Introducing Nisamudheen. S.A.: A Stalwart in Islamic Insurance
Meet Nisamudheen. S.A., the Chief Technical Officer at Qatar Islamic Insurance Group, boasting an illustrious 30-year journey with the organization. Currently steering as the Chief Technical Officer for Non-Motor divisions, he oversees a comprehensive portfolio including Fire & General Accident, Life & Non-Life, General Insurance Claims, Reinsurance, Marketing and Sales, Retail Division, and the Call Center. His impactful leadership encompasses a spectrum of roles, from Executive Manager and Head of the Reinsurance department to Senior Underwriter in Marine & Aviation, showcasing his multifaceted expertise.
Nisamudheen’s academic and professional prowess is equally impressive, holding fellowships and associateships from the Insurance Institute of India. Armed with a postgraduate degree in Sociology and a bachelor’s in economics & history, his educational foundation complements his extensive experience.
S. G Afzal Biya Bani (Our Resident Editor): Mr. Nisamudheen, your journey at Qatar Islamic Insurance Group spans an impressive 30 years. Could you share some of the pivotal moments or accomplishments that have played a significant role in shaping your distinguished career within the organization?
Mr. Nisamudheen: The past three decades of employment with the same organization have been highly captivating. I was fortunate to be the first employee of this organization. I was hired as a junior-level motor policy processing staff member at this organization. Nevertheless, my disposition towards my employment was exceedingly optimistic. During the early years, I diligently dedicated 14 to 16 hours to my work at the company. Whenever someone was absent, I tried to fill the void. I felt a strong sense of affiliation and possession towards the company as the chairman personally hired me and maintained regular communication with me regarding all aspects of the company.
It is not irrelevant to mention that I tried to educate myself about insurance and passed three diplomas from the Insurance Institute of India. This education gave me a strong technical understanding of insurance. In short, if you are committed to your work and have a vision for your career, you can easily attain success.
S. G Afzal Biya Bani (Our Resident Editor): As the Chief Technical Officer for Non-Motor divisions, you oversee a comprehensive portfolio. Can you provide insights into how you manage diverse responsibilities, from Fire & General Accident to Reinsurance and Retail Division? How do you navigate the complexities inherent in each of these segments?
Mr. Nisamudheen: I began my professional life as a motor underwriter before becoming a motor claims clerk. Management requested that I work later in the marine and aviation departments. I subsequently entered the Fire and General Accounts division. I eventually got to the reinsurance department. I believe I am a fast learner, punctual, energetic, and disciplined individual. I am currently the CTO (Non-Motor) of the company, in addition to overseeing the sales department, retail division, and call center. At the outset, these three portfolios were not included in the agenda. Our Group President had faith in my ability to implement the necessary changes in these areas. I concur that these portfolios would present a great deal of difficulty and time-intensive tasks. These departments operate on a salary-plus-incentives structure. Nevertheless, I completed the task and am confident in my ability to manage the entirety of the portfolios. I engage in client meetings and generate business in the market.
S. G Afzal Biya Bani (Our Resident Editor): In your various roles, from Executive Manager to Head of the Reinsurance Department and now Chief Technical Officer, how have you witnessed the evolution of the Qatari insurance market? What notable changes and trends have you observed over the years?
Mr. Nisamudheen: The Qatari insurance market has developed organically. At the time our Takaful firm was established in 1995, Qatar had yet to develop its liquefied gas production capabilities. The economy underwent a significant transformation in the year 2000. We must acknowledge that the economy expanded because of the State of Qatar’s visionary leadership’s substantial investments in numerous areas. In proportion, the insurance industry also flourished. The period from 1998 to 2005 witnessed the formation of new insurance companies, and local insurance brokers began to penetrate the market after 2007. The increase in the number of insurance intermediaries caused a heightened level of competition in the market, which subsequently had an impact on the balance sheets of insurance companies.
S. G Afzal Biya Bani (Our Resident Editor): Given your extensive experience, could you share your perspective on the current landscape of the Islamic insurance sector in Qatar? How do you see it evolving in the near future?
Mr. Nisamudheen: Five takaful companies are operational in Qatar, generating an estimated annual revenue of more than 1.2 billion Qatari riyals. Presently, takaful companies hold an important space within the insurance industry and are in constant competition with conventional insurance companies. Takaful companies generate outstanding profits, and their shareholders are quite satisfied. The concept of takaful is highly significant in this society. The prevailing adherence to Islamic Sharia principles is to abstain from engaging in ‘ribaa’ (interest-oriented) investments and schemes among most individuals. I’m optimistic that the Takaful industry in this part of
S. G Afzal Biya Bani (Our Resident Editor): Being a seasoned professional, what advice would you offer to young aspirants looking to build a career in the insurance industry, particularly those interested in Islamic insurance? Are there specific skills or traits you believe are crucial for success in this field?
