An Interview with:
Mr. Tarig Khalil Osman
Managing Director, United Insurance Company
Event: Sudan Islamic Finance 2016
Next Phase of Development
How widely are you looking to see how the takaful industry could be disrupted in Sudan?
And how are you assessing the impact of increased competition, distribution channels
and new technologies to your organisation?
We have no concerns of disruption from international entrants to the market yet. Local players can cause short term disruptions by creating a price war and /or providing inferior services resulting in the lack of trust in insurance companies. In our organization, we are embracing change by first instilling the right principles of Takaful insurance. We also believe that the insurance market is too vast for serious competition and there is more room for collaboration and creation of shared value rather than competition.
For the past three years, our customers have decided to annually distribute 40% of our insurance surplus as a bonus to our staff and as reimbursements to our customers. In regard to competition, we believe in alliances and are focused on creating strategic relationships between our competitors.
As the nature of our business involves reinsurance that is mainly conducted internationally, we have fostered special relationships where we distribute work locally.