AXA Gulf, Qatarlyst to improve regional leadership
Doha, March 27, 2012
Leading non-life international insurance company in the Middle East, AXA Gulf, has signed an agreement with Qatarlyst, in a move aimed at emphasising its leadership across the region.
AXA Gulf achieved double-digit growth in 2011 with premiums over $100 million. It is currently the third biggest insurer overall in Qatar with over 100,000 clients.
Jérôme Droesch, CEO of AXA Gulf, said: “This performance was the result of strong investments to enhance our quality of service, to innovate in terms of product offer and develop our people to increase our differentiation in the market.”
The company currently has a comprehensive product offering relying on key lines of business such as medical, motor, large risks and addressed to all types of customers - corporates, small and medium sized enterprises, individuals and families.
“Qatar offers a huge potential for growth in the insurance sector with penetration levels close to 1 per cent,” Droesch said. “Our partnership with Qatarlyst will be a key contributor to gaining dominance in commercial lines and in motor insurance. This tie-up reflects our commitment to invest in the region to seize on the huge potential this market has to offer.”
A main area of concentration for AXA will be the property & casualty segment (large risks, construction, and marine cover). This will also substantially boost AXA’s retail portfolio by further increasing service and product excellence, which is crucial as a pillar in our strategy to raise awareness of insurance in the region and increase our presence across other insurance lines.
Qatarlyst provides a sophisticated and secure internet or cloud based service for insurance, Takaful, reinsurance and retakaful transactions, said a statement.
Accessible via Internet Explorer and other web browsers, Qatarlyst provides structured workflow, controls, reporting and the electronic storage of a single version of the “truth” for simple and complex transactions, creating the benefits of improved efficiency, audit trail, management information and reduced transaction risk.
James Sutherland, CEO of Qatarlyst said: “Qatarlyst is a strategic component of Qatar’s state-of-the-art infrastructure for insurance firms, providing excellent regional market access for Qatar and regionally based members.”
“As a company, we have always focused on providing a level of service unparalleled in our industry and to earn lasting relationships built on a foundation of security and trust. AXA is the leading insurer in the GCC and their partnership will make a big difference in the industry,” he said.
The product of an initiative by the Qatar Financial Centre Authority (QFC Authority), Qatarlyst is headquartered in Doha and has offices in London and Dubai.
It has more than 130 member firms throughout the Mena region and connected markets, providing members with outstanding market access. – TradeArabia News Service