Mr. Nisamudheen: I believe pursuing a profession in Islamic insurance carries substantial significance for various reasons. This segment is experiencing growth. Young individuals aspiring to establish a profession in Islamic finance should possess a mindset characterized by objectivity. To establish a career in insurance or any other profession, it is essential to possess a strong enthusiasm for the field. The success formula might be attributed to one’s unwavering commitment to the cause.
S. G Afzal Biya Bani (Our Resident Editor): Your academic and professional qualifications include fellowships and associateships from the Insurance Institute of India. How has your educational background contributed to your success in the insurance sector, and do you believe there are specific educational paths that aspiring insurance professionals should consider?
Mr. Nisamudheen: Professional qualifications from either the Chartered Insurance Institute or the Insurance Institute of India are a prerequisite for anyone seeking career growth in the insurance sector. There are numerous insurance institutes that offer professional courses and certifications. My academic and professional credentials greatly facilitated my ascent to the pinnacle of my career. Aspirants have access to a wide range of options and educational certifications. Recently, there has been a noticeable increase in the number of young individuals from diverse educational backgrounds expressing a keen interest in pursuing careers within the insurance industry. There is a significant level of interest among experts in several fields, such as law, engineering, medicine, information technology, and finance. I proactively sought out young mechanical and civil engineers to join our company, and they rapidly acquired knowledge in risk surveys and claim surveys, resulting in significant benefits for our organization. Our underwriting requirements include a mandatory requirement that all risks, regardless of whether the business is new or renewed, must be thoroughly surveyed. The engineers provided us with profound insights into the evaluation and management of risks. The risk improvement recommendations provided by our surveyors are also yielding benefits for our clients. The engineers in question are also providing support to the loss adjusters, who are responsible for conducting claim surveys.
S. G Afzal Biya Bani (Our Resident Editor): As someone deeply involved in the reinsurance sector, could you shed light on the significant developments and challenges you’ve witnessed in this domain over the years? How has the landscape evolved, and what strategies have proven effective in navigating these changes?
Mr. Nisamudheen: Reinsurance serves as the fundamental support system for the insurance sector. In the absence of reinsurance support, insurers are unable to sustain their operations. However, it is worth noting that the reinsurance sector has seen significant transformations during the previous three decades. During my professional tenure, I witnessed the rise and fallof reinsurance and reinsurance brokerage firms. I would blame the poor business plans and management styles attributed to such failures. The reinsurance treaties have undergone a transformation wherein insurers are now expected to carry a significant amount of the risk as well. Previously, we would derive pleasure from the “Second Surplus” treaty in our property insurance contracts. Currently, reinsurers are actively pursuing pure Quota Share contracts that do not include any surplus lines. The top 10 reinsurers are strategically aligning their business ideology with a global viewpoint. If they experience significant financial losses in a different region, it will also have an impact on our business. Reinsurance treaty renewals provide significant challenges, particularly when it comes to the negotiating table with underwriters at reinsurance firms, especially when there is a bad outcome in your financial records. If a business operates within a highly competitive business climate and engages in intense competition, reinsurers may choose to withdraw their coverage. The clarity of our business plan is crucial to effectivelynavigating these developments. It is vital to comprehend that the figures finally reveal the truth. The profitability of our shareholders and reinsurers is essential. Our policyholders need exceptional customer service and claims services.
S. G Afzal Biya Bani (Our Resident Editor): In your role as Chief Technical Officer, what innovative approaches or strategies have you implemented to keep pace with advancements in the insurance industry? How do you ensure that Qatar Islamic Insurance Group remains at the forefront of industry trends?
Mr. Nisamudheen: As the Chief Technical Officer, I was given the responsibility of overseeing multiple departments. I am responsible for managing all non-motor businesses, including life and medical services. Upon assuming the role of CTO, my primary objective was to identify the vulnerabilities in our services. We enlisted competent and seasoned personnel to meet the industry’s benchmarks. Two significant objectives were under consideration: the top line and the bottom line. As a Takaful firm that is publicly listed, we necessitate both. To enhance our revenue, we implemented the following strategies: optimizing our sales team, expanding our call center operations, and cultivating strong partnerships with direct insurance brokers. The primary factors considered for enhancing profitability included the quality of underwriting, optimizing losses to the utmost extent possible, and securing reinsurance treaties with favorable capacity. Our organization has consistently maintained a leading position in terms of technical profit for multiple years. We have meticulously crafted our products and services to effectively meet the demands of the market. We are confident that we are leading the way.
S. G Afzal Biya Bani (Our Resident Editor): Your career trajectory includes significant leadership roles. Can you share your philosophy on effective leadership in the insurance sector? How do you inspire and lead your teams toward achieving organizational goals?
