What are the insurance policies?
Q1. Please let us know something about your personal and professional background and how did you start your career?
I started my career by setting up an event management firm back in 1999. After being associated with various local organizations, I enrolled for MBA in London from Cass Business School, City University London. Joined Investment banking consultancy before deciding to move back and contribute to the depleting Pakistani industry. Since then I have been closely working with Adamjee Insurance and henceforth Adamjee Life.
Q2. What are the greatest challenges being faced by the insurance industry?
Some challenges are common industry wide such as literacy rate and awareness in general but insurance industry faces some specific business challenges. Lack of distribution channels and thus high cost of acquisition affects value to the client directly. The industry should work to develop distribution which is low cost and still retain high involvement with the customer.
Q3. When we compare Pakistani insurance companies to other countries especially India, where do we stand?
Insurance penetration is increasing speedily in developing countries specially India where Mass communication mediums like television have been engaged to increase awareness and develop trust between Insurance companies and customer. Moreover, increasing literacy rate and boom in middle class has helped Indian insurance companies to mass market products and services. Communication strategies adopted by Indian companies is moving towards servicing culture from just sales culture.
Q4. How important is continuous innovation in the insurance market?
Continuous Innovation is not just an item in the wish list, wherever there is competition, Innovation becomes the key business driver. Innovation helps create the differentiation in either branding and packaging or sales cycle that aligns with customer buying behavior. Adamjee Life has been making efforts to lead the industry when it comes to Innovation; may it be products, processes or systems.
Q5. How far do you think an effective marketing campaign is in pushing through a new product in the market?
Marketing campaigns are always effective depending on how the campaign is structured and what objectives to be achieved. Success of new products is highly dependent on effective communication strategy for distributors and customers. At Adamjee Life we believe that maximum effort should be placed on communicating the right features (value) of the product.
Q6. What strategy would you adopt in the future to get maximum profits?
Increased awareness opens doors for companies to interact directly with the end customer. Adamjee Life believes in engaging with the customer and empowering him to manage his future plans. Such strategies reduce cost of acquisition in the long term and create association between customer and company. Similarly low cost distribution channels serve the same benefit as the client value is enhanced.
Q7. What are your comments on your competitors?
Insurance companies should embark on information sharing platforms where risks faced by all companies are surfaced and addressed, also collaborate for development of the industry on the whole. Staff selling insurance, is required to be trained to the mark where he/she acts a financial advisor and can apply complete needs analysis before conducting transaction. Such measures increase long term good will and trust with the sales advisor thus enhancing customer lifecycle.
Q8. What is the major strength of your work force?
Quality, at Adamjee Life we believe in hiring the highest quality resource and then nurturing and empowering them to maximize their potential.
