality Weqaya Copyrights © 2012 PEOPLE 1) Deliver Profitable Growth & Expansion GWPSR 702.136 M Gross Profit Geographical Sales Expansion; Regions Sales & Service Points/Branches Sales Channels; Agents Licensed Brokers SR 122.9 M 3 31 5 All in Market 2) Continually Improve Customer Satisfaction & Retention Renewal Ratio Retail Renewal Ratio Non Retail Cross Selling Penetration Annual Increase Customer Satisfaction Survey Customer Satisfaction Improvement % > 60% > 80% > 5% 2 per Yr 5% YOY 3) Achieve Brand Recognition Brand Health Check Score Corporate Social Responsibility Programmes Participation Recognition Awards & PR Events 1 per Yr > 4 per Yr > 2 Per Yr 4) Innovate Products & Services Number of New Products Innovate Existing Products E-Business Services Availability Retail Motor TPL E-Selling 2 per Yr 1 per Yr >2 per Yr 100% 1) Drive Continually Improving, Effective & Efficient Customer Services Processes Policies Process & Procedures Implemented in All Business Units Reduction in Customer Complaints Retail Claims Payment Cycle Time Once All Documents Completed Number of Service Focus Groups Number of Processes Improved Internal Audit Report Completed >95% >20 % < 3 Wkg Days 4 per Yr >5 per Yr Quarterly 2) Control Costs, Risk & Conform to Regulatory Requirements In-house Claims Administration In-house Claims Administration Cost Health Insurance as % of GWP Administration Expenses as a % of GWP Respond and Resolve Monthly Regulator Reports Average Quotation Cycle Time Risk Management Plan Developed & Implemented 100% 3.5% < 15% < 15 Days < 2 Wkg Days 100% 3) Operate Profit /Cost Centre Business Models In All Production & Business Units Business Models Implemented100% Business Unit Financial Targets & Budgets Achieved 100% 1) Perform as a Competent, Professional, Dynamic Team Job Descriptions Implemented HR Policies Process & Procedures Implemented Across All Business Units Performance Management Process Implemented Training Delivered To Plan Balanced Scorecard Targets Achieved In All Business Units/Functions 100% > 90% 100% >90% 2) Become The Preferred Takaful Insurance Employer Recruitment & Succession Plan Implemented Number of Vacant Key Positions Saudization Annual Employee Satisfaction Score Improvement 98% < 2 Roles >60% 5% Per Yr 3) Live Our Values Driven Culture Vision, Mission, Values Recited by All Staff Values Champions >90% 4 per year 4) Deliver Effective Communication Improvement in Communication Score Achieved in Internal Communication Survey Score >5% Number of Internal Communication Events Employee Event Attendance % 2 Per Yr > 90% 1) Achieve Policyholder Income Target GWPSR 702.136 M 2) Deliver Gross Underwriting Profit NEP61.2 M 3) Operating Cost Controlled Operating Expenses68.6 M 4) Maximise Shareholder & Policyholder Returns Shareholder Investment Return Policyholder Investment Return Return On Equity Policy Holder Surplus Distribution % 3.5% 2% 1.6% 16% 19

20 Weqayas Main Clients Weqaya provides protection to hundreds of clients, small and large, across a wide variety of market sectors. Health InsuranceMotor InsuranceGeneral InsuranceProtection and Savings Weqaya Copyrights © 2012 20

21 Weqayas Sharia compliance Sharia External auditor Assignment of the Sharia audit during operations to Sharia Review Bureau as an External Sharia Auditor. Sharia External auditor Assignment of the Sharia audit during operations to Sharia Review Bureau as an External Sharia Auditor. Weqaya Copyrights © 2012 21 Sharia Committee Consists of eminent Sharia Scholars, who are committed towards our customers and shareholders to ensure Sharia compliance in all Weqaya activities whilst reviewing and approving our product development, operations, accounting, investments, surplus distribution, and other related activities. Sharia Coordinator Weqaya team member has Sharia knowledge and practice experience.

22 Weqayas Sharia compliance Weqaya Copyrights © 2012 22 Sheikh Al-Shubaily shares Index Weqaya was able to pass the criteria of Al Sheikh Al-Shubaily list for trading shares and was added to the list of Completely Pure Companies, shares of which, are recommended to be bought The list of Al Sheikh Al- Shubaily is the main reference for market traders who deals with shares that are in compliance with Sharia Controls. Policy Holders Council PHC Review Takaful Fund performance financially and Sharia compliance, Give Recommendation regarding Wakala fees for next year. Sharia,Accounting, Auditing and Ethics Standards Weqaya is complying with the standards of accounting, internal audit, Sharia control, governance and Ethics Code issued by Accounting and Auditing Organization For Islamic Financial Institutions AAOIFI.

23 Takaful Operating Model Modified Hybrid Model Wakala and Modaraba Weqaya Takaful Policy- holders Fund Policy- holders Fund Share- holders Fund Share- holders Fund 6%of GWC Due Wakala Fees for managing Takaful funds(No expenses) Policyholders Sharia Investments fund Investment of Contribution Investment Return Share of Investment Takaful fund Income Sharia Investments fund Investment of Capital Investment Return Contribution No Operating Expenses Takaful fund surplus or deficit 6% Wakala fees 6% Wakala fees At least 10% Weqaya Copyrights © 2012 23 Claims Acquisition Cost Re-takaful Cost Other Expenses

24 Thank You Weqaya Copyrights © 2012

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