Mr. Nisamudheen: Effective insurance leadership involves a specific set of talents, attributes, and qualities. The insurance industry requires many leadership traits: Industry knowledge, strategic vision, risk management, client requirements and happiness, effective communication, adaptability to regulations and technology, team motivation, etc. Leaders also need strong analytical abilities to analyze data, evaluate performance measures, and make data-driven choices. This is crucial for underwriting, pricing, and risk assessment. Another crucial leadership trait is regulatory compliance. Leaders should understand regulatory frameworks and ensure their organization follows all rules and regulations.
I acquired valuable leadership skills through my membership with Toastmasters International. Over the past 15 years, I have maintained a close association with them, and they have greatly contributed to the development of my public speaking and leadership abilities. It is a non-profit organization that assists its members in enhancing their communication, public speaking, and leadership abilities. I engage in extensive reading and derive my primary source of energy from self-help books. I am not only promoting the professional development of my staff but also advocating for their well-being and financial prosperity.
S. G Afzal Biya Bani (Our Resident Editor): Qatar Islamic Insurance Group has witnessed substantial growth and success. What, in your opinion, sets the organization apart in the competitive insurance market? How does the company stay aligned with its values and principles?
Mr. Nisamudheen: QIIG, the first takaful operator in Qatar, was founded upon a foundation of robust beliefs and ideals. One notable attribute of our organization is the practice of distributing our profits among our policyholders. Since 1995, we have been distributing the surplus funds to our policyholders. This facilitated the establishment of our devoted clientele, who have been loyal to us for several decades. The inclusion of several sectors such as banking, real estate, hospitality, and healthcare within our group business is a significant contributing component to the overall expansion of our business. Our customers possess a comprehensive understanding of our robust ethical framework and the principles we uphold.
S. G Afzal Biya Bani (Our Resident Editor): Given the diverse nature of the insurance industry, especially in the Qatari market, how do you approach strategic decision-making to ensure the company’s sustained growth and resilience?
Mr. Nisamudheen: Strategic insurance decision-making, especially in the diversified and dynamic Qatari market, demands a multifaceted strategy to ensure development and resilience. I always believe that we should do market research to understand the dynamics and trends of the market, which will enable us to understand our customers’ requirements. Customized solutions could bring customer satisfaction. Another important strategy should be product offerings. Since we are a Takaful firm, we should offer Sharia-compliant insurance, health and life insurance packages, and cyber insurance to attract new customers and reduce risks. In this new era, technology plays a vital role. We must use AI, data analytics, and digital platforms to improve operations, efficiency, and customer engagement. Our company invested a lot of money to upgrade our IT systems, which includes digital transformation to improve online services, claim processing, and data analysis.
In addition to the above points, Qatari insurance companies can sustain growth and resilience in the changing landscape by adopting a holistic approach to strategic decision-making that includes risk management, talent development, partnerships, and adaptive planning.
S. G Afzal Biya Bani (our Resident Editor): Lastly, considering your wealth of experience, if you could offer one piece of advice to aspiring insurance professionals on navigating a successful career path, what would it be?
Mr. Nisamudheen: I would advise aspiring insurance professionals to prioritize personal and professional development. In the insurance industry, networking and interpersonal skills are essential. Build excellent relationships with colleagues, clients, and industry contacts. The insurance sector changes with new rules, technologies, and market trends. To stay competitive and adaptive, we must stay current on industry advancements, improve our sector experience, and expand our skill set. Professional certifications, industry seminars, and higher education can provide the skills and information needed to succeed in the work. Also, seek mentorship from industry experts who may provide advice, insights, and networking opportunities.
Attitude plays a crucial role in the professional domain. It is essential to have a self-monitoring mechanism to regularly assess our attitude. I observed a significant number of individuals monitoring their blood sugar levels and blood pressure within their workplaces. Nevertheless, individuals are not inclined to assess their “attitude.”. Engaging in self-evaluation is crucial for personal growth and achievement. Finally, stay positive, resilient, and adaptable. The ability to deal with uncertainty, overcome setbacks, and blissfully embrace new opportunities will distinguish us and lead to a rewarding and successful insurance career.
Closing Insights and Gratitude to Mr. Nisamudheen:
Mr. Nisamudheen’s profound insights have deepened our understanding of Qatar’s insurance landscape. We sincerely value his candid reflections, expertise, and unwavering dedication. His journey serves as a compelling inspiration, highlighting the significance of perseverance, continuous learning, and ethical leadership. We eagerly anticipate the impact of his insights, which will undoubtedly guide aspiring professionals towards excellence in the insurance sector. Amidst the vibrant atmosphere of Doha, the city’s dynamism reflects its stature as a bustling metropolis, recently distinguished by its role as the host of the FIFA World Cup. Furthermore, I had the pleasure of experiencing a two-day stay and exploring the sights of Doha during our interview, further reinforcing my admiration for the city’s allure.
