MANAMA: Solidarity Bahrain has no plans to shut any branches and reduce staff numbers even as it goes ahead with a planned digital transformation, the insurer’s vice-chairman has said.
Talking to the GDN on the sidelines of the opening of a digital branch in Seef Mall in Seef District, Ashraf Bseisu said the firm has six branches spread across the country and has noted an increase in foot traffic with all outlets performing very well.
“We see no reason to close any branches although we may not open new branches. As part of our strategy, we want to reach our customers more seamlessly and in a way that serves their needs better,” he added.
According to him the Video Conferencing Insurance Service, which is a first in the GCC to be rolled out, is part of a series of initiatives lined up for the coming months as the firm leverages ‘insurtech’ introducing innovative digital services that are backed by globally trending technologies in the Bahraini insurance market.
The new digital branch will provide enhanced services such as one-to-one customer care and digital self-service.
“The Central Bank of Bahrain (CBB) is firmly supporting insurtech-led disruption of the insurance sector and we are investing heavily in digital transformation as the market for online insurance products and services will continue to grow,” he said.
Solidarity, which according to Mr Bseisu, is already Bahrain’s market leader in takaful and among the top three insurance firms, has now set its sights on increasing visibility and penetration in the market by providing unique customer service solutions.”
Talking about the firm’s growth outlook, the official said both top line (revenue) and bottom line (profit) numbers were in line with expectations.
On the upcoming rollout of mandatory health insurance in the kingdom, Mr Bseisu said it was “an extremely big dynamic that can change the market place as we have seen in Saudi Arabia and the UAE.”
He expects the rollout to happen next year.
The new digital branch was inaugurated by CBB executive director for financial institutions supervision Abdul Rahman Al Baker in the presence of firm’s board members and officials.
Solidarity Bahrain is a subsidiary of Solidarity Group Holding, whose board members and officials were also present.
In a statement, Tawfeeq Shehab, chairman of the company, said: “This digital and innovative branch is committed to offer all insurance services efficiently and according to the highest level of reliability and security.
The launch emphasises the importance of insurtech and digital solutions in the insurance sector in Bahrain.”
avinash@gdn.com.bh
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