RIYADH, 31 October 2006 -- With 13 insurance companies already licensed by the Saudi Cabinet and 18 more still waiting, the board of directors of National Company for Cooperative Insurance (NCCI) have restructured the company into five strategic units. This is part of a major move to position it strongly in the estimated SR5 billion insurance market.
The board approved the company's new organizational structure after it reviewed the results of a seven-month study. Accordingly, NCCI has been divided into five strategic units: Medical, Motor, Property and Casualty, Marketing & Sales, and Key Accounts, in addition to support units.
In an announcement, NCCI said the board has confirmed the appointment of six vice presidents. They are: Saad A. Al-Marzoqi, VP-Technical; Ahmed A. Al-Shalan, VP-Marketing & Sales; Saleh A. Al-Subail, VP-Key Accounts; Hesham M. Al-Shareef, VP-Motor Insurance; Raeed A. Al-Tamimi, VP-Medical & Takaful Insurance and Fahad A. Al-Husni, VP-General Insurance.
The study states that the new organizational structure will allow extensive concentration on sales growth with clear accountability for each strategic unit and individual departments. Also, it is designed to concentrate on profitability and maintaining NCCI's leading position which are key factors in the new competitive environment of the Saudi market.
By Javid Hassan
© Arab News 2006
